Saudi Arabia is seeking foreign investments worth SR650 billion ($173.33 billion) in vital projects including petrochemicals, power generation and water desalination. Commerce and Industry Minister Dr. Hashim Yamani said a Saudi delegation would present the investment projects to American businessmen during its upcoming visit to the United States. Speaking to Al-Eqtisadiah business daily, a sister publication of Arab News, the minister said the Saudi delegation would visit five US states to introduce investment opportunities. According to local press reports, a Saudi business delegation, which recently visited China to take part in a business conference, invited Chinese businessmen to invest in the projects. Abdullah Al-Mubti, head of the delegation and chairman of the Abha Chamber of Commerce and Industry, said the Arab-China Business Conference in Beijing was successful as it helped strengthen mutual confidence. He said the organizers have agreed to hold the second conference in an Arab country. More than 200 Arab businessmen took part in the conference, which ended last Wednesday. He said Saudi-Chinese trade exchange grew from $300 million in the beginning to $10 billion (SR37.5 billion) last year. He called for similar meetings with the participation of Saudi and Chinese businessmen to boost relations. There are joint economic interests, Al-Mubti said, adding that both sides required investments. --MORE 1001 Local Time 0701 GMT
