13/10/2010
Zainal calls the financial institutions, local and regional to support the industrial sector
Through the forum of financing the industrial projects organized by the Chamber and the Federation of GulfChambers
Al Rashid: The forum reflects the Gulf willing in activating the joint work
Al Jishi: focused on the major problems that led to the decline in the productive capacity
Taqi: Experts estimate the value of industrial projects in the Gulf about $ 58 billion
Under the auspices of His Excellency Minister of Trade and Industry Abdullah bin Ahmed Zainal started the Forum of financing of industrial projects in the GCC countries, organized by Asharqia Chamber in cooperation with the Federation of Gulf Chambers on next Tuesday, October 12, 2010 at chamber headquarter in Dammam.
The Gulf Cooperation Council’s (GCC) gross domestic product (GDP) rose by 4.4 percent this year to $983 billion, compared to 2009, Commerce and Industry Minister Abdullah Zainal Alireza said Tuesday.
In his welcome speech Zainal said at the opening of the Forum that Asharqia Chamber has become such a target for businessmen and investors in the Gulf countries in general and the Eastern Region in particular ,giving such efforts in organizing the usual meetings.
Adding that the Fund plays a major role in the implementation (Kafalah) program in financing small and medium enterprises managed by the Fund in coordination with the commercial banks to participate in this program where the total number of guarantees approved by the program since its beginning until the end of 1430 by 1110 with a value of 449 million riyals
Furthermore,Asharqia Chamber Chairman Abdulrahman bin Rashid Al Rashid said that the forum brings us to one of the most important issues of the Gulf economy, which is a reflection of the GCC willing in activating the joint work, and the development of coordination between the Chambers of Commerce and Industry in the Gulf Cooperation Council for the Gulf countries.
He also noted that Saudi industrialists appreciates the Custodian of the move of King Abdullah in supporting the Industrial Development Fund budget of ten billion as loan to reach the fund's capital up to 30 billion riyals, which is a strong support to the national industry.
He thanked the sponsors for this forum, and members of the Gulf Industrial Committee as well as the Gulf Scientific Committee and the Federation of GCC Chambers. And all speakers and participants in the event.
For his part, Chairman of Gulf Industrial Committee and the member of the Chamber of Asharqia Chamber Salman bin Mohammed Al Jishi saying: It is essential that we proceed on the the agreement on having several reasons for any issue that hinder the industrial sector.
The Secretary General of the Federation of GCC Chambers Taqi Abdulrahim, explained that the experts estimates the volume of industrial development projects in the Gulf countries with about $ 58 billion, expecting to activate the manufacturing sectors and the building materials.
Speaking at the opening session, Adel Al-Sihaimi, acting director of credit at the Saudi Industrial Development Fund, said his organization provides technical, administrative, financial, and marketing consultancy to the projects it is financing. "This helps upgrading the level of performance and enables the projects to overcome the difficulties facing them," he said.
Al-Sihaimi said of SR71 billion SIDF had given, only SR33 billion were repaid. SIDF finances about 50 percent of all fixed assets such as buildings, civil works, industrial security requirements, machinery, equipment, vehicles, furniture, the operating capital and other pre-establishment expenses.
Yasser Al-Tuwaijri, director of public relations at the Centennial Fund, said there is immediate need for at least 200,000 new job opportunities. “There are 876,719 unemployed Saudis,” he said, adding that 79 percent of the released prisoners are jobless.
He said the Centennial Fund aims to enable youths to become businessmen and create jobs for young men and women. "The fund gives about 30 percent of its finances in the form of liquid cash while the remaining 70 percent will be in the form of guidance services by volunteers,” he said. There are now 5,100 volunteers at the fund, he added.
Talal Al-Zadjali, head of the department of studies and research in the Oman Development Bank said the industrial sector represents an important pillar for development in his country and a substitute for the depleting oil wealth.
Talal Al-Zadjali, head of the department of studies and research in the Oman Development Bank said the industrial sector represents an important pillar for development in his country and a substitute for the depleting oil wealth
According to the latest statistics, the percentage of Small and medium projects amounted to 94% in the UAE, and 92% in each of Qatar, Oman and Bahrain, and 75% in Saudi Arabia, and 78% in Kuwait.
Also emphasizes the call to increase the promotion fairs and placing the industrial opportunities to foreign investors, and reducing licensing fees and giving the priority to countries with skilled labor, as well as the establishment of institutions to ensure and export insurance.
