5th Saudi-Lebanese Economic Forum held in Beirut

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The Lebanese Prime Minister-designate Saad Al-Hariri opened in the Lebanese capital Beirut on Tuesday the 5th Saudi-Lebanese Forum that convened for two days.

The opening ceremony was attended by Minister of Commerce and Industry of the Kingdom of Saudi Arabia Abdullah bin Ahmed Zainal; Saudi Ambassador to Lebanon Ali bin Saeed Awwadh Asseri and a number of Saudi and Lebanese dignitaries and businessmen.

In a key speech, Al-Hariri lauded the Saudi support to Lebanon, highlighting the Kingdom’s policy of open hands to all Lebanese under the leadership of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud.

Al-Hariri also stressed that Lebanon will never forget the role of the Kingdom of Saudi Arabia to reach the Taif Agreement, noting that the kingdom was keen and is still keen on the economic and financial stability of Lebanon and stood with all the Lebanese, without any limitation or condition.

The Saudi-Lebanese Forum continued deliberations of its fifth session.

The participants of the meeting reviewed issues pertaining to Saudi-Lebanese relations including aspects of cooperation and investment between the two countries in the fields of trade and industry and other related topics.

On the sidelines of the Forum, the businessmen and owners of companies which are participating in the exhibition organized on the fringes of the Forum, reviewed means of further cementing Saudi-Lebanese relations.

Lebanese President Michel Suleiman received Saudi Minister of Commerce and Industry Dr. Abdallah bin Ahmed Zaynal.

During the meeting, President Suleiman sent his greetings to the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud.

The meeting was attended by Saudi Ambassador to Lebanon Ali bin Saeed Awadh Al-Asseri and a number of members.

The three sessions of the forum, concluded on Thursday, had focused on investment opportunities and cooperation in the banking and financial fields in addition to the prospects for investment and tourism cooperation between the Kingdom of Saudi Arabia and Lebanon.

The Council of Saudi Chambers, the Federation of Chambers of Commerce, Industry and Agriculture in Lebanon and Al-Iktissad Wal-Aamal Group are organizing the Saudi Lebanese Forum in its 5th round on October 27 and 28, 2009 at the Phoenicia Intercontinental Hotel, Beirut.

In convening in its fifth session, the forum will once again express the extent and depth of relations between the two countries and reinforce and develop these relations in their various aspects.

The forum will survey and assess recent developments and trends in both the Saudi and Lebanese economies, and highlight business and investment opportunities available in both countries especially in real estate, industry, commerce, transport, banking, services, and other sectors and activities. Main topics on its agenda include:

* The Saudi economy in the post global crisis era: Elements of strength and future prospects.

* Developments in the Lebanese economy, prospects for the next phase and main challenges.

* Developments in the investment climate in Saudi Arabia and Lebanon compared with other countries in the region.

* Prospects for investment opportunities and cooperation in industry.

* Prospects for investment opportunities and cooperation in commerce, services and real estate.

* Prospects for investment opportunities and cooperation in infrastructure projects and public-private partnerships.

The 5th session of the Saudi Lebanese Forum comes after the success of the first four sessions that were held in Jeddah (1995), Beirut (2001) and Riyadh (2003 and 2004), and the last two sessions were held under the kind patronage of His Highness Prince Salman Bin Abdul Aziz and the late Lebanese President of the Council of Ministers H.E. Rafic Hariri, and attracted wide attendance by Saudi and Lebanese businessmen from both private and public sectors.

Earlier, the Saudi Ambassador to Lebanon Ali Asiri had said the 5th Saudi-Lebanese Economic Forum would start in Beirut on October 27 with the participation of 200 Saudi and Lebanese businessmen.

In a statement to Saudi Press Agency (SPA), Ambassador Asiri emphasized the importance of this forum for the exchange of ideas between Lebanese and Saudi companies as well as presentation of the latest investment opportunities and projects in the two countries.

He stressed that economic cooperation between the two countries is expected to grow during the next phase, noting that economic prospects and investment in Saudi Arabia and Lebanon are very encouraging.

Ambassador Asiri pointed out that Saudi investments in Lebanon amounted to more than $ 4.8 billion in 2008, which constituted % 39.3 of total Arab investments in Lebanon.

He pointed to Saudi governmental aid to Lebanon, such as a grant of $ 500 million to assist in reconstruction process after the Israeli aggression in July 2006, as well as a deposit of one billion dollars with Bank of Lebanon to promote monetary stability.

Meanwhile, Amr Moussa, Secretary General of the Arab League, and Evan Luis, British Secretary of State for Middle East and North Africa, co-opened in London on Tuesday the 1st British-Arab Economic Forum, organized by the London-based Arab British Chamber of Commerce under the theme "Together to Face Challenges".

Representatives of a number of economic and commercial Arab and British institutions and Arab ambassadors accredited to the United Kingdom attended the event.

Abdulrahman Alsihaibani, Counselor at the Saudi embassy in London, attended the ceremony on behalf of ambassador Prince Mohammed bin Nawaf bin Abdulaziz.