| 13 Mar 2010 |
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Global investors explore Saudi Arabia for opportunities
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RIYADH: A group of some of the world's most prestigious and financially powerful institutional investors were in Riyadh on Saturday to meet government, finance, and industrial leaders in the Kingdom.
The US-Saudi Arabian Business Council (USSABC)US-Saudi Arabian Business Council (USSABC)
sponsored the 30-member group, which is part of the Russell 20-20 Association. The members will be in Jeddah on Sunday to meet Saudi entrepreneurs in the Western Province. The delegates also had discussions with SAMA (Saudi Arabian Monetary Agency) Gov. Muhammed Al-Jasser Saturday before their meeting with the Saudi businessmen. Russell 20-20 members include executives from global pension funds, endowments, foundations, and investment management organizations who together represent approximately $8 trillion in investment capital.
"A unique opportunity to showcase the Kingdom's hospitable investment climate and myriad areas of potential investment before a group whose opinions are greatly valued by many global investors," Edward Burton, president and managing director of the USSABC, said at a presentation held at the Four Seasons Hotel on Saturday. Russell 20-20 delegations regularly travel to major emerging markets to seek firsthand information on market conditions in order to take advantage of investment opportunities. Those members who are favorably impressed by the economic and investment environments of a given country are more likely to consider investing, or if they have already invested, to maintain or increase their investment.
Since the establishment of the group in 1990, billions of dollars have been invested by Russell 20-20 members in the countries they have visited.
Burton is confident the group will come away from the visit impressed with the "unparalleled market opportunity Saudi Arabia represents."
"In terms of its size, transparency, progressive reformation of its economy and financial institutions, Saudi Arabia is among the world's most attractive targets for foreign investment today," Burton said.
USSABC Co-Chairman Abdulaziz Al-Quraishi presided the first session of the seminar held in the morning at the presentation. The session on "Opportunities for Investment in the Saudi Economy" was moderated by George Hoguet, from State Street Global Advisors and speakers such as Lubna Olayan, chief executive officer of Olayan, Mazin Al-Romaih, commissioner of Capital Market Authority. Fahad Al-Mubarak, chairman Tadawul, and John Sfakianakis, group general manager and chief economist at Banque Saudi Fransi informed the audience on various business opportunities in Saudi Arabia. SAGIA Gov. Amr Al-Dabbagh also addressed the foreign investors on the investment opportunities and the incentives offered by the Kingdom.
At the presentation on Sunday in Jeddah, Khalid Alireza, chief executive officer of Xenel GroupXenel Group will deliver the welcoming remarks, while the luncheon keynote address will be made by Amin Al-Shibani, vice president for Economic Development at the King Abdullah University for Science and Technology (KAUST).
Government and business leaders who meet with Russell 20-20 delegations have the opportunity to open a dialogue with a major group of investors from around the world about their investment environments.
Russell 20-20 members were among the first to make significant pension fund investments in developing markets, and they continue to seek insights to new investment opportunities.
© Arab News 2010
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