Saudi Arabia, Britain discuss investment prospects

MENAFN | 09/03/2009

(MENAFN - Arab News) Finance Minister Ibrahim Al-Assaf and the special envoy of the British prime minister to the G-20, Mark Malloch-Brown, discussed yesterday international efforts to deal with the global economic crisis and the steps taken by the Kingdom to help in easing the crisis, particularly by boosting domestic state investment through measures such as participating in the G-20 meeting.

During their meeting, they also reviewed financial topics to be discussed at the meeting of G-20 leaders scheduled for London in April, the Saudi Press Agency said in a statement yesterday.

Al-Assaf also met the chief of the International Finance Corporation, Lars Thunell, and discussed ways to strengthen cooperation between the Kingdom and the corporation in areas of joint external agricultural investments in addition to activating the corporation's activities in the Kingdom.

Meanwhile, a delegation of security companies from the United Kingdom organized by the British Security Industry Association (BSIA) has arrived here in a renewed bid to boost cooperation in the security sector and to win a greater share in the local security market. The delegation has been organized by BSIA, which is the professional trade association for the security industry in the UK and which represents over 570 companies.

"The security sector in Saudi Arabia is very buoyant and many British companies have evinced keen interest in expanding their business relationship in the market," said Mohammed Farooq, trade and investment officer at the British Embassy, here yesterday. He said that the delegation was composed of the members of BSIA, a trade body responsible for more than 70 percent of security business undertaken in the UK market including physical security equipment, manned security services, alarm systems, CCTV and access control.

He said that this was BSIA's second mission to Saudi Arabia. "The delegation follows on from last year's successful trip to the area and is part of ongoing effort from the British security industry to increase trade between the UK and the Middle East," said Farooq.

He said that the ongoing visits of security delegations to Saudi Arabia and Bahrain would be an excellent chance for UK and Saudi companies to build their existing relationships and forge new business links. The British companies that are visiting the region have varied expertise and experience, which will meet the needs of security buyers in the region, said BSIA export services executive, Caroline Strickley, in a statement released yesterday.

Major UK companies in the delegation include Axxess Identification Ltd., Bold Communications Ltd., Elmdene International Ltd., Integrated Design Ltd., SGW Security Consulting, Spinnaker International Ltd., Time & Data Systems International Ltd., Videcon Plc. and Winsted Ltd.
Original source: MENAFN

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