Faisal, former chief of General Intelligence, has called on Europeans to invest in Saudi Arabia, assuring them that their money invested (in the Kingdom) will achieve safe returns. Addressing the Saudi-European Economic Forum held here Saturday, Prince Turki also affirmed that high-level government spending in the Kingdom is for the welfare of citizens, noting that expenditures on schools, universities and housing have contributed to raising the standard of living of the citizens. In his speech, Prince Turki Al-Faisal also highlighted the importance of Arab-European relations and said that "the Kingdom of Saudi Arabia and Europe are seeking to consolidate peace and stability in the region." In a plenary session for the promotion of investments in Saudi Arabia, Vice Chairman of the Board of Directors of Electrical Industries Company, Engineer Ahmed Bin Nasser Al-Suwaidan, noted the success story of the joint Saudi-Belgian investments. "We began our investment through a Dammam-based Saudi Transformers Company with BCG (Belgium) in 1980 to produce electrical transformers which achieved annual sales of $1.5 million. In 2010, its sales reached $213 million with production accounting for 18,000 electrical transformers, which have been marketed in Saudi and Gulf markets. This success is an evidence of good investment environment provided by the Saudi government to investors," Al-Suwaidan said. For his part, EU Trade Commissioner Karel de Gucht said the surpluses of oil revenues enabled GCC states to achieve significant economic growth, consequently contributing to the expansion of their foreign trade, stressing the mutual needs of both regions. He called on the GCC countries to promote investment that in turn, will contribute to economic development and creation of new jobs. The Saudi-European Economic Forum started at the Accenta 2011, and was attended by a number of specialist officials as well as managers of Saudi and Belgian companies. The first session was chaired by the Chairman of Belgian Business Association Rudy Thomas, and attended by Saudi Minister of Commerce and Industry Abdullah Bin Ahmed Zainal Alireza. Thomas said that the Kingdom of Saudi Arabia is one of the leading and promising countries in the field of investments, as it enjoys capabilities at various levels. He also said that Saudi Arabia plays a vital and leading role in the global oil industry, adding that the Kingdom achieved a growth rate of more than 3.8 percent in 2010 which is expected to exceed 6.3 percent in 2011. The World Bank now ranks the Kingdom 11th among the world's easiest places to do business. Saudi Arabia's participation as the first Arab guest of honor at Accenta, a distinguished consumer trade fair and a European institution, which is now 66 years old, is a strong indication of the close and long-standing economic ties between Belgium and Saudi Arabia.
