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businessliveme · 5 years

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AIM 2019 to host strategic sessions to draw FDIs

The organizing committee of the Annual Investment Meeting 2019, has completed the preparations for the upcoming event, which will be held from 8th to 10th of April in Dubai. More than 20,000+ corporate leaders, policymakers, businessmen, regional and international investors, entrepreneurs, leading academics, experts, and stakeholders from over 140+ countries from Europe, North America, Latin America, Africa, Middle East, and Asia are participating in the three-day event.

Some of the heads of states coming to the event are H.E. Evo Morales, President, Plurinational State of Bolivia; H.E Muhammadu Buhari, President, Federal Republic of Nigeria; H.E Rustam Minnikhanov, President of Tatarstan, Russian Federation; H.E. Ramzan Kadyrov, Head of Chechen Republic, Russian Federation; and H.E. Huchiev Muslim, Deputy Chairman of Chechen Republic, Russian Federation.

More than 60 high level officials including heads of state, government ministers, and other top public officials will join prominent global business figures, over 1,000 FDI experts, and representatives of Chambers of Commerce and Industry and business councils. They are set to tackle the most pressing challenges and key opportunities in the midst of exponential digital innovations, technological developments, and influential global trends.

H.E Mr. Fareedon Hartoqa the Secretary General of the Jordan Investment Commission (JIC), said, “We in Jordan, and at the Jordan Investment Commission (JIC), are committed to working with investors and businesses to facilitate their work in Jordan and maintain strong mutually beneficial relationships with those entities. JIC continues its determination on leveraging Jordan’s strengths. Our position in the heart of the Levant makes us a strategic platform to the GCC and MENA region. It also makes us an ideal global East-West hub. Our Free Trade agreements give us access to over one billion consumers. Jordan offers the ideal destination when looking for a manufacturing base, outsourcing center, distribution and back office operations. Jordan also could serve as a base for infrastructure and reconstruction projects in our region.”

A delegation from Bolivia will also participate at AIM.

H.E. Evo Morales, President, Plurinational State of Bolivia

Widely regarded as the country’s first president to come from the indigenous population, this is the first time any president from Bolivia has made it to the UAE. H.E. Evo Morales, President, Plurinational State of Bolivia, stated that Plurinational State of Bolivia intends to promote greater FDI such that at least 40 percent of Foreign Direct Investment contributes to diversify the productive matrix of the country and generates added value (productive industrial complexes, services and tourism) through partnerships in mixed state companies, in alliance with the central level of the State and Autonomous Territorial Entities.

The Bolivian perspective aims to encourage foreign investors in a way that they become strategic partners and not owners of natural resources and surpluses. The country’s goal is that FDI should respect the country’s sovereignty, mother earth and the profits in the territory should be converted to strengthen the model of living well.

In addition, a delegation from Kingdom of Bhutan will also participate at the event. According to H.E. Lyonpo Loknath Sharma, Minister of Economic Affairs, Kingdom of Bhutan, the number of FDI projects approved in the year 2018 has more than doubled from the number in 2017. A total of 16 projects were approved in 2018 against just seven in 2017.

H.E. Majid bin Abdullah Al Qasabi, Minister of Commerce and Investment, Kingdom of Saudi Arabia

The Kingdom of Saudi Arabia, which has just recently formulated an open economy policy, gains a strategic move participating at AIM 2019.

“We saw growth in both FDI inflows, which were 127 percent higher in 2018 than in 2017, and in the number of new licenses awarded. 739 new licenses were awarded in 2018, an increase of 96 percent on the previous year. This momentum has continued in 2019, with broad-based growth across all sectors and geographies. The Saudi Arabian economy is undergoing a period of rapid transformation, and this is creating new opportunities for the private sector and international investors. Through Vision 2030, we have been able to introduce a number of new policies and reforms that are allowing investors to tap into these opportunities in an unprecedented way,” H.E. Majid bin Abdullah Al Qasabi Minister of Commerce and Investment, Kingdom of Saudi Arabia.

H.E. Dr. Mohd Amin Liew Abdullah, Minister of Finance, Brunei Darussalam

Further, with the participation of Brunei Darussalam, AIM 2019 provides an ideal platform to push their economic agenda, specifically on attracting higher FDI this year.

“As one of the biggest events on the global FDI calendar, AIM 2019 will provide the perfect platform for Brunei Darussalam to showcase the direct investment and collaboration opportunities, as well as the world class products and services we have to offer. As per revised 2017 figures, Brunei Darussalam recorded a Foreign Direct Investment (FDI) net inflow of BND635.3 million, equivalent to USD 470.37 million. This positive momentum continued into 2018, where a further number of FDI projects came online, particularly in the food sector. We are confident that the global conference will provide useful insights into the latest trends & challenges to enable us to deep dive and further refine our investment promotion strategy,” said H.E. Dr. Mohd Amin Liew Abdullah, Minister of Finance, Brunei Darussalam.

To be held under the theme ‘Mapping the Future of FDI: Enriching World Economies through Digital Globalization,’ the 9th edition will feature a series of conferences focusing on game-changing technologies that have been dramatically reshaping the nature of industries and business models of investors. It will tackle the profound impact of industry technologies such as artificial intelligence, robotics, big data, and blockchain, smart city solutions, sustainable economic practices, clean and renewable energy, and startups on international investments and trade.

“Trends towards sustainable development are transforming business and societies. This shift provides opportunities to target quality investment in those areas with greatest capacity to foster diversification and support sustainable development. The conversion towards renewable sources of electrical power generation is just one example where FDI and the public policies framework have played a key role,” said Mario Cimoli, Deputy Executive Secretary, Economic Commission for Latin America and the Caribbean (ECLAC), a United Nations regional commission based in Chile.

For his part, UNCTAD Secretary General Dr. Mukhisa Kituyi, said, “Digital development and other technological advances are largely seen as positive factors that will buoy investment. The adoption of digital technologies has the potential to transform the international operations of multinational enterprises (MNEs) and the impact of foreign affiliates on host countries. The impact of digital MNEs on host countries is less directly visible in physical investment and job creation, however, their investments can have important indirect and productivity effects, and contribute to digital development.”

This year’s edition will hold the ‘Global Leaders Debate’ session to tackle the overall theme and deliberate the best practices that warrant the creation of inclusive growth as well as evaluate governments’ legal frameworks and market-friendly policies favoring FDIs and the private sector. The Global Leaders Debate will host sessions titled ‘Blockchain, Big Data & AI: Foreseeing the Impact of Digital Economies’; ‘Countering the Global Rise of Protectionism Policies for Sustainable Growth’; and ‘Investment Promotion Agency Roundtable: Attracting Investments in the 4.0 World’.

An Investors Debate will be staged on the second day along with plenary sessions on ‘Family Office Roundtable: Investing in the Future’; ‘Small and Medium Enterprise Focus: Strengthening SMEs in a Digitalized World’; ‘FDI and Human Capital: The Evolution of Workforce in a Digitally Globalized World’; and ‘Regional Focus: Withstanding Headwinds in the Foreign Direct Investment Market’. A special presentation on ‘The Future of Work’ will be hosted on the same day.

AIM 2019’s ‘Invest In’ series will be held on the third day, focusing on Africa and Latin America and the Caribbean. The ‘Invest In: Africa’ session will talk about the benefits of the continent’s digital transformation, while the ‘Invest In: Latin America and the Caribbean’ will shed light on how FDI can accelerate the digital transformation of the Latin American production system.

A three-day exhibition will simultaneously be held alongside the conferences. Over 500 exhibitors and co-exhibitors will be part of the exhibition to network, promote industry projects and services, and attract investors to various participating countries. It will also serve as an opportunity for governments and private organizations to launch and promote their projects to a vastly diverse audience.

Additionally, the AIM exhibition will provide participating countries with an opportunity to meet and connect with over 20,000 visitors and 1,000 conference delegates, including industry leaders and key stakeholders from the regional and international community through various networking functions. Some exhibitors include the Hong Kong Trade Development Council (HKTDC); Abu Dhabi Investment Office; ICEX SPAIN; Enterprise Georgia; Croatian Chamber of Economy; Botswana Investment & Trade Centre (BITC); and ANAPI – National Investment Promotion Agency.

Furthermore, participants will have an opportunity to learn more about China’s One Belt, One Road Initiative during a full-day special forum dedicated to the massive trillion-dollar construction project, which will significantly impact the economies of more than 65 countries across Asia, Europe, Africa, and Oceania.

To be held on the second day of the AIM event, the ‘One Belt and One Road Business Cooperation and Development Forum at AIM 2019’ will provide participating high-ranking Chinese officials with an international platform to present the plans for the initiative. In addition, they will brief the business community worldwide with various investment opportunities running around the mega project.

Another highlight of the event is its capacity-building workshops to be facilitated by a faculty of global FDI experts. A small group of 25 registered delegates will have a chance to learn more about FDI trends, projections, and investment promotion strategies, among others.

AIM 2019 will also hold the Country Presentations feature to give participating states a direct access to key decision-makers, government leaders, and investors. Taking part in this feature are 10 countries/investment destinations, including UAE, South Africa, China, Georgia, Italy, the Democratic Republic of Congo, Botswana, Sierra Leone, Cameroon and Indonesia. During the session, they can emphasize important economic features of and investment environment in their respective countries.

Moreover, a special zone called Investors’ Hub will be set up during the meeting for top investment houses and investment corporations, development banks, and Sovereign Wealth Funds representing different countries and covering multiple sectors. This feature will allow investors to meet with official government representatives as well as project developers to discuss the possibility of new ventures and potential partnerships.

As part of AIM’s onsite networking functions, bilateral G2G, G2B, and B2B meetings will be staged for government officials, private sector executives, businessmen, and investors to network, collaborate, and discuss among themselves investment projects and prospective partnerships from different regions. Additionally, the event will hold a rapid networking session for investors to meet with potential partners and introduce business opportunities. This feature is a dedicated platform for exclusive, quick one-on-one meetings offering a networking opportunity through a secured platform.

During the scheduled gala dinner, the AIM Investment Awards will take place to recognize the best FDI projects from each region of the world. Besides the winning countries, the Awards will honor their Investment Promotion Agencies as well for their successful investment promotion strategies and exceptional investment projects.

“The Annual Investment Meeting will be held at a time when we need to ramp up investment activities worldwide as we strive to promote inclusive growth and sustainable development for all nations. Additionally, it is taking place against the backdrop of impressive digital transformation that is clearly influencing the latest FDI trends and developments. All these factors make Dubai the ideal host of AIM 2019 as the emirate and the entire UAE have been at the forefront of digitalization in the region as part of their bid to become one of the world’s preferred investment destinations,” Dawood Al Shezawi, CEO of Annual Investment Organizing Committee.

The UAE as an FDI destination remains ahead of other nations in the Arab region thanks to its strategic location, business-friendly environment, advanced infrastructure, ability to attract highly skilled human resources, and commitment to implement the best industry practices. In 2017, it received 40 percent of the total FDI flows to the Arab world and Western Asian nations. Additionally, in spite of the global FDI slowdown, the country’s FDI flows grew 7.8 percent to reach USD 10.4 billion during the same period.

The post AIM 2019 to host strategic sessions to draw FDIs appeared first on Businessliveme.com.

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zeroviraluniverse-blog · 7 years

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Relax and invest, Saudi prince tells investors after corruption crackdown

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Relax and invest, Saudi prince tells investors after corruption crackdown

RIYADH/DUBAI (Reuters) – Three months after Saudi Arabia detained scores of people in a crackdown on corruption, its rulers are trying to reassure investors that the kingdom remains open for business.

Foreign and local investors have long complained about corruption, and confronting it is an important part of reforms unveiled by Crown Prince Mohammed bin Salman to transform the country and reduce the economy’s reliance on oil exports.

Yet some business leaders were unsettled by the swoop on top princes, businessmen and government officials in November because of the secrecy around the crackdown and their suspicions that it was at least partly politically motivated.

“This is not a recommendation for why you should invest in Saudi Arabia,” said a Western businessman with extensive contacts in the kingdom. “This whole thing has become one big ball of contradictions.”

Saudi authorities are loathe to say they mishandled the anti-corruption campaign.

But top officials, including Prince Mohammed, met senior local businessmen last month to reassure them that the crackdown was mostly over and that it was safe to do business, according to five Saudi and Western sources who spoke with people who attended the meetings. Most detainees have now been released.

In front of global political and business leaders at the World Economic Forum in the Swiss town of Davos last month, Saudi officials highlighted the positives of the detentions, dismissing worries about the way the crackdown was conducted but conceding that it might have been sold slightly differently.

“It’s true we could make mistakes here and mistakes there. Saudi Arabia is not a perfect country. Saudi Arabia is like any other country. But the … road to success is always under construction and the whole momentum of Saudi Arabia is going toward that end,” Minister of Commerce and Investment Majid bin Abdullah al-Qasabi told a Davos session.

Government spokesmen in Riyadh did not respond to requests for comment, but Attorney General Saud al-Mojeb has described the sweep as “an independent judicial process” and “part of an overhaul to ensure transparency, openness and good governance”.

The message delivered in the January meetings underscores a difficult balancing act for Prince Mohammed and his team as they try to reform the country.

They must deliver change, and one way to do that is by tackling corruption in Saudi Arabia’s opaque business world. But the judicial system is underdeveloped and the crackdown contrasted sharply with Western-style due process.

That means each attempt at reform in the deeply conservative Muslim kingdom risks exposing other shortcomings.

The government has said that financial settlements made with the detainees in exchange for their freedom have raised more than $100 billion, mostly in the form of land, stakes in businesses and other illiquid assets rather than cash.

That should help raise tens of billions of dollars for huge development plans, such as a $500-billion economic zone in the northwestern desert.

But only a handful of specific allegations against those detained have been revealed. Details of the financial settlements are also being kept secret, and Reuters has been unable to verify the government’s gross estimate.

Authorities say that not naming detainees protected people’s reputations, and settling cases out of court avoided protracted legal battles that would have distracted from other priorities.

FILE PHOTO: Saudi Arabia’s Crown Prince Mohammed Bin Salman and Saudi Prince Miteb bin Abdullah (L) take part in the Annual Horse Race ceremony, in Riyadh, Saudi Arabia, December 30, 2017. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout//File Photo via REUTERS

Yet the secrecy of the crackdown — during which detainees were held inside the same opulent hotel where days earlier investors had rubbed elbows at an international business conference — could undermine transparency promises.

MEETINGS

The January meetings between Saudi officials and the local business community were in multiple locations including the capital Riyadh and Jeddah, according to the sources, who declined to be named because the conversations were private.

The primary message was that another wave of mass detentions is not on the cards, the sources said, a relief to businessmen who worried that authorities might now take the same approach to the next echelon of the Saudi business world.

“They were told the anti-corruption campaign is done: continue with your business as normal and invest in the economy,” said one of the sources, a senior banker.

Another message was that the Saudi authorities define corruption relatively narrowly. While they want to improve Saudi business practices, the officials told business leaders, they will not try to change that culture so radically that normal business ties are damaged, the sources said.

That was a relief to many businessmen in a country where personal relationships often help determine transactions between companies, and where gifts of cash or land are sometimes deemed necessary to get things done.

At one of the meetings, officials told attendees that the government understood business payments to third parties were sometimes required, said one of the sources.

Businessmen and economists in contact with the government do not expect a firesale of seized assets to raise money. That should minimise pressure on the Saudi real estate and stock markets, they said.

Instead, cash is likely to trickle slowly into government coffers, and authorities are not expected to interfere hugely in most of the companies in which they have obtained stakes, said an economist briefed on the government’s plans.

The meetings with the crown prince have calmed the nerves of some attendees, the sources said, but others remain worried that they could be detained at any time and that instability has become the new norm.

“The whole business community is traumatized,” said one of the sources, a Saudi businessman.

The government has demonstrated it is willing to move quickly and ruthlessly to seize the assets of people it believes have acted wrongly.

One banker who spoke to Saudi officials and attendees at one of the meetings said some of those released from detention had been told they may be asked to help fund certain projects.

“There’s an understanding that the government might at some point tap those released on the shoulder and say, ‘Hi, we’re building an infrastructure project and need some funding: Please contribute’,” the banker said.

(For a graphic on ‘Saudi royal family arrests’ click reut.rs/2DHWWBd)

Additional reporting by Simon Robinson, Davide Barbuscia and Reem Shamseddine; Editing by Andrew Torchia, Simon Robinson and Timothy Heritage

Our Standards:The Thomson Reuters Trust Principles.

#corruption #crackdown #invest #investors #Prince #Relax #Saudi #tells #News #World News

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businessweekme · 7 years

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In Saudi Crackdown, There’s More Than Alwaleed’s Empire at Stake

Almost two months into it, Saudi Arabia’s crackdown on corruption is yielding at least some of the $100 billion the kingdom is targeting. Dozens of former officials and businessmen have exchanged part of their wealth for freedom.

But in the increasingly drawn-out case of Prince Alwaleed bin Talal, the public face of the Saudi royal family to many foreign executives and investors, there’s more at stake than taking over his global business empire and talks on a settlement have hit an impasse.

The Saudi crown prince, Mohammed bin Salman, is about to enter a crucial few months that will show his true motives and the scope of his power.

How the case unfolds will help investors and diplomats answer a question puzzling them since the nightly raids of Nov. 4: Whether the purge is an effort to root out graft before selling shares in the country’s oil giant, or simply a shakedown to boost state coffers while he asserts himself at home and abroad.

People with knowledge of the matter say Alwaleed is balking at demands that could see him relinquish control of Kingdom Holding Co. He also is resisting any suggestion of wrongdoing because of the impact it would have on his reputation, they said. The prince owns the vast majority of the $9 billion conglomerate, which has stakes in household names from Citigroup Inc. to Twitter.

“The Alwaleed case will define the crackdown to western investors,” said Emily Hawthorne, Middle East and North Africa analyst at Texas-based advisory firm Stratfor. The longer Alwaleed remains behind closed doors, the more the government “appears the unreasonable actor,” she said.

The crushing of opponents fits into a pattern of what Arab and Western diplomats describe as an aggressive policy that is unsettling even some of Saudi Arabia’s allies.

Alwaleed and other remaining suspects are held at the Ritz-Carlton in Riyadh, a palatial hotel that hosted U.S. President Donald Trump in May. No official charges have been made public against any of the detainees, who numbered 159 at a count earlier this month.

The 62-year-old nephew of King Salman used his royal wealth to invest in industries from banking to aviation, hospitality and real estate. The Wall Street Journal reported this month that authorities are demanding at least $6 billion to settle his case. His net worth has declined by about $2 billion to $18 billion since his detention, according to data compiled by Bloomberg.

Prince Miteb, son of the late King Abdullah and the former head of the powerful National Guard Corps, was released after paying the equivalent of more than $1 billion, a senior Saudi official said last month. Two other sons of the former monarch were released this week, according to a person familiar with the matter and a Saudi royal who celebrated their freedom on social media.

“Prince Alwaleed is powerful and well connected, but this may not end well given that he is in a battle with an even more powerful group,” said Paul Sullivan, a Middle East specialist at Georgetown University in Washington. The purge is “a harsh way to show that some of the old ways of doing business are over to a great degree,” he said.

Kingdom Holding said in a Nov. 6 statement it had the full confidence of the Saudi government. Officials at the company didn’t respond to a request for further comment when contacted by email. The government’s Center for International Communication said it can’t comment due to Saudi laws protecting an individual’s right to privacy.

The 32-year-old crown prince ditched the traditional Saudi decision-making process that moved at a glacial pace, but preserved consensus among the royals. His domestic efforts have been more successful than his foreign ones.

He plunged Saudi Arabia into a costly war against pro-Iranian rebels in Yemen and led efforts to isolate neighboring Qatar. While pro-Saudi forces are gradually gaining ground in Yemen, rebel missiles have reached Riyadh twice in the past two months. The standoff with Qatar has gone nowhere.

The kingdom was also widely blamed for orchestrating the shock resignation of Lebanese Prime Minister Saad Hariri from Riyadh in November, a claim that Saudi officials denied. It sparked outrage in Lebanon, a chilly reaction from Egypt and the U.S., and a French intervention that helped Hariri remain in office.

At home, the prince, known among journalists and diplomats as MBS, cemented his power by sidelining senior princes. Security forces rounded up government critics before a decision to lift a ban on women driving in September. He is also spearheading an ambitious plan to overhaul an economy too reliant on petrodollars, with the sale of a small stake in monopoly oil producer Saudi Aramco in 2018 underpinning it.

“We have reason to be more optimistic about his domestic projects than his foreign ones,” Hawthorne said. “He has carefully consolidated power domestically whereas each of his foreign forays have so far mostly struck out.”

Prince Mohammed’s supporters say he has no option other than to move fast and act decisively to end the economy’s unsustainable oil addiction and prevent Shiite-ruled Iran from dominating the Middle East.

The corruption probe had to take place without delay so investors “know it’s a level playing field,” Commerce and Investment Minister Majid Al-Qasabi said in an interview on Dec. 13 in Riyadh. “We can’t tolerate the perception that you have to corrupt officials to get into a business in Saudi Arabia,” he said. Asked about Alwaleed, the minister said the billionaire prince was “negotiating his settlement.”

For decades, prominent businessmen benefited from close ties with royal princes to win major contracts and help international companies gain a foothold in the country.

In a secret 1996 cable published by WikiLeaks, a U.S. diplomat in Riyadh reported that a handful of the most senior princes enriched themselves by skimming from “off-budget” programs that received 12.5 percent of the country’s oil revenues. The diplomat said some royals used their power to confiscate land and resell it at a profit to the government.

“Saudi Arabia has an economic and political system based on the privileged position of the royal family,” said Paul Pillar, a former CIA officer who is now an academic. “MBS’s moves have taken a form that can best be described as a shakedown. And, of course, his political ambition and what appears to be a drive for absolute power cannot be separated from any of this.”

The post In Saudi Crackdown, There’s More Than Alwaleed’s Empire at Stake appeared first on Bloomberg Businessweek Middle East.

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#Politics & Policy #Crown Prince Mohammed bin Salman #Prince Alwaleed #Saudi purge

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amnonjakony · 7 years

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Saudi has completed main wave of arrests in anti-graft purge, minister says

WASHINGTON: Saudi Arabia has completed the main wave of arrests in its sweeping crackdown on corruption and is preparing to channel billions of dollars of seized funds into economic development projects, a Saudi minister said on Monday.

"As far as I know, this is the case," Minister of Commerce and Investment Majid bin Abdullah al-Qasabi told Reuters when asked whether authorities had finished…

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tortuga-aak · 7 years

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Saudi Arabia's corruption crackdown pauses after 200 detained, at least $50 billion seized

Thomson Reuters

Saudi Arabia's crackdown on corruption has come to a pause after about 200 people were detained and 2,000 bank accounts were frozen. Authorities expect the crackdown to net $50-100 billion.

The crackdown came from Crown Prince Mohammed bin Salman, who has now consolodated authority after seizing assets from some of the country's most rich and powerful men.

But Salman's larger push to privitaize parts of the government and raise $300 billion has stalled.

WASHINGTON (Reuters) - Saudi Arabia has completed the main wave of arrests in its sweeping crackdown on corruption and is preparing to channel billions of dollars of seized funds into economic development projects, a Saudi minister said on Monday.

"As far as I know, this is the case," Minister of Commerce and Investment Majid bin Abdullah al-Qasabi told Reuters when asked whether authorities had finished taking large numbers of top officials and businessmen into custody.

"Now the government will not keep its mouth shut when it sees a corrupt case. So definitely it will act. But this is -- in terms of its magnitude, in terms of scale, in terms of how, in terms of why, in terms of now, that's it," he said.

Dozens of princes, officials and businessmen were detained last month, about 200 people questioned, and over 2,000 bank accounts frozen in the purge, which has strengthened the authority of Crown Prince Mohammed bin Salman.

Some suspects will go to court but authorities are seeking to reach financial settlements with most and said last week that the first deals had been done. Senior prince Miteb bin Abdullah, once seen as a leading contender for the throne, was freed after agreeing to pay over $1 billion, officials said.

A special Ministry of Finance account has been opened to receive such funds, which the public prosecutor's office has estimated should eventually total between $50 billion and $100 billion, Qasabi said during a visit to Washington to meet U.S. businessmen.

"This money definitely will be used for housing, for the general public needs, because it is the money for the people. It will not be used for any other issue but for development projects."

The public prosecutor is expected in a few days to issue a statement on the status of the investigation, including how many people are detained and how many face legal charges, Qasabi added.

Riyadh is seeking huge amounts of U.S. and foreign investment to reduce its dependence on oil exports. Qasabi conceded that U.S. businessmen were somewhat concerned by the potential impact of the crackdown on corruption.

"They're worried about if this is ... will be, the end of it or where it will stop," he said.

"But they all think this will be good for the country, because the country's leadership stood visibly to fight corruption, and ultimately this will be a level playing field for everybody."

The economic reforms include a privatization program that is to raise some $300 billion. In the past 18 months, there has been little concrete progress as deals have been slowed by red tape, legal uncertainties and high asking prices for assets, foreign businessmen say.

Qasabi said the program was on track and the government, having identified sectors to be privatised, was working on the complex mechanics of asset transfers that would take place by mid-2019. Sea ports will be a major area of activity, he said.

Privatization of grain mills under the Saudi Grains Organisation is in its final phase and could be completed by mid-2018, Qasabi added.

The economy has been hit hard in the past couple of years by low oil prices and government austerity measures. Authorities have promised stimulus steps and Qasabi noted they had this year increased the capital of the Saudi Industrial Development Fund, which makes soft loans to businesses.

More stimulus measures are likely to be announced with the 2018 state budget, expected to be released in late December, or before then, he added. Financial incentives offered by the government could total 70 billion riyals ($18.7 billion).

Qasabi chairs a program that encourages strategic Saudi companies to expand globally in sectors such as food, logistics, pharmaceuticals and petrochemicals. The government will allocate money to help them grow by acquiring other firms locally, he said.

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