Qureishi highlighted the great attention given by Prince Abdullah to the private sector and to the economic relations between the Kingdom of Saudi Arabia and the US. 'By all means the Saudi economy is the greatest among the economies of the other Arab countries, said Al-Qureishi noting that the Kingdom has been adopting the policy of free enterprise and open economy where capitals can be shifted easily without any restriction. 'Moreover, the Kingdom enjoys a perfect and developed banking system', he added. Al-Qureishi pointed out that the volume of trade exchange between the Kingdom and the US jumped from only $160 million in 1970 to $26 billion in 2004, adding that the US is the Kingdom's biggest partner in the field of foreign trade, and moreover it is the biggest investor in the Kingdom. Al-Qureishi noted that the number of the Saudi-American joint companies has amounted to 360 with an invested capital of more than $20 billion. He said that the Kingdom's policy to diversify its economic base and to lessen dependence on oil revenues as well as its policy of privatization of establishments and public service will make investment in the country more profitable. 'The Gross National Product (GNP) attained in 2004 a growth rate of 16.9 percent compared to the previous year', he added. --more 1055 Local Time 0755 GMT
