The 3rd Saudi International Banking and Investment Conference (SIBIC) ended on a high note on Monday amid optimism about the strength of the Saudi economy. Addressing the conference, Dr. Faysal Bin Ibrahim Al-Alaquil, Business Development director of the Construction Products Holding Co. (CPC), stressed that Saudi Arabia has all the necessary resources to ride out the current financial storm into further development. On the last day of the SIBIC confab, he said “the 3rd Saudi International Banking & Investment Conference has been held amid difficult global economic conditions. However, the policies of the Custodian of the Two Holy Mosques, King Abdullah Bin Abdul Aziz, are very keen to encourage investment and support the private sector to be a strategic partner in the development process, as well as granting investment opportunities in Saudi Arabia for local and foreign investors.” Alaquil expressed CPC's delight in supporting and participating in the conference, which comes in the framework of its long-term objectives, particularly in the industrial field. He underscored the importance of supporting the private sector by financial authorities, ministries and relevant agencies, in addition to local banks that support investment, projects and entice investors to take advantage of their savings. He also pointed out the challenges of the current financial crisis and showed how fragile the economies of some countries are. Alaquil noted that investors should look for secure and stable markets for future investments, and study deeply the policies of countries opened for investments, and which opportunities offer the most potential for success. Moreover, he said there are large investment opportunities in the Middle East and North Africa, and such opportunities will support the return of Arab capitals to invest in the region, adding that CPC activities started in Saudi Arabia, and through their various projects they managed to export their successful experience to many Middle East and North African countries, such as UAE, Syria, Egypt, India, and soon in Algeria. “The relationship between private sector and banks must be strong. We must increase the number of financial and funding institutions to support investment projects of all sizes,” he added. Alaquil suggested that the recommendations of the 3rd SIBIC be presented to all competent authorities through the chambers of commerce, as well as the preparation of an investment guide to facilitate attracting Arab and foreign investor. He said there must be an adequate governmental and private sector protection for the investor and his rights. “Saudi Arabia, being a Third-World country, must establish the thoughts of the First World in accordance with the directions and vision of the Custodian of the Two Holy Mosques, the Crown Prince, the Second Deputy Premier and the Emir of Makkah Region. This is what CPC was very keen to follow since its inception,” he said. The 3rd SIBIC is one of the most important events that took place in the region, with the participation of industry leaders, key decision makers, representatives of banks and financial institutions, fund managers, insurance companies, investors, IT solutions' providers and property developers, among others. __
