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The US war against Iraq
 
  Itís beginning to appear that Iraqi President Saddam Hussein isnít as stupid as the Bush administration believed him to be. He has readmitted the inspectors, heís cooperating with them, and heís made his declaration: We have no weapons of mass destruction....
 
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22/01/2004 - The Minister of Economy and Planning, Khalid Al Gosaibi has stated that financial assets belonging to Saudi Arabian companies and individuals in foreign countries amount to $ 650 million. This amount is half of the combined financial assets of GCC States abroad, which comes to $1.3 trillion. He added that the strength of Saudi Arabia's economy is proved by the latest statistics issued by the Financial Times of U.K., in which five Saudi Arabian companies, namely Saudi Telecom, Saudi Electricity Co., SABIC and Saudi American Bank and Al Rajhi Banking and Investment Corporation, have been shown to be among 500 biggest and strongest companies in the world.
The Minister said that no other companies from Arab countries have been included in this statistics, which shows the strength of the Kingdom's economy and the trust of the international markets therein. The private sector of Saudi Arabia is the strongest among Arab countries, largely due to the Kingdom's oil revenues. The private sector in the Kingdom has fulfilled all the requirements that make it fully qualified for participation in the privatization process now going on in the Kingdom. It has also made it eligible for investment in the neighboring countries.
Al Gosaibi said that the Kingdom's strategy for economic growth is concentrating on achieving 30% growth for the industrial sector, so as to make the Kingdom the world center for refined petroleum products, as well as one of the world's sources for the production and export of petrochemicals and minerals, in addition to making it a regional and international center for advanced industrial technologies. He indicated that now foreign investors are looking at the Kingdom as one of the most secure and stable places for investment in the world.

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Tuesday, 27 January 2004 03:16:31 PM -0000