Investment Opportunities Conference in Toowoomba

Saudi Ambassador to Australia Mr. Nabil Al Saleh opened the “Investment Opportunities in Saudi Arabia and the Middle East, Conference on Thursday June 4, 2015 held in Toowoomba, Queensland, Australia.

The event was organised by Australian Arab Chamber of Commerce and Industry in conjunction with  the Toowoomba “Sirat Bison” Business Group. The conference was attended by more than 150 people, including senior businessmen and investors in the oil and mining, agriculture, education, legal, technological and service fields in Australia.

In his speech the Ambassador thanked the organisers for hosting the event and enlightened the atendees as to the current development and expansion of Saudi Arabia and its resources.

“The Kingdom is now the 19th largest economy in the world, the single largest economy in the Middle East and North Africa region with a GDP worth 752 billion dollars and representing 25% of the entire MENA economic output.

“It is now recognised as the third fastest economy in the world with an annual average growth of 5 % over the past decade. Only preceded by China and India.

And in recognition of the Kingdom’s growth and stability, Fitch Ratings agency upgraded Saudi Arabia to “AA” demonstrating the Kingdom’s financial stability and high credit quality. Ranking Saudi Arabia 7th within the G20.

“Reflecting on this, it is apparent that over the course of the last eight decades, the Kingdom has modernised at a rapid pace and has succeeded in becoming one of the top-ranking economies in the world within a very short period.”

The Ambassador also discussed with attendees the booming investment opportunities emerging in the Kingdom of Saudi Arabia.

“We have been blessed by natural resources with proven

¼ of the world’s oil reserve and a current output of just over 10 million barrels per day.

“We have the 4th largest gas reserve in the world. As well as a richness in a wide array of minerals.

“Furthermore, we are committed to increasing our production capacity of Petrochemicals to reach 100 million metric tons per annum by 2015.

“This, in turn, would make the Kingdom the third largest global exporter of petrochemicals.

The Ambassador closed his speech by inviting investors to establish business projects in Saudi Arabia and enlightened them as to the mutual benefits such projects would achieve.

“For a very young country, its transformation has been astonishing. But all of you in this room are an important part of this. You create jobs. You take the risks to create the opportunities and better the future of yourselves and both of our countries.

“With this in mind, and the economic progress achieved in the Kingdom thus far.

“It is worth noting that the Kingdom continues to foster a progressive investment environment.

“Some worth noting elements of our laws include: That Foreign investors can have 100 % ownership of their projects

“We have a robust investment legal system; We have a low cost financing system;

“Foreign investors are eligible to apply for loans from the Saudi Industrial Development Fund. These are interest- free loans up to 50% of project capital or up to $160 million USD.”

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