general of the CSCCI committee, made a presentation of Saudi investment projects. Walid Basuwaidan, deputy chairman of projects at Saline Water Conversion Corporation, explained projects in the desalination sector. Abdullah Al-Dubaisy of Saudi Basic Industries Corp., spoke about gas and petrochemical projects while Abdullah Abdul Qader talked on the Capital Market Authority. Nabeel A. Ekram of the Ministry of Petroleum and Mineral Resources and Mohannad Al-Madhi of Saudi Railway Organization also made presentations. In her address, Princess Lolowa Al-Faisal emphasized the growing investment opportunities in Saudi Arabia. She noted that the meeting between Crown Prince Abdullah and President Bush in Texas had played a significant role in strengthening bilateral ties. She also spoke about the strength of Saudi economy and the increasing role of the private sector. Dr. Nahed Taher, senior economist at the National Commercial Bank, explained the facilities being provided by the Saudi government to foreign investors. Dr. Haifa Jamal Al-Lail, dean of Effat College, is another female member of the team. "The delegation offers investment projects worth SR2.33 trillion to American businessmen," Al-Seif said. The figure represents the Kingdom's investment requirements until the year 2020. The Saudi government plans to privatize state-run corporations and institutions with a total value of SR3 trillion ($800 billion) within the next 10 years, he added. Bahlaiwa said the new investments would create at least 500,000 jobs annually. Infrastructure projects offer the largest investment opportunity, Bahlaiwa said, adding that the sector provides projects worth $140 billion. The petrochemicals sector comes second with $92 billion projects followed by electricity and water $88.9 billion, telecommunications $60 billion, tourism $53.3 billion, natural gas $50 billion, agriculture $28.3 billion and information technology $10.7 billion. The Commerce and Industry Ministry, the Saudi Arabian General Investment Authority, Saudi Aramco and CSCCI are the mission's sponsors in the Kingdom. In the United States, the sponsors are: ChevronTexaco, ExxonMobil, the Department of Trade and the Department of Energy and the Federation of American Industrialists. Referring to projects in the petroleum sector, Bahlaiwa said Saudi Aramco was currently involved in $30 billion projects including five new crude increments, a new NGL recovery plant and expansion of the master gas system and expansion and upgrade of refining and distribution facilities. "This will require the design and construction of more than 20 offshore platforms, gas/oil separation plants and 2300 km of flow lines and long distance pipelines," he added.
