Saturday, June 30, 2007

Saudi economy loses $16b in investments

by Habib Shaikh from Khaleej Times Online

Recently a Saudi Arabian General Investment Authority (SAGIA) delegation visited the United States offering investment opportunities worth more than $500 billion to American investors. Saudi Arabia has launched four mega-economic cities in Rabigh, Hail, Madinah and Jizan during the past two years and the four are expected to attract SR300 billion in domestic and foreign investments and also to create more than a million jobs ... Business performance reports 2006-07 issued by the World Bank show Saudi Arabia occupying fifth position regarding taxes and fourth in property registration costs. According to a study published by Forbes Arabia magazine assessing the performance of 1,616 joint stock companies in the Arab world last year, the first three positions were held by Saudi companies and among the top 50 companies, 22 were Saudi. Saudi Arabia has made rapid strides in banking services and Saudi banks figure on the list of the world's biggest 1,000 banks. The three biggest banks in the Arab world are Saudi.

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