Official of CSCCI speaks on Saudi-US Trade, Kingdom's new

Riyadh, November 23, SPA -- Khaled Musaed Al-Seif, Chairman of the
Committee for International Trade within the Council of Saudi
Chambers of Commerce and Industry (CSCCI) has praised the depth of
American business relationships with the Kingdom since the early days
and affirmed that Saudi Arabia offers immense opportunities to
American businesses.

He highlighted unprecedented opportunities in the Kingdom for
American businesses and said Saudi Arabia has embarked on a period of
economic expansion.

He made these remarks in a recent interview on the sidelines of the
U.S.-Arab Economic Forum in Washington, which is published in
"Diplomat" magazine's 15th issue.

Al-Seif reiterated that the Kingdom is living in the midst of major
economic boom. "It is not only the result of oil prices and increased
oil production but the outcome of the economic reforms already
underway."

Referring to current economic reforms, Al-Seif said several sectors
have been opened to private sector participation. In this context, he
cited the privatization of Saudi Arabian Airlines, STC (Saudi
Telecommunications Company), some Water Desalinization works and
waste management.

"Moreover, there are new regulations for 100 per cent foreign
ownership of some of those investments and projects."

He described as an intelligent move on behalf of the Saudi Arabian
General Investment Authority (SAGIA), which is catering to major
expansion activities under the planned new economic cities to
jump-start a new infrastructure base out of which a lot of industries
and new businesses could work.

Al-Seif described the Custodian of the Two Holy Mosques, King
Abdullah bin Abdulaziz as the champion of these economic reforms.

He also referred to the King's reaffirmation that these reforms were
here to stay and that the reforms were irrevocable.


Al-Seif said "There is still reluctance among American companies to
take advantage of the boom in Saudi Arabia. What will happen is they
will miss out big time in those opportunities. What you have to know
is that many of the opportunities, particularly the privatization
programs, are concessions for 25 years or 50 years."

He said "I would like to just say to all American businesses they
are more than welcome in Saudi Arabia and that the Saudi businesses
would like to see them more involved and more engaged. If there are
any hindrances we need to hear about it so we can help. We welcome
their participation."

Highlighting prospects of business and economic developments,
Al-Seif said "There are many exciting prospects in the Kingdom. There
will be expansion of desalinization and power plants. There is more
work to be done in railways, to be done in mining.

Mining is also a very important area for engagement. Saudi Arabia
has some of the largest mining reserves in the Middle East.

We do encourage our business friends from the United States to visit
Saudi Arabia and learn about the opportunities for themselves and see
how the conditions are right for Americans to jump in to the
Kingdom's boom."

--SPA