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Conference of Saudi Businessmen opens

Taif, 30th September 2001

On behalf of Crown Prince Abdullah bin Abdul Aziz, the Deputy Premier and Commander of the National Guard, 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 Government to 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.

Source: SPA©



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