Saudi Arabia ‘open for business,’ UK investment forum told

LONDON: UK investors have been urged to take advantage of Saudi Arabia’s burgeoning mining industry and economic reforms at the BMG Economic Forum 2023, held on Wednesday at the headquarters of the London Stock Exchange and attended by Arab News.

A panel of business leaders from Saudi Arabia made it clear that the Kingdom is not only “open for business,” but that reforms to the regulatory and legal systems mean it is a safe place for investment.

The forum was held less than a month after Saudi Commerce Minister Majid Al-Qasabi met with British ministers and leaders of major companies in the UK to boost trade ties between the two countries.

Speaking during a panel discussion, Amr Khashoggi, chairman and CEO of Amkest Group, highlighted the Saudi mining sector as a key area of opportunity for investors, adding: “We have more than $3 trillion worth of mining wealth under the ground.”

Amr Zedan, chairman of the Zedan Group, praised the “laser-focus” of the Kingdom’s leadership in developing the economy, which he said has turned Saudi Arabia into “the land of opportunity.”

He added: “Saudi Arabia presents the opportunity of what we used to hear in the US, where if you wanted to pursue a dream and reap the fruits and be successful that’s very much obtainable.”

Zedan said: “What you’re having right now is an attempt to exploit every single advantage within the Kingdom of Saudi Arabia — be it location, be it pilgrimage, be it the number of youth we have in the Kingdom of Saudi Arabia — which possesses an opportunity.”

He was keen to highlight the “proper regulation” present in the Kingdom when it comes to the business sector, adding that “proper rules and governance” have helped create “a market that’s poised for growth in every way.”

He said: “Gone are the days of the stereotype that you need to adhere to certain structures if you’re doing business.

“It’s open literally for anybody and everybody to have a successful operation in the Kingdom and go from Saudi to the world.”

UK lawmaker Lord Udny-Lister described Saudi Arabia as “the most exciting country in the world.”

He said he is impressed by “the enthusiasm and energy of individual Saudis,” and their belief that the Kingdom “can do almost anything.”

He added: “I’d rather be employing there than here because you get a jolly sight better group of people coming to work for you. I’m an unashamed fan and advocate.”