Saudi Arabia proceeds liberalizing its economy
Saudi Arabia, Politics, 6/24/2003

The chairman of the general investment for commission in Saudi Arabia Prince Abdullah Bin Faisal Bin Turkey has announced that the kingdom will proceed forward in the strides to liberate its economy despite its failure to finalize a deal for developing natural gas industry at billions of US dollars.

In a press statement Bin Turkey said that having not finalizing a contract at USD 15 billion with Exxon Mobile in May was "disappointing " but was not "catastrophic." However, the project which was led by Exxon was among three main projects in the program which was debated in 1998 to open the gas sector and attract investment to the Saudi economy which has been facing increasing problems.

Bin Turkey said that "it is very clear that the utilities represent a large sector concerning electricity, in particular, expected to reach between 15 to 20 years USD 100 billion." Bin Turkey added that the needed investment for water is estimated between USD one to 2 billion annually.

Concerning railways, investment is boundless as the Kingdom seeks to open train lines linking the east to the west and lines from Riyadh to Jeddah.

Bin Turkey called for openness, encouraging investment and opening the market among the Gulf states.

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