A prominent Saudi businessman yesterday decried the flight of capital funds from the Kingdom and urged authorities to take effective steps to attract domestic and foreign investments. More than 2,500 Saudi companies have chosen to establish investment projects in Dubai rather than Saudi Arabia during the past three years, he said. âWe have to open our country for investment like the outside world opened its doors for us,â said Abdul Mohsen Al-Hokair, chairman of Al-Hokair Group. âUnfortunately we still find it difficult to get licenses. As a result, there are now more than 2,500 Saudi firms registered in Dubai for industrial and commercial projects.â Al-Hokair blamed bureaucracy, complex regulations and slow decision-making process for the massive exodus of capital.
| Exacerbated, perhaps, by the fact that the country's crawling with gunnies, religious fanatics and xenophobes... |
âI feel extreme sorrow when I see Saudi industries running away from the Kingdom. We have to cooperate and work together to repatriate Saudi funds and attract foreign investment,â he said. He urged authorities to step up efforts to promote domestic tourism and encourage Saudis to spend their holidays at the Kingdomâs resorts, pointing out that Saudi Arabia is the biggest exporter of tourists in the Arab world.
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