24/10/2009
Oct 24,2009
Trade Ties With Northern Ireland Grow
Saudi Arabia's trade relations with the UK particularly its Northern Ireland region are growing up significantly in recent years. Mr. Salman Bin Mohammed Al Jishi, Board Member of Asharqia Chamber, said this in a meeting today with a trade mission from the Northern Ireland led by Mr. Noel Johnston. He noted that a number of trade missions from the Northern Ireland recently visited the Kingdom.
On the back of renewed trading activities of the Irish companies here, Saudi imports from this UK region rose to 35 million pound sterling in 2008, as compared to 29 million pound sterling in the previous year and it is expected to increase to 100 million pound sterling within the next five years.
Mr. Adnan A. Al Nueim, Secretary General and Mr. Eng. Abdul Rahman F. Al Homiyn, Assistant Secretary General of the Chamber were present in the meeting . Also present on the occasion was Mr. David Harries, Head of British Trade Office at Al Khobar.
Mr. Johnston said that Irish companies have world-class construction machinery and expertise particularly for the mining and quarrying industry to offer to the Kingdom. His mission represented an array of products and services ranging from industrial machinery, electrical engineering, dairy products to education, training, architectural design and consultancy.
Northern Ireland is also offering international standard education and training to foreign students, said Mr Johnston adding that currently over 200 Saudi students are now studying in the Northern Ireland.
Mr. Al Jishi highlighted on-going enormous construction activities taking place in Saudi Arabia particularly in its Eastern Province. He pointed out that Saudi Aramco, which is based in the region, has undertaken hundreds of mega projects worth billions of Riyals. In addition, at least two giant industrial estates, the Jubail Second Industrial City and the Ras Azzour Mineral City are now being developed in the Eastern Province.
He urged Irish companies to look into possibility for setting up joint ventures in cooperation with their Saudi counterparts to reap benefits of the huge construction activities in the Kingdom. "Establishment of joint ventures here have become very profitable after Saudi government announced a package of new incentives for foreign investors," he said . These incentives include tax reduction on foreign firms from 45 percent to 20 percent, permission for setting up 100 percent foreign-owned company, equal treatment of foreign companies along with local firms and liberalized credit facilities from the Saudi Industrial Development Fund.
