Taif, 30th September 2001
On behalf of Crown Prince Abdullah bin Abdul Aziz, the Deputy
Premier and Commander of the
Prince Abdulmajeed bin Abdul Aziz, the Governor of Makkah region, opened here on
Saturday evening the sixth Conference of the Saudi Businessmen.
Speaking on the occasion,
Minister of Commerce Osama Faqih, highlighted the remarkable contribution of the private
sector to the economic development of the country.
He noted that the number of the companies in the Kingdom has
jumped from 5,027 with a capital of about SR 54 billion in 1402 AH, to 10,503
with a capital of more than SR 164 billion.
Faqih pointed out that the number of the productive factories
has reached 3,468 with an invested capital of about SR 240 billion, including
477 joint projects with an invested capital of SR 132
As regards the value of non-oil exports in 1421 AH, Faqih said
it amounted to about SR 25 billion, but the value of the non-oil exports in 1402
AH was not more than SR 3.2 billion.
Faqih reiterated the keenness of the Saudi
extend the required support to the private sector so as to enable it perform its
mission in a satisfactory manner.
Prince Abdulmajeed said the Kingdom has been adopting a free
enterprise policy since the era of its unifier King Abdul Aziz. He noted that
the convening of the Conference of Saudi Businessmen coincides with two
important events: the Kingdom's National Day and the 20th anniversary of the
accession to the throne of the
Custodian of the
Two Holy Mosques King Fahd bin Abdul Aziz. He highlighted the significant
development achievements accomplished by the Kingdom in the various spheres in a
short span of period.
Prince Abdulmajeed emphasized the keenness of the Saudi
officials to broaden the productive base and diversify sources of income. He
noted that the new investment system, recently announced by the Kingdom,
includes many incentives and facilities for the investors.
He hoped that the conference would yield positive results and
reach practical and realistic recommendations that pave the way for the
improvement of the performance of the private sector.