DAMMAM, 25 April 2007 -- The Saudi housing sector is expected to attract investments worth SR1.2 trillion, according to a top official of the Eastern Province Chamber of Commerce and Industry (EPCCI) yesterday.
In a function hosted by the EPCCI during the Saudi-British Week organized by the British Trade, Saud ibn Abdul Aziz Al-Gosaibi, second deputy chairman of the EPCCI, said Eastern Province has plenty of investment opportunities in water desalination, real estate and tourism.
Gosaibi also underscored the strategic location of the Eastern Province as a major factor to attract investments. He pointed out that the Saudi Aramco recently announced investment projects worth $170 billion, excluding the $130 billion in support projects in the region.
"Jubail, which was a tiny village on the Gulf coast once, now offers SR190 billion investments to the private sector," he said. He also revealed the interest of the chamber to collaborate with British companies specialized in the education and business skill development.
Speaking on the occasion, British Ambassador to the Kingdom William Patey, said the trade exchange between Saudi Arabia and Britain stood at about 2 billion pounds. There are 150 companies with British-Saudi joint investments worth $450 billion, he said.
Explaining the visa facilities offered to Saudi businessmen, the ambassador said the formalities to visit Britain are considered the best in Europe and could be completed in one or two days. Businessmen are also offered multiple entry visas for a period up to five years.
More than 50 British companies representing education, training and trade participated in the week sponsored by Saudi companies including Saad Holding Group, SABB, Rawabi Holding, KPMG and Shell.
By Faiz Al-Mazrouei
© Arab News 2007
