Arab News,
Saturday, July
08, 2023 | Thul-Hijjah 20, 1444
AH
Saudi Arabia ‘open for business,’ UK investment forum told
LONDON: UK investors have been urged to take advantage of Saudi Arabia’s
burgeoning mining industry and economic reforms at the BMG Economic Forum 2023,
held on Wednesday at the headquarters of the London Stock Exchange and attended
by Arab News.
A panel of business leaders from Saudi Arabia made it clear that the Kingdom is
not only “open for business,” but that reforms to the regulatory and legal
systems mean it is a safe place for investment.
The forum was held less than a month after Saudi Commerce Minister Majid Al-Qasabi
met with British ministers and leaders of major companies in the UK to boost
trade ties between the two countries.
Speaking during a panel discussion, Amr Khashoggi, chairman and CEO of Amkest
Group, highlighted the Saudi mining sector as a key area of opportunity for
investors, adding: “We have more than $3 trillion worth of mining wealth under
the ground.”
Amr Zedan, chairman of the Zedan Group, praised the “laser-focus” of the
Kingdom’s leadership in developing the economy, which he said has turned Saudi
Arabia into “the land of opportunity.”
He added: “Saudi Arabia presents the opportunity of what we used to hear in the
US, where if you wanted to pursue a dream and reap the fruits and be successful
that’s very much obtainable.”
Zedan said: “What you’re having right now is an attempt to exploit every single
advantage within the Kingdom of Saudi Arabia — be it location, be it pilgrimage,
be it the number of youth we have in the Kingdom of Saudi Arabia — which
possesses an opportunity.”
He was keen to highlight the “proper regulation” present in the Kingdom when it
comes to the business sector, adding that “proper rules and governance” have
helped create “a market that’s poised for growth in every way.”
He said: “Gone are the days of the stereotype that you need to adhere to certain
structures if you’re doing business.
“It’s open literally for anybody and everybody to have a successful operation in
the Kingdom and go from Saudi to the world.”
UK lawmaker Lord Udny-Lister described Saudi Arabia as “the most exciting
country in the world.”
He said he is impressed by “the enthusiasm and energy of individual Saudis,” and
their belief that the Kingdom “can do almost anything.”
He added: “I’d rather be employing there than here because you get a jolly sight
better group of people coming to work for you. I’m an unashamed fan and
advocate.”