Talaat Hafez: "Commercial banks in Saudi Arabia support attracting foreign investments to the Kingdom"

In a statement to Al-Sharq online magazine, the Secretary General of the Committee on Information and banking awareness in Saudi Arabia, Mr. Talat Hafiz, said that commercial banks play an important role in attracting foreign investments to the Kingdom by building partnerships and providing facilities for both foreign and Saudi investors, also he said that the government is providing facilities The foreign investors by the system used in government circles (a system aimed to facilitate foreign investments), and these facilities include Enabling the foreign investor  to own the project, and the reduction of foreign investment taxes to only about one-fifth of the profits, and also the establishment of the General Investment Authority, a specialized governmental institution aimed to facilitate the procedures for investment in the Kingdom.

He added that commercial banks make every effort in order to produce more efficient and competitive banking products so that they can keep pace with economic, financial and banking development in the Kingdom.

Hafez pointed out that the banking sector in Saudi Arabia is also subject to renewal and development as the rest of the administrative sectors in the Kingdom, so it can go along with the aspirations and ambitions of the leadership that aspires to achieve. For example, banking policies in the Kingdom aims to create tools and solutions in general for finance, and real estate financing in particular. for example,  "additional funding program" and "accelerated loan program," will both be available for the public in the near future.

It is worth mentioning that Saudi banks are consistent in its policy with the great transformation witnessed by the Saudi economy as a whole, where commercial banks tended to finance industry and information technology sectors and knowledge-based economy, and reached the amount of funding provided by banks to the private sector about 1.3 trillion Saudi riyals in the third quarter of 2015 , and that large amount is only 60% of the size of the reserve bank.