Business & Money | Thursday 23 June, 2016 4:23 am |

Experts agree that the visit of Deputy Crown Prince Mohammed bin Salman to Silicon Valley to meet with leaders of the world’s largest technology companies will have positive returns and ramifications for the Kingdom attracting these companies to invest in the Saudi economy.

Abdullah bin Ahmed Al-Maghlouth, a member of the Saudi Economic Association, said the visit of Prince Mohammed, his third visit in less than one year, has been successful, noting he is the main point of contact between Riyadh and Washington.
He said presenting his vision to companies, banks and finance institutions in the United States is the main part of his trip, as is securing political support in Washington.
Regardless of any political agreements and issues, he said the visit of Prince Mohammed granted the opportunity for politicians and American officials to meet him directly, as he is widely popular and has a strong personality.
The visit also made American investors and companies aware of Vision 2030 and also allowed them to understand the extent of opportunities in the Kingdom. It also made clear to them the future path of the Kingdom.
He said the Kingdom carries strong weight in trade and commerce, as it ranks first among the GCC countries in non-oil trade with the US amounting to $17.4 billion. The prince’s visit to Silicon Valley will help increase the size of investments, as well as transfer the know-how of these companies and networks to the Kingdom, he said.
Salem Ba’ajajah, an academic at Taif University, said the visit will help deepen political and economic relations between the two countries and enhance trade. He said this will go a a long way in fulfilling Vision 2030, which aims to diversity income sources, noting that diversity of investments and companies with foreign partners will help the company enter into different areas and will benefit the country through income tax, which is 20 percent of profit.
Abdulmoneim Al-Shanqiti, a member of the committee on development projects in Makkah, says the Silicon Valley visit is in line with implementing Vision 2030 by increasing foreign direct investments and expanding and nationalizing technologies and industry.
He called on Saudi universities to play a larger role in the years ahead through scientific research focusing on future development, noting that attracting such foreign investments will reflect positively on the National Transformation Program.
Businessman Rami Ikram agrees. He said all signs indicate the visit’s success. Agreements have been signed with several companies to invest in the country with 100 percent ownership, a step that is expected to have positive returns.