Businessmen in the Kingdom have praised the Crown Prince's influence on the economy of the country ahead of his return from abroad today Friday. “Prince Sultan's role in the economy is obvious,” said Abdul Rahman Al-Rashed, Chairman of the Board of Directors of the Eastern Province Chamber of Commerce and Industry. “Every region has benefited from legislation from the Supreme Economic Council, the highest economic legislative authority,” Al-Rashed said. “The Eastern Province has benefited particularly from legislation to ensure continual foreign investment in the petrochemical and gas industries.” Abdullah Al-Sane'a, Vice Chairman of the Industrial Committee at the Chamber of Commerce and Industry in the Eastern Province, said that economic committees chaired by the Crown Prince had produced a “huge economic leap”. “They have also helped greatly in defining strategies and played a vital part in spreading industry and economic activity across the Kingdom in harmony with each region's characteristics,” Al-Sane'a said. “This has created a strong defense against the effects of the global economic crisis, limiting its consequences in the Kingdom as many of the world's economies suffered.” Governor at 20 Crown Prince Sultan's work in the Kingdom's development began with his appointment as Governor of Riyadh at the age of 20, and for seven years he was the driving force behind comprehensive urban development in the region. When he was later appointed Minister of Agriculture, he led the daunting project to resettle nomads and lay the foundations for large-scale agricultural production. As Minister of Transport Communications he launched the first transport networks in the Kingdom, including the Riyadh-to-Dammam Railway. The Crown Prince's economic balance program, requiring foreign companies with government tenders to invest in the high-tech industry and public service projects, was put into action in 1984 to expand the industrial base, create jobs, transfer technology and reduce dependence on exports. The program was launched by the Ministry of Defense and Aviation through the Der'a Assalam (Assalam Shield) Project and today enjoys the involvement of 38 companies and SR21 billion of investment. ‘Massive advances' Economists cite his work as Chairman of the Supreme Committee for Economic Balance as a “vital factor in creating an active economy in various sectors”. Chairing the Supreme Committee for Administrative Reform, Crown Prince Sultan was crucial in initiating the privatization process which began in the communications sector before extending to others, leading to “massive economic advancement”. The Supreme Economic Council's strategies led to economic activity and industry spreading to farther regions of the country. As President of the Ministerial Committee for Administrative Reform, Crown Prince Sultan played a significant role in bringing legislative and infrastructure improvements to the Saudi economy. Formed in 1999, the committee made great strides in improving financial systems, updating laws and created a legislative and administrative environment for the diversification of national production and the attracting of foreign investment.
