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 Saudi Arabian General Investment Authority (SAGIA)

(MENAFN - Khaleej Times) The Saudi Arabian General Investment Authority (SAGIA) has succeeded in getting more than $300 billion worth of investment from German investors so far, according to a statement issued by the authority.

The recent SAGIA statement, made available to Khaleej Times here, said that Amr Al Dabbagh, governor of SAGIA, met existing investors eager to solidify projects underway or potential investors keen on leveraging the Kingdom's strategic sectors. "More than $300 billion of annual revenue was represented by the companies with whom SAGIA governor met, with Stuttgart, home of Daimler Chrysler, playing the leading role in terms of total capital and actionable projects underway," the statement said.

Al Dabbagh had a number of meetings with potential partners in transportation related industries, and also those in the energy sector including Georgsmarienhutt, EnBW power company and Allgaier for energy intensive industries.

"SAGIA is expected to quickly become a household word among the business community in Stuttgart, thanks largely to the relationship it has established with Daimler Chrysler," the statement added. "We are building close relationships with the global players and then expanding those relationships to include downstream and related industries located in the region with a view to creating a prosperous network of co-beneficiaries," Al Dabbagh said.

Earlier, four German companies had submitted their proposals to Saudi authorities to win bids on several of the Kingdom's planned railway projects. "Germany is renowned for its expertise in establishing railway lines, freight lines, and traffic light posts," said German Federal Minister of Economics and Technology Michael Glos, who visited Saudi Arabia recently. Glos said that the German government was encouraging German investors and German companies to invest in Saudi Arabia. "Saudi Arabia is Germany's most important trade partner in the Arab World," he said.

He said that during the 15th meeting of the bilateral economic commission, held in Berlin in July 2004, an agreement was reached on additional steps towards strengthening companies' investment activities and expanding cooperation in the fields of health care, tourism, vocational training, agriculture, and environmental protection. During the latest meeting of the joint commission, the two countries signed three agreements. "The agreements aim at strengthening the cooperation between private sectors in Germany and in Saudi Arabia and finding areas of mutual interest for investment," said Khaled Al Jaffali, vice-president of the Jaffali Group and vice-chairman of the Saudi German Business Dialogue (SGBD).

Helene Rang, CEO of the German Near and Middle East Association, the founder of the Saudi-German Business Dialogue, said that German businessmen who came to the Kingdom as part of the delegation were from the health, energy, water, IT, construction and other business sectors. "We are looking for partnerships to invest in Saudi Arabia," she said, and added that she hoped German companies would take part in investment opportunities in several of the Kingdom's economic cities.


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