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Prince Abdullah bin Faisal bin Turki
Al-Saud
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| Offices: Former governor and
chairman of the Saudi Arabian General Investment Authority |
| | Born: 1951, Taif | | | Education: Studied engineering in England |
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| Lineage: Maternal grandson of Ibn
Saud | |
| Line to Throne: Not currently a
contender | | | Quote: "The
state has to get out of the way if you want to have all types of
investment." | |
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As former head of the Saudi Arabian General Investment Authority
(SAGIA), Prince Abdullah bin Faisal bin Turki Al-Saud was charged with
the task of revitalizing Saudi Arabia's economy. Though it possesses a
robust GDP, the kingdom's economy is heavily reliant upon oil revenues
and has struggled to accommodate an exploding population, continued
reliance on a non-Saudi workforce, and rising unemployment. Many experts
see increased direct foreign investment, especially in key industries
such as power, mining, information technology, and water treatment as an
important step in expanding and strengthening the nation's economy. But
the doors to the kingdom's markets have historically remained closed to
foreign investors.
Recognizing the need to globalize its
economy, the government enacted a new Foreign Investment Law in 2000.
This legislation aimed to stimulate business inside the kingdom by
allowing for one hundred percent foreign ownership of Saudi companies,
lowering corporate tax rates, and legally protecting foreign business
investments. In conjunction with the new law, the government created
SAGIA to promote commerce within the kingdom.
After being
appointed the first governor and chairman of SAGIA, Prince Abdullah
began to campaign aggressively to liberalize and privatize Saudi
Arabia's economy. During his tenure, the nation issued more than 2,000
foreign business licenses, worth an estimated 15 billion U.S. dollars.
Prince Abdullah also lobbied to have Saudi Arabia admitted to the World
Trade Organization. So far, this effort has been unsuccessful, due in
part to the kingdom's protectionist policies in industries such as oil
production and telecommunications, and its inability to finalize a
formal trade agreement with the United States.
In March of 2004,
Prince Abdullah bin Faisal left his post at SAGIA. At least one source
speculated that his resignation might have been due to frustration with
the government's bureaucratic mindset and the slow pace at which reforms
are implemented inside the kingdom.
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Photo Essay - Take a look
at the faces and places of Saudi Arabia
Interactive Map - Learn about
the Saudi oil industry and the world's dependence on such.
Info-Graphic -
Examine the numbers of Muslims in the World and in the West.
Debate: Islam and
Democracy Two scholars, Dr. Daniel Pipes and Dr. Muqtedar Khan
discuss the compatibility of Islam and democracy.
Interactive Map: Middle
East- Learn more about the politics, population and history of
Middle East countries.
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