Address
by Deputy
Prime Minister and Commander of the National Guard
Crown Prince Abdullah bin Abdulaziz
At the U.S.-Saudi Business Council reception
Dallas,
Texas
April
26, 2005
In
the Name of God, Most Compassionate, Most Merciful
Dear
Friends:
God’s
peace and blessings be upon you.
It
is a pleasure to meet with you in the wake of a
period that has witnessed tumultuous events and
great changes in every part of the world. I am
pleased to convey to you my opinion that we have
overcome – with the help of God Almighty – the
suffocating days and challenges, and are now at a
hopeful point in time in confronting terrorism and
defeating extremists, God willing, and enhancing
development. This phase also holds promise for
a just settlement of the Palestinian issue, which
will help stem the deterioration our region has
suffered in the past.
Dear
Friends:
We
have been able to introduce, over the past few
years, long-term structural reforms, and I would
like to briefly mention some of them. For
example, the introduction of a tax law characterized
by clarity and flexibility; the organization of the
Capital Markets in a manner that corresponds to the
setups of the world’s largest markets; the
acceleration of privatization and the floatation of
shares of public and semi-public companies through
public offerings of shares; the removal of obstacles
to foreign investment; and the promotion of tourism.
In addition, we are also reviewing, in a
comprehensive manner, our judicial system and laws
with the aim of introducing more transparency and
efficiency in dealing with legal cases.
All
of these initiatives have created a new environment
that welcomes investments and investors. And I
wish to take this opportunity to encourage you to
invest in the large Saudi market, with its great
prospects and opportunities.
Dear
Friends:
The
Saudi-American partnership is a unique success
story. It began with our cooperation with
American companies in the exploration, production,
refining and distribution of petroleum, and
developed into fruitful cooperation in building the
largest petrochemical industry in the region.
Because
of the great importance we attach to the stability
of the world energy markets, and the contribution of
these markets to world economic growth, it is my
pleasure to call for the convening of an
international energy conference in Riyadh in the
fourth quarter of this year, in which producers and
consumers can discuss – with depth and
transparency – the issues at hand.
You
should continue to cooperate with us in the fields
of minerals and gas, which open up vast areas for
investment. The opportunities are great, and
success is virtually assured -- with the help of God
– whether the investment is a direct one, or a
Saudi-American joint venture.
Dear
Friends:
The
strong political ties which bind the United States
and the Kingdom of Saudi Arabia must be accompanied
by strong economic ties between the two countries.
I regard your organization as one of the best
channels for building economic bridges between our
two countries and their private sector
organizations.
In
conclusion, I thank H.E. Abdulaziz Al-Quraishi for
his kind speech, and wish you continued success,
along with the hope that our successful partnership
will continue to carry with it prosperity for our
two friendly people.
May
God’s peace and blessings be upon you.
Source:
Saudi Embassy
