During his visit to Riyadh, the Secretary-General of the Union of Arab Chambers, Dr. Khaled Hanafi, met with the Secretary-General of the Union of Saudi Chambers, designated Mr. Walid Al-Orainan, during which the meeting discussed the Kingdom of Saudi Arabia’s hosting of the 21st Session of the Arab Businessmen and Investors Conference, the “Arab Private Sector Summit”, on May 13, 2024, Riyadh, Kingdom of Saudi Arabia, jointly organized by the Union of Arab Chambers, the League of Arab States, and the Union of Saudi Chambers (the host country).
It was emphasized during the meeting that the Kingdom's hosting of the conference is an affirmation of its status, its commercial and investment weight, and its support for joint Arab economic action.
The Secretary General of the Union, Dr. Khaled Hanafi on “the importance of the Arab Business Owners and Investors Conference, as the conference has been considered, since its inception, a huge Arab economic and investment gathering, and a basic platform that brings together all Arab parties concerned with investment from the leaders of the Arab private sector, officials concerned with investment, bodies concerned with investment and its promotion, Arab entrepreneurs and companies concerned with various investment sectors, and a starting point for Arab and foreign investors towards the sectors most attractive to investment in the host country.”
He said: “The conference will constitute an important opportunity to discuss economic cooperation in the next stage between Arab countries, which must go beyond the concept of traditional trade and investment exchange, to reach the stage of a strategic alliance. This is done by crystallizing visions, ideas, and projects that serve the goals and directions of Arab countries in supporting and strengthening intra-trade and economic relations and creating an economic trade bloc among them, which is a goal and demand that has become more urgent than ever before. In addition to the need of Arab economies for Arab economic unity, because the Arab countries enjoy the elements of unity and integration, especially in light of the circumstances and changes taking place in the Arab region and the entire world.”
During the meeting, Hanafi stressed "the importance of establishing an Arab-Indian logistical corridor that reaches the borders of South America through the Arab countries, by taking advantage of the pivotal ports and strategic logistical points that the Arab countries enjoy."
Dr. spoke. Khaled Hanafi, on the status enjoyed by the Kingdom of Saudi Arabia, and the development and renaissance it is witnessing under the leadership of King Salman bin Abdulaziz Al Saud, and the Crown Prince of the Kingdom and Prime Minister, the young Prince Mohammed bin Salman bin Abdulaziz Al Saud, “As a result of the ambitious visions of the Saudi leadership, the Kingdom has transformed into an Arab and regional destination to attract major international companies to make the Kingdom their regional center, in addition to the implementation of huge investment projects throughout the Kingdom, which confirms the pioneering role that the Kingdom enjoys at the Arab and international levels.”
For his part, the Secretary General of the Federation of Saudi Chambers, Walid Al-Orainan, welcomed the delegation of the General Secretariat of the Union, noting the tremendous efforts made by the Union to enhance joint Arab action, noting the choice of the Kingdom of Saudi Arabia to host the work of the (21st) Session of the Arab Business Owners and Investors Conference, referring to the advantage of the geography of the Kingdom of Saudi Arabia. “It is located at the crossroads of three continents, giving investors direct access to more than 500 million people in the Middle East and North Africa region and proximity to thriving Asian economies. This strategic location is not just a map marker; it translates into a broad consumer base that yearns for miscellaneous goods and services.”
Al-Orainan explained, “The investment landscape in the Kingdom of Saudi Arabia is full of potential across multiple sectors. The Kingdom is poised to become a global leader in renewable energy, with ambitious goals for generating solar and wind energy. This provides a lucrative opportunity for investors in renewable energy technologies and infrastructure projects. Likewise, the thriving tourism sector, with its rich cultural heritage and ambitious development plans, invites investors to develop hotels, resorts, and leisure facilities. The focus on local manufacturing through initiatives such as the National Industrial Development and Promotion Program also opens doors for investors to establish production facilities or supply raw materials and equipment.”
Source (Union of Arab Chambers)
