imported 2024-03-17 17:43:06
“Egypt’s trade agreements with the Arab World, Europe and Asian Pacific are a tool yet to be optimized by foreign investors whom will tap into the potential and wealth that this nation encompasses,” noted Hisham Fahmy, Executive Director of American Chamber of Commerce in Egypt.
Though coming out of a challenging period Egyptian industry is showing marked signs of a steady recovery. Industry is the second largest sector in the Egyptian economy and accounts for nearly 40 percent of GDP.
Foreign direct investment in Egypt averaged $2,234.19 million from 2002 until 2014, reaching an all-time high of $5,572.50 million in the fourth quarter of 2007 and a record low of $40.70 million in the second quarter of 2002.
Subsidy cuts, new taxes and “bitter pills” were introduced to enable a smoother recovery of Egypt’s economy.
“If we look at all the fundamentals related to Saudi economy, I do think we have any other option but to be positive and optimistic about our future,” explains Dr. Ghassan Al-Shibl, President and CEO of AEC, who discusses the economy and doing business in Saudi Arabia in an exclusive interview.
Abdullah Alomran, CEO of Riyadh International Convention and Exhibition Centre (RICEC)
According to statistics from SCTA, which is the tourism authority here, the Riyadh International Convention and Exhibition Centre´s share of the total MICE visitors is 10%. Therefore 10% of the visitors coming to Saudi Arabia for MICE purposes have visited the Exhibition Centre here in Riyadh.
Dr. Mohammed H. Al Kathiri, Secretary-General of Riyadh Chamber of Commerce and Industry
The Saudi economy in general has been growing over the last few years and is going to continue growing according to statistics from the Ministry of Economy and Planning and in view of what’s going on in the region. Saudi Arabia is the largest economy in the region and is a member of the G20; it is one of the world’s leading oil producers and exporters and the largest producer of petrochemicals in the Middle East.
In 2013, RICEC was able to attract more than 1 million visitors, 3,200 exhibitors – 60% of whom were international exhibitors. As for the outlook, Alomran optimistically states: “We expect from now until 2017 to have growth of around 10 to 17%, mainly in Riyadh. There will be more projects happening and venues opening around the Kingdom. Overall, there will definitely be growth of over 10% here.”
Riyadh is the capital city and is one of the most important and populated cities in Saudi Arabia. We have more than 5 million people living in Riyadh. With the launch of the Riyadh International Convention and Exhibition Centre (RICEC) in 2009, the MICE sector started to grow more and more as this centre encouraged more people to come to Saudi Arabia for such purposes.
One of the pioneering companies in the business tourism segment is Riyadh International Convention and Exhibition Centre (RICEC). Business tourism is booming with the total revenue generated by conference and exhibition visitors to the Kingdom of Saudi Arabia in 2012, reaching USD 2.3 billion and 3.2 million exhibition and conferences visitors.
