Saudi Arabia Invites Malaysian Investors

Malaysian investors have been invited to explore business opportunities created through privatization programs in Saudi Arabia, Malaysian news agency BERNAMA reported.

The invitation came from Saudi Arabia's Planning Minister Khalid M.Al-Gosaibi, who said the privatization programs presented very attractive investment opportunities in various sectors of the Saudi economy.

Some of the privatized projects in place since the establishment of the Ministerial Committee on Privatization in 1997 covered the telecommunication and electricity sectors and port services.

"Plans are also underway to review the present status of government ownership of the Saudi Arabian Airline Company with a view to privatization in the future," he said during a business dialogue with local investors here late Monday.

He said due to sound economic policies, the Saudi Kingdom had proved to be a favorable area for investors.

He attributed this to some factors including a long sustainable political stability, a high level of protection against expropriations and investment taking and freedom to repatriate funds.

He said it was also due to a substantial incentive package like exemption from corporate tax for 10 years for industrial projects and access to low-cost financing in the form of interest-free loans which can reach up to 50 per cent of project's cost.

Khalid, who is also the acting Telecommunication Minister urged Malaysian investors to grab the investment opportunities with Saudi Arabia so as to accelerate the mutual integration of both the brotherly Muslim countries.