RIYADH: The Indian Embassy in Riyadh hosted a relaunch of the Saudi-Indian Business Network (SIBN) at a virtual ceremony to mark fast-growing economic and commercial ties between the two countries.
During the event, the Indian ambassador to the Kingdom, Dr. Ausaf Sayeed, inaugurated the network’s website http://sibnksa.com/.
In an address, the envoy said that following a significant strengthening of bilateral relations that had made India and Saudi Arabia key strategic partners, it was important and timely that business leaders from both countries worked closely under an institutionalized mechanism to further the relationship.
Sayeed noted that the relaunch will lead to a nationwide expansion of the SIBN which had been successfully operating in Jeddah for many years. The new-look network will be opening additional chapters in Riyadh, Dammam, and Jeddah with a national executive and regional committees.
The ambassador added that the expansion of the network was a necessity and long overdue, as economic relations between the nations had grown multifold and bilateral commercial activities had spread throughout the Kingdom.
The network will consist of prominent Indian businessmen and professionals based in the Kingdom and their Saudi counterparts engaged with India, he said, adding that the organization aimed to provide a platform for the promotion of trade and commerce in different sectors and encourage two-way investments.
He pointed out that the SIBN would also act as an interface to inform Indian companies of the vast opportunities being offered in the Kingdom and the same to the Saudi business community in India.
SIBN president, Abdullah M. Al-Kassabi, who is also the CEO of Al-Musheera Group, thanked the Indian ambassador for his efforts to promote the network to a pan-Saudi level.
He said the unique nature of the platform would help to boost collaboration between Indian and Saudi businesses, in the process enhancing bilateral economic relations.
President of the SIBN’s Riyadh regional chapter, Khaled Al-Aboodi, a prominent economist with 35 years of experience working with government, multilateral development finance institutions, and the private sector, congratulated the embassy on the success of the launch ceremony and for adapting to the coronavirus disease (COVID-19) pandemic situation.
Mazen Batterjee, chairman of Batterjee Holding Co., who will now lead the regional chapter of SIBN in Jeddah, shared his experience of being connected with the network since 2006 and said its expansion will provide much-needed support to businesspeople in Saudi Arabia and India.