Business & Money | Thursday 28 May, 2015 3:02 am |

Custodian of the Two Holy Mosques King Salman on Wednesday emphasized his government’s commitment to address the issues facing businesses and adopt viable steps to woo local and foreign investment.

Speaking to business leaders including chairmen of chambers and banks, the king called for the formation of a high-level committee comprising ministers and business executives to discuss all relevant matters in detail.
“We are ready to look into your proposals including those to encourage investment. It’s our duty to cooperate with you in this matter. When we have an issue at home, we try to sort it out for the benefit of all,” he said.

Saudi Arabia has become a hub for global investors who gain profit by investing their money in the Kingdom, the king said.
King Salman reiterated that Saudi Arabia is a free economy that allows free movement of capital. “We provide equal opportunities to all citizens in all parts of the Kingdom,” he pointed out.
He gave full guarantee for the investment of citizens. “Nobody will interfere with your personal affairs or investment,” the king said, adding that the country’s law is based on the Qur’an and Sunnah, which cannot be changed.
King Salman stressed Saudi Arabia’s important position as the center of the Islamic world. Muslims all over the world turn in prayer to the Holy Kaaba in Makkah.
“We are also honored to serve the two holy mosques,” he said.

He said he was ready to listen the problems of citizens. “Our doors are open and we are ready to listen to your problems and proposals at any time.”
He highlighted security and stability in the country, which is essential for business and economic progress. “Our main concern is the Kingdom and its people and you are part of it,” he said.
Speaking at the event, Commerce and Industry Minister Tawfiq Al-Rabiah thanked King Salman for holding the reception for business leaders. “This reflects the strong bond between the Saudi leadership and people.”
He praised the king for launching the Operation Decisive Storm to restore legitimacy in Yemen and conveyed his condolences to the Saudi leadership and people on the deaths caused by Friday’s terrorist attack on a Qatif mosque.

Al-Rabiah underscored the successful partnership between the public and private sectors, adding that it helped in improving transparency between traders and consumers and establishment of value-added projects in vital sectors.

Abdul Rahman Al-Zamil, president of the Council of Saudi Chambers, said total value of non-oil Saudi exports amounted to SR300 billion this year. “Saudi petrochemical industries hold third position in the world,” he added.

He said the formation of the Council for Economic and Development Affairs helped in taking quick decisions. He also noted the decision to increase the Industrial Development Fund’s finance from 50 to 70 percent to boost industries in remote areas. This will encourage Saudi and foreign investors to establish projects in remote cities and regions, he added.