KSA offers India $ 625 bn investment opportunities

March 8, 2013
Jeddah, Mar 8: Saudi Arabia is offering investment opportunities worth $ 625 billion to Indian businessmen in vital sectors such as infrastructure, petrochemicals, electricity, IT, tourism, natural gas production, agriculture and education.

“We had successful meetings with Indian business leaders and executives in New Delhi, Hyderabad and Lucknow,” said Abdul Rahman Al-Rabiah, chairman of Saudi-India Joint Business Council (JBC) who is currently leading a high-level Saudi trade delegation to India.

“It was excellent,” Al-Rabiah told Arab News when asked about the result of the March 5-8 business visit organized by the Federation of India Chambers of Commerce and Industry (FICCI). The Saudi delegation will return to the Kingdom today (Friday).

“The governments of the two countries have done their job of facilitating two-way business engagements. Our relations with India go back hundreds of years. Yet, the results in terms of business exchanges are not to the level we would like to see,” Al-Rabiah told a JBC meeting in New Delhi.

Al-Rabiah, who was leading a delegation representing sectors such as fertilizers, pharmaceuticals, housing, power, petrochemicals & refinery, steel, metals, mining and mechanical equipment, urged Indian companies to take advantage of investment and growth opportunities in the Kingdom.

Saudi Arabia is “the youngest nation in the world (67 percent Saudis are below the age of 27) which would need schools, hospitals, industries to meet their growing aspirations.” There is a lot of room for Indian companies with their high technology and experience to participate in the Kingdom’s development, he said, adding that the present $ 400 million Indian investment was insignificant compared with the potential.

Saudi Ambassador to India Saud M. Al-Sati said the two countries should engage in more business and trade by cashing in on the opportunities. He said that between 2000 and 2012, investments by Saudi companies in India were a mere $ 40 billion. This, he added, should rise significantly as Saudi and Indian companies engage with each other and build long-term business partnerships.

investment

Rakesh Bakshi, senior executive committee member, FICCI & chairman & managing director of RRB Energy Ltd., said renewable energy offered tremendous scope for Indian and Saudi companies to work together as “India has the institutional framework and the technology to develop and promote renewables. We do not believe in re-inventing the wheel. Our companies have the know-how and experience to modify the wheel and suit it to your requirements in the most inhospitable of climatic conditions.”

Andhra Pradesh Chief Minister N. Kiran Kumar Reddy also met the Saudi delegation and said his government was looking for larger investments from Saudi Arabia and was keen on mutual cooperation in industrial development. “We’ll extend all incentives and facilities to Saudi industrialists.”

After a power-point presentation by Saudi delegation, the chief minister said his state is the perfect platform for investment with its long coastline, skilled manpower and various incentives being offered by the government. The Saudi delegation invited the chief minister along with industrialists from Andhra Pradesh to visit Saudi Arabia.

Abdul Qader Memon Sait, a member of the managing committee of Saudi Indian Business Network, commended the growing economic relations between the two countries. Speaking to Arab News, he spoke about the plan to woo more than $ 100 billion investment from Saudi Arabia and other Gulf countries by India.

“There are billions of riyals of deposits by Saudi individuals remaining idle in Saudi banks, which can be invested in Indian mutual funds and equity market,” Sait said, adding that Saudis would receive profits up to 20 percent for such investments.

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News Network
November 26,2024

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The extremist Israeli finance minister has called for the occupation of the Gaza Strip and halving the population of the Palestinian territory that is reeling from almost 14 months of genocide.  

Bezalel Smotrich, who has a history of racist statements against Palestinians, made the controversial remarks during a conference of the Yesha Council settler group on Monday.

“We can occupy Gaza and thin the population by half within two years,” through encouraging the so-called “voluntary emigration," he said.

The racist minister also urged the Tel Aviv regime to use its favorable ties with the incoming administration of US President-elect Donald Trump to implement the plan.

“Occupying Gaza is not a dirty word,” he further claimed.

Once the success of the “voluntary emigration" is proven in the besieged Gaza Strip, it can be replicated in the occupied West Bank, he added.

Last month, Smotrich urged the full annexation of the West Bank and Gaza, asserting that Israel should unequivocally declare there would be no Palestinian state.

Israel launched its brutal Gaza onslaught on October 7, 2023, after the Palestinian Hamas resistance group carried out a historic operation against the usurping entity in retaliation for its intensified atrocities against the Palestinian people.

However, nearly 14 months into the offensive, the Tel Aviv regime has failed to achieve its declared objectives of finding captives held in Gaza and eliminating Hamas.

So far, the occupying regime has killed at least 44,235 Palestinians, mostly women and children, and injured 104,638 others, in Gaza. 

It has been committing the war crimes of starvation and of intentionally directing attacks against the civilian population in the besieged territory.

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News Network
November 29,2024

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The Israeli military has conducted fresh attacks on Lebanon in violation of a ceasefire agreement with the Hezbollah resistance movement and ramped up its deadly airstrikes on the Gaza Strip.

In a statement posted Thursday on X, the Lebanese army said Israeli occupation forces several times violated the truce deal just after it went into effect, and the following day.

"These breaches included aerial violations and attacks on Lebanese territory using various weapons," it added.

The Israeli military confirmed its Thursday aerial assault on southern Lebanon, adding that its forces had also opened fire towards the people who were driving to their homes in the area.

Earlier, Lebanese media reported that at least two people were wounded after Israeli tank fire hit five towns and some agricultural fields in the country's south.

"The Israeli enemy is attacking those returning to the border villages," Hezbollah lawmaker Hassan Fadlallah said. "There are violations today by Israel, even in this form."

Israel was forced to accept a ceasefire with Hezbollah after suffering heavy losses following more than 14 months of fighting and failing to achieve its goals in its aggression on Lebanon.

The truce agreement, brokered by the United States and France, came into effect before dawn on Wednesday. It will last for 60 days in the hope of reaching a permanent cessation of hostilities.

At least 3,961 people were killed and 16,520 others injured in Israeli attacks on Lebanon.

Hezbollah opened a support front for Palestinians in Gaza only a day after Israel unleashed its war against the besieged territory in October 2023, launching numerous retaliatory attacks against Israeli targets in the occupied territories. 

In a statement that followed the ceasefire, Hezbollah vowed to continue resisting Israel and monitoring the occupation army’s withdrawal from south Lebanon “with [our] hands on the trigger” in defense of Lebanon’s sovereignty.

Hezbollah further empathized that its fighters “remain fully equipped to deal with the aspirations and assaults of the Israeli enemy."

It also reaffirmed its commitment to the Palestinian cause, noting that it will continue the path of resistance with even greater determination.

Israeli strikes on Gaza kill 42

Across the Gaza Strip, at least 42 people were killed in Israeli attacks on Thursday. 

Reports said Israeli forces stepped up their bombardment of Gaza's central areas and tanks pushed deeper into the Palestinian territory’s north and south.

Since October 2023, the Tel Aviv regime has so far killed at least 44,330 Palestinians and injured 104,933 others in its brutal Gaza onslaught.

The head of the UN agency for Palestinian refugees (UNRWA) said at least 70 percent of those killed in Israeli attacks on Gaza were women and children.

Philippe Lazzarini said the ongoing Israeli offensive in the northern edge of Gaza has uprooted 130,000 people over the past seven weeks.

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News Network
November 15,2024

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Iran’s Islamic Revolution Guards Corps (IRGC) has killed or captured 69 terrorists linked to the Israeli spy agency Mossad during a major counterterrorism drill in the country's southeast, its spokesman says.  

General Ahmad Shafaei, the spokesman for the “Martyrs of Security” drill, said Friday that a total of 23 terrorists have been killed and another 46 arrested in various clean-up operations ever since the IRGC Ground Force launched it in the Sistan and Baluchestan province on November 1.

Seven terrorists have also turned themselves in during the period.

“The undeniable fact about terrorists is that they rely on arrogant powers, particularly the intelligence service of the wicked and vicious Zionist regime," Shafaei said.

“Unfortunately, weapons and munitions at terrorists’ disposal are among the most sophisticated ones in the world. This accounts for their heavy dependence.” 

The official stated that several members of the disbanded terror teams were non-Iranian nationals, who had been hired by foreign intelligence agencies to carry out acts of sabotage and terror inside Iran.

In a most recent operation, six terrorists were arrested and four others were eliminated, three of whom were non-Iranians, he added. 

On October 26, ten members of Iran's law enforcement forces were killed in a terrorist attack in the Gohar Kuh district of Taftan in the Sistan and Baluchestan province.

The so-called Jaish al-Adl terrorist group claimed responsibility for the assault, which was one of the deadliest in the province in recent months.

The group has carried out numerous terrorist attacks in Iran, primarily in Sistan and Baluchestan.

Its tactics include the abduction of border guards as well as targeting civilians and police stations within the province to incite chaos and disorder.

In January, Iran launched a military operation during which the headquarters of the Pakistan-based terrorist group was targeted in missile strikes, destroying its infrastructure.

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