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July 8, 2005 |
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THE ALLOCATION OF SR 188 MILLION FOR THE EXPANSION OF YANBU AIRPORT. SR 100 MILLION FOR NEW HOUSING PROJECTS TO HUNDREDS OF SAUDI FAMILIES. PRINCE NAIF IBN ABDUL AZIZ: TERRORIST ATTACKS WILL NOT AFFECT THE FUTURE OF TOURISM IN THE KINGDOM. IN LONDON THE MIDDLE EAST SYMPOSIUM 2005: COMMERCIAL DIPLOMACY: A FORCE FOR REGIONAL PROSPERITY. PRINCE TURKI AL-FAISAL: THE SAUDI ECONOMY IS FLOURISHING, NEW LAWS HAVE BEEN ISSUED TO ENCOURAGE INVESTMENT OPPORTUNITIES. Crown Prince Abdullah laid the cornerstone for Yanbu-2 and said the massive, hi-tech industrial cities of Jubail and Yanbu offered tremendous opportunities for both Saudi and foreign investors. The new mega industrial city on the Red Sea is expected to attract investments worth SR115 billion. While launching the project, the crown prince also made a humanitarian gesture by distributing deeds of 458 houses to poor Saudi families. Prince Abdullah later watched plans for the expansion of the Yanbu airport and approved SR188 million for the project that includes construction of a new passenger lounge covering an area of 8,500 square meters. Senior princes and top officials including Prince Miteb, minister of public works and housing, and Madinah Governor Prince Muqrin attended the launching ceremony. Prince Abdullah also met with top officials of Saudi Basic Industries Corp (SABIC) and other companies. Earlier, Prince Abdullah chaired a meeting of the board of the Royal Commission for Jubail and Yanbu. Prince Saud Ibn Abdullah Ibn Thunayan, chairman of the RC, said the crown prince was briefed on the commission's achievements and future projects. "The RC has succeeded in providing a fertile investment climate in the two industrial cities, acquiring advanced technology and providing thousands of jobs to Saudis," the Saudi Press Agency quoted Prince Abdullah as telling the board meeting. Prince Abdullah also said that the two industrial cities were instrumental in strengthening the economy and supporting the country's diversification drive. "They have helped our economy to weather storms of fluctuations that hit global economy," he said. Prince Abdullah emphasized the importance of supplying the necessary amounts of gas to the two industrial cities. He praised the RC for successfully implementing a comprehensive administrative system, relying on the principle of flexibility in management and finance. He lauded the Saudi youth working at industrial plants, saying they have proved their trustworthiness. The crown prince then viewed a model of the Yanbu Industrial City including Yanbu-2, which covers an area of 66 square kilometers and is expected to house 34 basic and secondary industries and 224 light industries. Addressing the ceremony, Prince Saud, the RC chief, spoke about his organization's achievements during the last three decades. He said the RC would be spending SR12 billion on infrastructure for Yanbu-2, of which SR6 billion will be set aside for the first phase. The crown prince also put the cornerstone for SABIC projects, which include the SR19 billion Yansab plant. He also opened three SABIC projects, which were implemented at a total cost of SR10 billion. The new SABIC projects include Yanpet-II, a joint venture with ExxonMobile with a total investment of SR9 billion and production capacity of 4 million tons annually of ethylene, polypropylene, polyethylene and ethylene glycol. Another project is the Industrial Gases National Company factory (second phase), owned 70 percent by SABIC and 30 percent by a group of national companies with a capital investment of SR236 million. The project, which produces 900 tons daily of oxygen and nitrogen, went on stream this year. Prince Abdullah later put the foundation stone of Marafiq water and electricity project for Jubail and Yanbu, which will cover the works of Yanbu-2. The SR9 billion project will be operational by 2009. The crown prince also laid the cornerstone and dedicated a number of other projects established by private companies, involving a capital investment of SR90 billion. During the ceremony, SABIC announced a donation of SR5 million to establish a public park at Yanbu Albahr. A number of private companies have agreed to donate for the establishment of a development project in the city. Deeds of charitable houses, constructed by Prince Abdullah Foundation for Housing Development, were distributed. Representatives of 458 Saudi families in Al-Nabah, Al-Shabaan and Al-Hussa villages received the deeds of fully furnished houses. The foundation's project cost SR100 million. Prince Abdullah later arrived in Jeddah. Crown Prince Abdullah opened the second industrial city in Yanbu (Yanbu-II), which is designed to accommodate new industrial projects involving a total capital investment of more than SR110 billion. The crown prince also launched the SR5.6 billion National Petrochemicals Company (Yansab) and SR1.8 billion propylene project of the National Company for Petrochemical Industries in the new city. Prince Saud Ibn Abdullah Ibn Thunayan, chairman of the Royal Commission for Jubail and Yanbu, thanked the crown prince for having agreed to visit Yanbu and open the new industrial city. "This again reflects the crown prince's continuous support for the industrial sector, which has been playing a big role in boosting national economy and creating new job opportunities for young Saudis," the RC chief said. Muhammad Al-Juwaisser, director general of the Royal Commission for Yanbu, said all arrangements have been completed for the royal visit to the industrial city. Yansab, a project of petrochemical giant Saudi Basic Industries Corp. will supply four million tons of petrochemicals including ethylene, propylene, polyethylene and ethylene glycol. SABIC is now in the process of establishing the company, with a fully paid-up capital of SR5.625 billion. SABIC has allowed its partners in the affiliates Ibn Rushd and Taif to hold 10 percent of Yansab shares. Other partners include Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO), Saudi Arabian Fertilizer Company (SAFCO), Arab Petroleum Investments Corporation (APICORP) and General Organization for Social Insurance (GOSI). The propylene project, which designed to supply 350,000 tons of the product annually, will start production next year. According to Al-Madinah Arabic daily, the plant will provide jobs for 270 Saudis. In December last year, Prince Abdullah inaugurated the second industrial city in Jubail (Jubail-11) and dedicated several mega projects worth SR224 billion in the city. "The new industrial city in Jubail will attract local and foreign investments worth SR130 billion and create some 55,000 new job opportunities," the RC chief Prince Saud said. He said the extension is expected to provide expansion facility for the industrialization of Jubail for the next 25 to 30 years. Jubail, the burgeoning industrial hub on the Arabian Gulf, has been named the city with the best economic potential in the Middle East by the prestigious business publication, Financial Times' Foreign Direct Investment (FDI) magazine. Jubail received the accolade after its detailed economic information was assessed by a panel of expert judges who selected the city over 40 other economic centers in the Middle East. Among input considered by the panel of judges was the key fact that while overall GDP growth can vary sharply from year to year because of oil price fluctuations, the Jubail region's private sector contribution to GDP had grown at a steady, average rate of almost 4 percent per annum for the last 10 years. Among other factors supporting Jubail's qualifications, was that the inflow of foreign investment in Jubail was also directed toward community-responsible and environmentally conscious projects. Apart from being home to the world's largest petrochemical complex, Jubail is now estimated to account for as much as seven percent of the world petrochemical market. The city has enjoyed massive foreign investments of over $46 billion. It is expected to rise even further on the map of global commerce and industry in the areas of energy and transportation. Of all foreign investment flowing into Saudi Arabia, nearly half has gone to Jubail. In February, Prince Saud signed a contract with Abdullah Ibn Abdul Mohsen Al-Khudairy & Sons to carry out a number of projects related to the second industrial city in Jubail. The new industrial city will cost SR67.4 billion to build. There are almost 30 plants under construction in Jubail, with another two undergoing major expansions; there are 44 more on the drawing board. The project to create the 6,200-hectare Jubail-II foresees investment totaling $56 billion. The Royal Commission for Jubail and Yanbu was established following a royal decree issued in 1975 to develop the twin industrial cities in line with international standards. Located 350 kilometers north west of Jeddah, Yanbu is the largest port for export of the crude oil on the Red Sea. It has facilities to export more than three million barrels/day while its location near the Suez Canal makes it an excellent access to European markets and the developing markets in Africa and Middle East. Crown Prince Abdullah Ibn Abdul Aziz, the Deputy Prime Minister and Commander of the National Guard, had left Riyadh heading for the Red Sea province of Yanbu. At King Khalid International airport, he was seen off by Prince Mishaal Ibn Abdul Aziz; Prince Sultan Ibn Abdul Aziz, Second Deputy Prime Minister, Minister of Defense and Aviation and Inspector General; Prince Salman Ibn Abdul Aziz, Governor of Riyadh Region; Prince Sattam Ibn Abdul Aziz, Deputy Governor of Riyadh Region; other princes, ministers, and senior civil and military officials. The Crown Prince was accompanied by Prince Mit'eb Ibn Abdul Aziz, Minister of Municipal and Rural Affairs; Prince Abdul-Ilah Ibn Abdul Aziz; Prince Abdul Aziz bin Abdullah Ibn Abdul Aziz, Advisor at the Crown Prince's Court; Prince Mansour bin Nassir Ibn Abdul Aziz; Prince Dr. Bandar Ibn Salman Ibn Mohammed Al Saud, Advisor at the Crown Prince's Court; Prince Mishaal Ibn Abdullah Ibn Abdul Aziz, Minister Plenipotentiary at the Ministry of Foreign Affairs; Prince Saud Ibn Abdullah Ibn Abdul Aziz; Prince Mansour Ibn Abdullah Ibn Abdul Aziz; Prince Majed Ibn Abdullah Ibn Abdul Aziz; ministers and senior protocol officials. Crown Prince Abdullah Ibn Abdul Aziz, the Deputy Prime Minister and Commander of the National Guard arrived at Yanbu. At Yanbu Governorate Airport, he was received by Prince Mamdouh Ibn Abdul Aziz; Prince Miqren Ibn Abdul Aziz, the Governor of Madinah Region; Prince Saud Ibn Abdullah Ibn Thinayyan Al Saud, Chairman of Jubail and Yanbu Royal Commission; a number of princes; ministers and officials. Crown Prince Abdullah Ibn Abdul Aziz, the Deputy Prime Minister and Commander of the National Guard, also handed ownership documents of residential units of some of the projects built by Prince Abdullah Ibn Abdul Aziz Developmental Housing Foundation for His Parents. Upon arrival at the venue, the Crown Prince was received by Prince Miqren Ibn Abdul Aziz, the Governor of Madinah Region, and Prince Saud Ibn Abdullah Ibn Thinayyan Al Saud, Chairman of Jubail and Yanbu Royal Commission. The Crown Prince chaired a meeting of the Commission's board of directors. In a press statement following the meeting, Prince Saud Ibn Abdullah Ibn Thinayyan Al Saud said that the audience listened to the directives of the Crown Prince who praised the efforts exerted by the Saudi youth in the Commission's achievements. The Crown Prince noted that the Commission has succeeded in creating a fertile investment climate in the two industrial cities and in providing thousands of job opportunities for citizens. The Crown Prince also commended the private sector for its active participation in the progress being witnessed by the Kingdom, also lauding the great leaps achieved by Saudi Basic Industrial Corporation (SABIC). The meeting was attended by Prince Miteb Ibn Abdul Aziz, the Minister of Municipal and Rural Affairs; Prince Miqren Ibn Abdul Aziz, the Governor of Madinah Region; Dr. Ibrahim Al-Assaf, the Minister of Finance; Dr. Hashim Yamani, the Minister of Commerce and Industry; board's members and a number of officials. On his part, Prince Saud bin Abdullah bin Thinayyan announced SABIC's donation of SR 5 million to establish a park in Yanbu Al-Bahr City and other companies' donations to another project in Yanbu City. Crown Prince Abdullah Ibn Abdul Aziz, the Deputy Prime Minister and Commander of the National Guard, left Yanbu after having patronized the ceremony of laying the foundation stone for Yanbu 2 Project and a number of developmental and industrial projects in Yanbu industrial city. At a meeting at the airport, Crown Prince Abdullah approved a proposed increase to SR188 million to expand and modernize Yanbu airport. At the airport, he was seen off by Prince Miqren Ibn Abdul Aziz, Governor of Almadinah Almunawarah; Prince Saud bin Abdullah bin Thinayan Al Saud, Chairman of the Royal Commission for Yanbu and Jubail; other princes, ministers, senior civil and military officials and a big number of citizens. Crown Prince Abdullah Ibn Abdul Aziz, the Deputy Prime Minister and Commander of the National Guard, arrived in Jeddah coming from Yanbu. At King Abdul Aziz International Airport, he was received by a number of princes, ministers and senior officials. On the other hand Prince Naif Ibn Abdul Aziz, the Minister of Interior and Chairman of Board of Directors of Tourism Higher authority stressed that terrorist actions will not affect the future of tourism in the Kingdom, noting that other fields which are more important than tourism have not been affected. In a press statement following his chairing of the board's 12th meeting, Prince Naif replied to a question on identifying the individuals who issue fatwa (religious edict) for the deviating group saying we have Known and will know them and their names will be announced in an appropriate time since they are involved. Asked if the Ministry of Interior has identified financiers of terrorist operations, Prince Naif noted that the Ministry has achieved good stages in this regard and we expect to reach complementary information in this field. On annoying foreign tourists with regard to cameras, Prince Naif said in principle there is nothing to prevent photographing, but it should be done in certain places. The Prince looked forward to a good future for tourism in the Kingdom. Meanwhile Saudi Arabia announced that photographing in public places will be allowed except in prohibited areas. The new decision, which was revealed after a meeting of the Supreme Commission for Tourism's (SCT) board, will be implemented within a year. Interior Minister Prince Naif, who chaired the board meeting in Riyadh, insisted that terrorist attacks would not affect the Kingdom's tourism industry. "My contention is that these attacks have not affected more important sectors than tourism," he told reporters. Prince Naif also warned those issuing religious edicts for terrorists and those financing them. "We'll consider them as partners" in terrorist attacks, the Saudi Press Agency quoted him as saying. Asked about harassment of foreign tourists taking pictures, Prince Naif said: "In principle, there is no ban on taking pictures but it should be in certain areas." Prince Sultan Ibn Salman, Secretary-General of the commission, said the new decision allowing photographing in public places and tourist centers would be implemented after 10 months. The nearly one year gap is to provide relevant agencies and parties enough time to make necessary preparations. "The decision stipulates that major civilian, military and industrial institutions set out their regulations on taking photos inside their facilities while also installing boards to prohibit taking photos," Prince Sultan said. These institutions will be given authority to deal with those who violate their regulations. However, their action will be limited to confiscation of films when a violator is found snapping shots of their facilities. More stringent measures would apply if the intent is criminal. He said the board meeting approved the fourth phase of the national tourism development project. The meeting also endorsed the tourism development strategies for Riyadh, Madinah, Asir, Baha and Jizan regions as well as the strategy and executive plan for the antiquities and museums sector. It also approved the results of surveys on tourist sites in Madinah, Eastern Province, Qasim and Al-Jouf regions. On the other hand Saudi Arabia is seeking foreign investment to carry out a large number of projects worth SR2.34 trillion ($624 billion) in vital sectors, according to Prince Turki Al-Faisal, the Kingdom's ambassador to the United Kingdom. Addressing the Middle East Symposium 2005 titled "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 second with $92 billion projects 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 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 emphasized the strength of Saudi economy, saying it is 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 percent, which is the largest in the region. Referring to the booming Saudi stock market, Prince Turki said about two million Saudis invest in the bourse, which is the 11the largest in the world as shares valued at about $1.7 billion are exchanged there daily. He said the government has introduced a series of reforms and legislations to encourage local and foreign investment. "It has also taken a number of initiatives to ensure transparency of the economy," he added. The ambassador also referred to the Kingdom's efforts to promote its educational progress. "Efforts are under way to establish six new universities in addition to the existing eight universities. More than 100 technical and vocational training colleges have been established for both boys and girls," he explained. 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. Social Affairs Minister Abdul Mohsen Al-Akkas said Saudi Arabia had succeeded in competing with other countries in four areas: petroleum industry, petrochemicals, banking and health service. The Kingdom has fulfilled all requirements to join the World Trade Organization, he insisted. Also in London Prince Turki Al-Faisal, the Saudi Ambassador to the United Kingdom and Ireland stressed that terrorism is a brutal action and has nothing to do with a certain culture, religion, race or nationality, citing Prince Saud Al-Faisal, the Foreign Minister as saying at the International Counter-terrorism Conference held in Riyadh in February that we should set detailed proposals to fight terrorism and avoid controversy over its definition, . In a lecture at City Form Forum in London, Prince Turki Al-Faisal noted that the Custodian of the Two Holy Mosques King Fahd bin Abdulaziz warned against exploiting Muslim misguided youths by terrorist networks to deepen their evil issues. Within the framework of the Kingdom's combating of terrorism, Crown Prince Abdullah bin Abdulaziz, the Deputy Premier and Commander of the National Guard called for the set up of an International Counter-terrorism Center, Prince Turki said and indicated that all delegations participated in the conference welcomed the Crown Prince's proposal. Prince Turki pointed out that the Kingdom has been a victim of terrorism for a long time and during the previous two years, it has been subjected to 30 terrorist actions including explosions, terrorist attacks and kidnapping which led to Killing 73 Saudi citizens and foreigners and injuring 510 others. He noted that 41 security officers have been martyred and 218 wounded. With regard to terrorists, 120 have been killed and 25 injured. As for material loss, it has amounted to more than SR 1 billion. Prince Turki affirmed that the Kingdom has been actively supporting regional and international efforts aiming at combating terrorism. Britain will spend SR2 million this year for the Chevening scholarship program for Saudi students, said British Ambassador Sir Sherard Cowper-Coles. A press statement said the ambassador disclosed this while speaking at his residence while presenting certificates to six Saudi women and four men who have been chosen to do postgraduate studies in Britain; their subjects include education, engineering, communications, media and health management. The number of Saudis who have so far benefited from this program is 111. "You will be a part of a group of 1,800 Chevening scholars from around the world attending universities across the length and breadth of the United Kingdom," he noted. He pointed out that the recipients will not only study at UK universities but they will also have the opportunity to teach and exchange information with other students while there. |
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