Saudi Officials highlight advantages for foreign investors

Riyadh, January 26, SPA -- Prince Saud bin Abdullah bin Thinayyan Al
Saud, Chairman of the Royal Commission for Jubail and Yanbu and
Chairman of Board of Directors of Saudi Arabian Basic Industries
Corporation (SABIC) has affirmed that investment in the Kingdom of
Saudi Arabia has advantages for foreign investors as the effect of
the global financial crisis on the Kingdom has been less than other
countries.


In a statement on the sidelines of the Third Global Competitiveness
Forum opened in Riyadh last night, the Prince said, "This does not
mean that the Kingdom of Saudi Arabia has not been affected, as the
Kingdom is part of the world; but the damage has been relatively
less."


He added that this gathering of economic experts and presidents of
major companies proves that the Saudi economy is well and that the
Kingdom has been able to attract substantial investments, pointing
out that investment will be increased as Saudi Arabia compared with
other countries, has been less affected by the global financial
crisis.


As regards the international credit rating of SABIC, the Prince said
that the stability of the evaluation at the same rank shows that the
economic position of the company is very good, adding that SABIC in
comparison with global major corporations is considered less affected
by the global financial crisis as a result of diversification of its
investments.

On his part, Minister of Finance Dr. Ibrahim bin Abdulaziz Al-Assaf
said that Saudi Arabian General Investment Authority (SAGIA) has
exerted major efforts to brief the international community on the
Kingdom's competitiveness and advantages in terms of foreign
investment, indicating this has been evident in the advancement of
the rank of the Kingdom at the International Competitiveness.

He pointed out that General Investment Authority aims to reach one
of the world's top ten positions at the end of 2010.


Dr. Assaf said that the figures of General Statistics and
Information Department showed a gradual decrease in inflation rates
last November, and he expected that inflation will continue to
decline for reasons including a decrease in commodity prices around
the world.


Dr. Al-Assaf said, "While the world is going through a financial
crisis, the timing of this forum is excellent as one of the most
essential elements of competitiveness in any country is the financial
stability as a whole".


He said, "When we look at countries of the world and compare the
Kingdom's economy with the economies of these countries, we find
ourselves among the best countries in the world with regard to the
general budget of the state and the large reserves that support
economic growth.


--SPA
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