Lebanese President Michel Suleiman urged Saudi businesspeople here Monday to continue investing in his country despite the losses they incurred earlier this year during a severe political and security crisis in Lebanon. “No investor will lose money in Lebanon now,” he said during his meeting with Saudi businessmen at Jeddah Chamber of Commerce and Industry here. The Lebanese economy is stable now and allows free movement of funds, he said, adding a note of appreciation for King Abdullah, Custodian of the Two Holy Mosques, for his work in bringing about political, economic, and social stability in Lebanon. The president saw scope for bigger joint ventures with Saudis. He said the investment facilities offered by the Kingdom, which include tax exemption and guidance based on clear-cut regulations, were a rarity in the world economy. Suleiman said he has tasked his Minister of Economy and Commerce Muhammad Al-Sadafi with looking into the losses of Saudi investors in Lebanon. According to Abdulmohsin Al-Hokair, vice president of the Saudi- Lebanese Business Council, Saudi investors had earlier this year planned to pull out a total of SR18 billion in investments from Lebanon. Saudi Minister of Commerce Abdullah Bin Ahmad Zainal, who was with Suleiman at the JCCI meeting, also encouraged more investment in Lebanon. Saudi-Lebanese trade has increased from SR981 million in 2000 to SR1.89 billion in 2007 and the Kingdom has turned into an investment magnet for the Lebanese with 543 joint projects totally valued at SR7.17 billion, Zainal said. Saudis have a 61.7 percent stake in the ventures along with the Lebanese and other foreign partnerships, he said. The Kingdom seeks now to attract more Lebanese infrastructure investments in the projected mega economic cities including gas, power, and petrochemicals projects, he said. Al-Hokair said that following the Lebanese political settlement and election of a new president, Saudi investments worth more than SR5 billion were starting to return to that country. – Okaz __
