Business | Economy
Saudi Chambers of Commerce to set up in Beirut
The Council of Saudi Chambers of Commerce and Industry is opening an office in Beirut to assess losses during Israel's attack on Lebanon.
- By Mariam Al Hakeem, Correspondent
- Published: 00:00 October 7, 2006
Riyadh: The Council of Saudi Chambers of Commerce and Industry is opening an office in Beirut to assess losses during Israel's attack on Lebanon.
Fahd Al Sultan, secretary general of the council, said the organisation is opening an office in Beirut to determine the volume of losses incurred by Saudi businessmen.
He said that the office will start functioning in the near future.
Many Saudi investments in real estate, tourism, services, and industry valued at a total of $14 billion were destroyed during the 33-day war.
"A committee comprising members of the Saudi council of chambers and the Federation of Lebanese Chambers of Commerce and Industry has been constituted to supervise the activities of the office," Al Sultan said.
Affected Saudi investors have been classified into three sections: those who incurred losses in the real estate and other sectors; traders and service providers in the tourism and transport industries; and other.
The Saudi council convened a meeting of the Saudi businessmen who have incurred losses during the war, as well as those who are concerned with the reconstruction, in the presence of Al Sultan.
The effects of war on the Saudi private sector were discussed, as was the volume of losses in various sectors as well as the prospects for taking advantage of lucrative opportunities for the reconstruction. Solutions and options to reduce the impact of war, were also examined, as well as potential incentives that may be offered by the council to businessmen who intend to take part in the reconstruction works.
There was even talk about forming a bloc of Saudi businessmen who would appoint one international legal office to file suits to the United Nations or the World Trade Organisation, seeking compensation from Israel.
Fahd Al Hammadi, a Riyadh Chamber of Commerce and Industry board of directors member, told Gulf News that the Saudi-Lebanese Council will discuss the economic and commercial losses of Saudi businessmen.
He also hinted at the possibility for the matter to be taken into consideration by the Lebanese government.
According to unofficial sources, the Saudi real estate properties in Lebanon are valued at about $10 billion.
Fahd Al Hammadi hoped that the reconstruction of Lebanon would be completed within the next five years. "About one million Saudi citizens have their own houses in Lebanon," he added.
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