RIYADH, Saudi Arabia, May 19, 2014 /PRNewswire/ --
- CONFERENCE AIMS TO PROMOTE INVESTMENT IN SAUDI ARABIA -
- FOCUS ON TRANSPORT, LOGISTICS, TECHNOLOGY AND HEALTHCARE SECTORS -
A Saudi delegation from SAGIA, including HE Governor Abdullatif Al-Othman has landed in London ahead of the Saudi-UK Investment Forum in London on May 20th, a conference which will discuss ways in which UK investors can take advantage of the opportunities created by the growing Saudi and Arab economies.
A fast-growing young population and strong hydrocarbon revenues are driving sizeable investments in infrastructure in Saudi Arabia and the wider region, whilst underpinning strong economic expansion. The Saudi-UK Investment Forum in London, hosted in association with Euromoney Conferences, aims to outline the opportunities available to investors to play a role in this growth and help contribute to Saudi Arabia's economic diversification.
Saudi Arabia and the UK already share important economic ties with Saudi representing the UK's largest market in the Middle East and among the top 20 UK export markets globally, with £7.5bn in exports of goods and services in 2012, and overall bilateral trade worth an estimated £15bn per year.
This week's conference focuses on the opportunities for developing these ties, particularly within the transport, logistics, technology and healthcare sectors.
Speaking ahead of the conference, HE Governor Abdullatif Al-Othman said: "We are very excited to be here in London for the Saudi-UK Investment Forum. The UK and Saudi Arabia have important longstanding economic ties and British businesses are already playing a role in the diversification of the Kingdom's economy and in creating local jobs.
"We are confident that as both our domestic market and the wider region expand, British businesses will continue to be at the heart of our economic development and look forward to meeting with people this week."
Saudi Arabia's economy is one of the world's largest, ranking 19th in the world for its GDP, that has tripled to USD $727 billion in the past decade alone, while across the wider region, 300 million people are within three hours flying time from Saudi.
The Kingdom continues to see robust economic expansion - real GDP grew 3.8% in 2013 with the IMF projecting growth of more than 4% in 2014. Saudi Arabia's commitment to attracting international investment is reflected in the fact that it is ranked 26th globally in the World Bank's Doing Business report, second in the MENA region and has attracted more than $12bn of FDI in 2012, the most in MENA, and $114bn in the five years 2008-2012, in spite of the global economic downturn.
Notes to editors:
About the Saudi Arabian General Investment Authority (SAGIA)
SAGIA is the catalyst for developing, attracting and enabling investments in Saudi Arabia. With the Kingdom's determination to attract differentiating investments, SAGIA is your gateway into this fast growing economy.
Its mission is to create the highly competitive economic climate and modern infrastructure that will attract international investment, boost productivity and create high quality jobs and greater prosperity for the nation.
SAGIA embodies the new competitive spirit of Saudi - a rapidly expanding population with high levels of investment in education. As the economy expands and takes a larger role on the world stage, SAGIA will aim to provide the constant impetus of innovation and opportunity that will help position it as a leading investment destination across a range of sectors.
May A. Bin Dayel, Manager of International Media Relations
SOURCE SAGIA (Saudi Arabian General Investment Authority)