Posted on 01/13/2006 8:34:02 PM PST by STARWISE
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.
The privatisation programme, one of the world’s biggest, gives overseas companies the chance to invest in petrochemical, water and power projects through public-private partnership deals. The opportunities include new power plants, roads, railways, desalination plants, petrochemical plants, gas and oil procurement, telecommunications equipment, mining and capital markets investment.
Some of the $624 billion will be met by the Saudi state and Saudi companies, but the Kingdom is hoping to attract a large slice of foreign investment.
The Saudi delegation, which will also include Princess Lolowah Al-Faisal, will outline the opportunities to the British companies at investor roadshows in Manchester and Edinburgh.
The move comes after similar investor roadshows in the United States last year.
Saudi officials said that ministers were keen to attract British and American companies back to the country after relations became strained between the West and the Middle East in the aftermath of the September 11 terrorist attacks.
Far Eastern companies have taken their place in recent months, but Saudi Arabia is thought keen to ensure that Western countries, particularly the US and Britain, do not miss out.
no they are running out of oil and need to diversify their economic base
'...$624 billion will be met by the Saudi state and Saudi companies...'
Great! they can rebuild the soup bowl called New Orleans.
you know, you have the right idea
we can import saudi sand and raise louisiana 200 ft above water level
another thing saudies can export sand
I was thinking of buying a 7-11 franchise over there.
This comes on the heels of the US trade deal with Bahrain. Finally some optimism in the world's sandy armpit.
RE: "Running out of oil"
What? Maybe using 50 year old equipment. But they aren't running out.
This is excellent news. Freedom will bring prosperity and hurt the islamists.
Agreed. Capitalism frees people.
New PR slogans:
Saudi Arabia: Come for our money. Stay for our fatwahs against you.
Saudi Arabia: We're fanatical but loveable.
Saudi Arabia: You're not only guests but targets.
Saudi Arabia: HEY--Although we really resent you, at least you're learning a valuable lesson in complex human relations!
Ahhh, the Bush legacy becomes clearer.
How about: "Big Al's Pig Roast and Barbecue?"
I'm trying to figure out if this is progress, PR, fear, or acceptance.
they dont have any new super fields
no one knows what their known reserves are,
now they are diversifying their economy ,
Qatar did that expect they have natural gas in abundance but they realized that wont be forever so they diversified
i dont know of any new large fields with saudies my bet is they are having tought time keeping their reserves up
Am I allowed to bring my Bible and share what God has done for me?
The wealth of the wicked is laid up for the righteous.
"I was thinking of buying a 7-11 franchise over there."
LOL
I can find those threads.
Hybrids, Turkey parts turned into oil, Wind Power for individual homes and offices (Dallas company)coal and nuclear plants on the fast track - can you say "The end of the oil age?" Hope we see the cut off of funds to the Suadi Imams sooner.
L
"no they are running out of oil and need to diversify their economic base"
No, it's more like they fear they are in the cue in the War on Islam and think if they get enough EU countries inside of their borders they won't be attacked. Have they stopped funding their hate-teaching Wahabi schools around the world, including the US? Hell no!
These scumbags are and always will be backstabbing murderers.
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