Saudi Arabia is seeking foreign investment to carry out a large number of projects worth $624 billion in vital sectors, according to Prince Turki Al Faisal, the kingdom’s outgoing ambassador to the UK.

Addressing the Middle East Symposium 2005 entitled “Commercial Diplomacy: A Force for Regional Prosperity” in London, Prince Turki said the new projects, which were approved by the government this year, would be implemented within the next 15 years.
“These economic projects are open to local, regional and international investors,” the Saudi Press Agency quoted the prince as saying about the projects offered in petrochemicals, natural gas, electricity generation, water desalination, railway, telecommunications and other vital sectors.
According to Omar Bahlaiwa, secretary general of the foreign trade development committee at the Council of Saudi Chambers of Commerce and Industry, infrastructure projects offer the largest investment opportunity of $140 billion. The petrochemicals sector comes next with projects worth $92 billion, followed by electricity and water $88.9 billion, telecommunications $60 billion, tourism $53.3 billion, natural gas $50 billion, agriculture $28.3 billion and information technology $10.7 billion.
Prince Turki highlighted the significance of the landbridge project that aims at linking the Arabian Gulf on the kingdom’s east with the Red Sea on the west, saying the multibillion-dollar project would bring about a revolution in the country’s trade and transportation.
In his keynote address to the symposium, which was attended by ministers, ambassadors and economists from Britain, the United States, Europe and Arab countries, Prince Turki emphasised the strength of the Saudi economy, saying it was the largest in the Middle East in terms of revenues, banking, capital market and oil reserves and exports.
“Saudi Arabia is one of the 25 major economies in the world and its gross national product (GNP) accounts for one fifth of the total Middle East GNP,” the ambassador said. The Saudi economy makes an annual growth rate of more than seven per cent, which is the largest in the region.
Referring to the booming Saudi stock market, Prince Turki said about two million Saudis invested in the bourse, the 11th largest in the world as shares valued at about $1.7 billion were exchanged there daily.
He said the government had introduced a series of reforms and legislations to encourage local and foreign investment as well as transparency
He said the new government policies would encourage Saudi women to invest their wealth in the market. Saudi Arabia is the largest trading partner of Britain in the Middle East, Prince Turki said, adding that direct British investments in the kingdom reached $3.5 billion. There are more than 150 Saudi-British joint projects.