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Investments by Saudis Abroad Estimated at $ 1Trillion
Saudi Arabia has one of the largest liquidity in the world despite the flight of some $ 1trillion to foreign countries, according to Abdul Rahman Al-Jeraisy, chairman of the Council of Saudi Chambers of Commerce and Industry. "Saudi investments abroad are estimated at between $ 800billion and $ 1trillion and most of these funds are concentrated in the United States and Europe," Al-Eqtisadiah business daily quoted him as saying.Jeraisy, who is chairman of the Riyadh Chamber of Commerce and Industry, called upon government departments to soften restrictions on foreign investment. "If we had allowed foreigners to own real estate and buy shares the volume of investments would have increased 10 times," he explained. "Many Saudis have invested in stocks and real estates as they are the easiest markets," he said. "The decision taken by a number of Saudi businessmen to invest their money in the Kingdom has made Saudi Arabia one of the countries with highest liquidity," he said. Businessman Abdul Mohsen Al-Hokair, chairman of Al-Hokair Group, said in a recent press statement that more than 2,500 Saudi companies had chosen to establish investment projects in Dubai rather than Saudi Arabia during the past three years. He blamed bureaucracy, complex regulations and slow decision-making process for the massive exodus of capital. Posted by: tipper 2004-11-10 |
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