An economic conference at the British Middle East Association here Thursday highlighted investment opportunities in the Kingdom. The one-day event was attended by a host of senior officials, businessmen, economists and investors from both Saudi Arabia and the United Kingdom. Former British minister of state for Middle East Baroness Simons of Perham hailed the Saudi-British relations based on understanding and mutual respect. Speaking about bilateral cooperation between the two kingdoms, she cited the increasing number of Saudis on scholarships in Britain. She estimated the number of Britons visiting Saudi Arabia annually on religious or economic trips at more than 100,000. The high degree of security and stability enjoyed by Saudi Arabia contributed to the steady progress of development porcess in the Arab country, thanks to the prudent policy of the Saudi leadership, she added. She predicted that the Kingdom of Saudi Arabia would come among the world's ten economies that would achieve high economic growth this year. The Kingdom of Saudi Arabia is the first in the Middle East to attract foreign investment capitals and the world's 23rd strongest economy, thanks to the attracting investment regulations, strength of economy, numerous mineral resources, strength of local currency, flow of foreign revenues as well as its strategic location in the region, she said advising British businessmen and investors to benefit from the abundant investment projects currently promoted in the Kingdom of Saudi Arabia. Allen Monroe, Chairman of the Saudi British Friendship Association and Chairman of the British Arab Chamber of Commerce and a former ambassador of the United Kingdom to Saudi Arabia, hailed the strength of the Saudi economy, evaluating it as among the few which have overcome the side effects of the international financial crisis. He said the Kingdom of Saudi Arabia is witnessing an unprecedented economic, developmental, mineral, civilizational, cultural, constructional, industrial and media boom. He said many giant British companies are involved in promising businesses in the Kingdom of Saudi Arabia. Michael Thomas, Manager of the Middle East Association, praised the encouraging economic atmosphere in the Kingdom. He said Saudi Arabia enjoys steady economy growth as the strongest and largest economy in the Middle East. He revealed that the association is planning to arrange two business trips to the Kingdom this year based on the success of the previous experience. Simon Williams, senior economist at the Saudi British Bank, described the Saudi economic atmosphere as promising, noting a high flow of money into Saudi market amid international financial crisis.
