DALLAS, Texas, 28 April 2005 — With his characteristic directness and clarity, Crown Prince Abdullah yesterday invited American businessmen to invest in Saudi Arabia, especially in its gas and mining sectors. “Economic reforms in the Kingdom have created a new investment-friendly environment that welcomes investors,” he said.

Addressing a reception in his honor by the Saudi-American Business Council (SABC) at the Fairmont Hotel, Prince Abdullah also announced Riyadh’s plan to host a conference of the International Energy Forum (IEF) in the last quarter of 2005.

“We invite you to continue to cooperate with us in the mining and gas sectors which offer a number of investment opportunities. There are many opportunities and success is guaranteed, God willing. You can choose direct investment or establish joint projects,” the crown prince told American businessmen who gave him a standing ovation as he entered the hall.

Prince Abdullah said Saudi Arabia and the United States had opened a new chapter in their relations after overcoming a time of trial and tribulation. “We have now reached a stage where the wave of terrorism has subsided and the extremists have been defeated,” he said.

He also expressed the hope that a just and peaceful settlement of the Palestinian-Israeli conflict would end tension in the region, and thus herald a new era of massive development and prosperity.

In his keynote address, the crown prince spoke extensively about the Kingdom’s economic reforms. “We have enacted a clear and flexible taxation law, reorganized the financial market so that it matches international standards and have expedited the privatization process,” said Prince Abdullah. He also referred to the initial public offerings of some state-owned and semi-public companies and corporations such as Saudi Telecom Company and the National Company for Cooperative Insurance as well as the government’s efforts to remove obstacles faced by foreign investors.

“We are revamping our judicial system with the aim of achieving greater transparency and quick settlement of cases,” he explained. “These initiatives have created a new investment-friendly environment and I take this opportunity to ask you to invest in the vast Saudi market which offers great and lucrative opportunities,” he added.

Prince Abdullah told the story of the successful Saudi-US partnership which began with the Kingdom’s cooperation with American companies for oil production, refining and marketing. “This cooperation developed further, enabling us to establish the largest petrochemical industry in the region,” he pointed out. The crown prince reiterated Saudi Arabia’s commitment to stabilizing the world oil market and said the proposed IEF conference in Riyadh would help producers and consumers exchange views frankly and with mutual confidence.

“The strong political relations between Saudi Arabia and the US must be accompanied by strong economic ties,” the Saudi leader said and emphasized SABC’s efforts in building economic bridges between the two countries.

Abdul Aziz Al-Quraishi, chairman of SABC on the Saudi side, welcomed the crown prince and said his presence at the reception reflected his keenness toward the private sector and his support for strengthening economic cooperation between the two countries.

Quraishi described Saudi Arabia as the largest economy in the Arab world. “The Kingdom offers a free market and open economy and allows free and unrestricted movement of capital. It has a strong banking system that offers advanced banking services,” he explained.

The United States is the Kingdom’s largest trading partner. Bilateral trade rose from $160 million in 1970 to $26 billion in 2004. There are at present 360 joint projects worth more than $20 billion. Last year, Saudi Arabia’s gross domestic product grew by 16.9 percent compared to the previous year.

Prince Abdullah held vital talks with US President George W. Bush at his Crawford ranch on Monday, taking Saudi-US relations to new heights. Foreign Minister Prince Saud Al-Faisal said the Crawford meeting brought bilateral ties back to normal, reviving their warmth, vigor and dynamism.

Reprinted with permission of Arab News.