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Bill Gates gives thumbs up to Saudi development plans
AFP
RIYADH
Petroleumworld.com 11 09 06
Microsoft boss Bill Gates gave his support Wednesday to Saudi Arabia's economic development plans Wednesday during his first visit to the oil-rich kingdom.
He also announced in a press conference the signing of "a record number" of 14 deals with Saudi public and private organisations, but without disclosing their value.
"The reason your plan is actually realistic is that you have the resources to make that kind of investment," said the president of the world's largest software producer, in a forum organised by the Saudi Arabian General Investment Authority (Sagia).
Sagia's "10x10" plan, launched in 2005, aims to put Saudi Arabia among the world's top 10 competitive countries in terms of attracting foreign investment by 2010.
The kingdom currently occupies 38th position on the list, which is worked out annually by the World Bank or the World Economic Forum.
But Sagia officials hope that their country's joining the World Trade Organisation in December 2005 will accelerate economic liberalisation and transform the kingdom into an attractive destination for foreign investment.
"We're very pleased to have the opportunity to work with you... There is nothing... that was missing there" in the Saudi plan, Gates told the forum.
"Your idea of wanting to be a leader... is exactly the right plan," he said.
As the world's largest exporter of crude oil, Saudi Arabia has been reaping the benefits of record oil prices, allowing the government to press ahead with vast development projects costing an estimated 1,000 billion dollars.
AFP 08 2016 GMT 11 06
Copyright© 2006 AFP. All Rights Reserved.
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