JEDDAH – Saudi Finance Minister Ibrahim Al-Assaf headed a group of government officials and businessmen to Mauritania to participate as a guest honor at the first Mauritanian Investment Forum.



The minister said in his speech that the world has passed a financial crisis that put the world economy at risk. The Arab countries are not apart from the world economy and therefore they suffered. However, through cooperation and planning, they overcame the problems they faced regarding the increase in unemployment rate and weak economic growth.



Al-Assaf explained that Mauritania has enjoyed an improvement in its liquidity rate and has increased its supervision on its economy based on a 2013 report issued by the International Monitory Fund, with the improvement rate anticipated at 6.5 points out of 10.



The main elements for a successful investment is to benefit from the national resources and the infrastructure, said the minister.  He also stressed on the important role of the private sector which he said can insure more investments, and noted that what the private sector is providing in the region still falls behind expectations.



The minster explained that they Saudi government and businessmen are interested in investing in Mauritania, and he called on Gulf and Arab investors to head toward Mauritania for further investments.



On a side interview, Al-Assaf said that Saudi businessmen have experience in different sectors including agriculture, nurture, and mining.  He added that Saudi investors have high sense of social responsibility, which he said will have a positive impact on Saudi investments in Mauritaina. “There are high expectations and signs that encourage investments in Mauritania.”



Al-Assaf said that Arab countries need to enhance their support for intra-investments through setting regulations, and in the same time work on the Arabic free trading zone to attract international investments. He also stressed on the importance of investment forums and gatherings, which he said is capable of shedding light on investment opportunities and enhancements of sustainable development.



Abdul Aziz Al-Hanani, IDB vice president, insured that the bank will be supportive to investment projects in the Mauritania and elaborated that they will be working closely with the government to develop the infrastructure projects, enhance Islamic finance, and advance intra-economy between North African countries which he said is expected to increase by 34 percent.



Al-Hanani added that they will also present to their executive directors council a project to expand the electricity station in Mauritaina and export extra remaining power to Senegal.



Mauritania will be able to export to Morocco and European countries renewable energy as it enjoys natural solar resources, he added. The Mauritanian Minister of Economic Affairs and Development Sidi Ould Tah said there are seven causes that will attract foreign investments to his country. This include political security, government support for foreign investments, the already initiated infrastructure projects, establishment of vocational centers, economic growth being the highest in MENA, new laws and regulations which protects the rights of foreign investors, and the national resources and the geographical location being a bridge for different continents.



Al-Ragji company has lately singed an agreement with the Mauritania government. The agreement provides two rented lands to the Saudi investor to start new projects including agriculture, nurturing and fishing for a total capital of $1 billion. Al-Assaf vowed more financial assistance to Mauritania. – SG