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Mon 18 Jan 2010 08:06 AM

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Saudi to set up Riyadh investment centre

Centre will boost foreign and domestic investment in the capital city, officials say.

Saudi to set up Riyadh investment centre
SAUDI INVESTMENT: The centre will be set up in Riyadh, the kingdoms capital city. (Getty Images)

Saudi officials plan to set up a specialised centre to boost foreign and domestic investment in Riyadh, it has been reported.

“The center aims at achieving a prominent position for Riyadh on the world investment map by highlighting its economic potential and competitive capacity,” an official statement issued by the capital city’s authority, quoted by Arab News.

An executive committee, chaired by Prince Muhammad bin Salman, has been formed to oversee the development of the investment centre.

“Our center will study the strong points of Riyadh in terms of competitiveness. We’ll identify the priority areas for development and present our report to the governor,” he told the paper.

Prince Muhammad said the center would interact with international agencies and provide them with information highlighting Riyadh’s economic strength and competitiveness.

In the latest competitiveness index by the World Economic Forum, Saudi Arabia dropped one place in the international ranking to 28th.

Qatar was named the most competitive place for business in the Gulf region. The world’s largest producer of liquefied natural gas was rated 22nd out of 133 countries globally.

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