Saudi Chambers' Council prepares report on global financial

Riyadh, October 25, SPA -- The Council of the Saudi Chambers of
Commerce and Industry said it has been following up the world
financial crisis and has prepared a detailed report on the issue.


A statement issued by the Council said an extraordinary meeting of
the Council's board of directors was held on Wednesday, October 22,
2008 to discuss the repercussions of the crisis and the role which
could be played for supporting the private sector.


The statement hailed the procedures undertaken by the state for
protecting the national economy from the repercussions of the crisis.


The statement reiterated that the Saudi economy is steadily going
ahead, and its performance is good, and that the Kingdom has been
accomplishing economic achievements in various sectors.


The statement drew attention to the expected impact of the financial
crisis on the flow of the international trade.


It noted that the national exports might be affected by the
reverberation of the crisis at least in the short term. "But, their
impact may be limited and the national exports will grow but in
averages lower than the averages of the previous years because the
payment system at the foreign markets notably in the US and Europe
may not be able in supporting the importers even if they're keen on
importing our products."


The statement said the crisis may generate opportunities for the
local importers because the companies at the international markets
will extend great facilities for the purchase of goods by the
importers. "That will make importing through spot payments a
desirable matter."

Despite the optimism of the Council about the capability of the
business sector as regards overcoming the expected impact of the
crisis on the process of exports and imports, the council would like
to reiterate the importance of cooperation of the governmental and
private sectors for preserving the average economic growth.


The council thinks that this cooperation will be realized through
increase of local investments notably in the investments which
include the road, transport and export projects.


The statement stressed the significance of exerting efforts for
supporting the foreign trade notably those pertaining to increase in
national exports, particularly the non-petroleum exports, as well as
diversification of the exporting markets through activating the
decision of establishing the commission of development for Saudi
exports.


The statement pointed out that it has assigned an international
consultative office to conduct the required studies for the
preservation of the achievements and supporting the state's efforts
as regards enhancing the stability of the economy.


--SPA