Saudi king opens up $1 trillion of business to the West [View All]

[emad]

The Times January 14, 2006


By Jenny Davey



SAUDI ARABIA has embarked on an unprecedented drive to open up to $1,400 billion (£795 billion) of its industries to foreign investment as it strives to scale back dependence on oil exports.

The Kingdom, which is committed to lowering investment barriers as it enters the World Trade Organisation, has launched a $624 billion investment programme and has accelerated an $800 billion privatisation plan.

Riyadh is already waging a charm offensive on Western businesses and is to encourage investment from 400 British companies in a roadshow this month. The Saudi Ambassador to the UK and a Saudi government minister are taking part in the campaign to persuade British companies to join in the programme.

The planned spending spree, which is mapped out for the desert state between now and 2020, has the backing of Abdullah bin Abdul Aziz, the King of Saudi Arabia, who acceded to the throne last August.

http://www.timesonline.co.uk/newspaper/0,,175-1984795,00.html