The Singapore Business Federation (SBF) today organised a trade and investment forum, in conjunction with the visit of a business delegation from Saudi Arabia from the 19-21 November 2007. The 16-member delegation is led by Mr. Abdullah Zaid Al Meleihi, President of Al-Ramez International Group, a prominent Saudi Arabian enterprise with diverse interests in various fields such as investment, trading, marketing and advertising and offices worldwide. The delegation is here to attend the second Saudi-Singapore Business Council (SSBC) meeting, co-chaired by SBF Chairman Mr. Stephen Lee and Mr. Abdullah Z. Al-Meleihi, President of Saudi's Al-Ramez International Group. The Saudi delegation comprised companies from diverse industries, such as Real Estate, Transportation & Logistics, Energy and Info-Communication Technology and Services

Key industry and business leaders from both Saudi Arabia and Singapore gave presentations at the forum, focusing on emerging industries, investment opportunities and financing options for companies in the country. About 150 members of the Singapore business community were also provided with an unbiased analysis of the investment climate in Saudi Arabia and candid experience-sharing insights by a Singapore company which has established their business operations there.

The business matching session which followed the seminar saw business representatives from Singapore and Saudi Arabia networking with each other, discussing business possibilities and showcasing of various products and services.

SBF has been proactively assisting Singapore companies to venture into the Middle East region to grow their businesses. Besides forming the Saudi-Singapore Business Council together with Council of Saudi Chambers of Commerce and Industry in April 2006, SBF has also established the Middle East Business Group (MEBG) to help Singaporean businesses tap into the opportunities in the emerging MENA markets in March this year. In addition, SBF led a 21-member business mission to Saudi Arabia in December 2006, as well as a seminar on the economy and opportunities in Saudi Arabia which had a successful turnout of over 200 participants.

SBF will continue to facilitate and lead the Singapore business community into the emerging MENA markets. Besides the Saudi delegation, SBF has hosted business delegations from the MENA region, including Oman , Kuwait , Egypt , Libya , Yemen , Qatar and UAE, attracting more than 500 participants in total for the events for 2007.

About Saudi Arabia

The Kingdom of Saudi Arabia controls the largest reserves of petroleum in the world and ranks as the largest exporter of petroleum. The petroleum sector accounts for roughly 75% of government budget revenues, 40% of GDP , and over 90% of export earnings. Only about 40% of GDP comes from the private sector.

The Saudi government is also encouraging foreign investment in the non-oil private sector. Saudi Arabia has revised its investment code and continues to revise its foreign corporate tax code. Associated legislation development is also ongoing. The non-oil sectors under consideration for foreign investment include infrastructure, mining, water desalination, power generation and high technology projects.

Trade between Singapore and the Saudi Arabia rose slightly by 2.2% in 2006 to S$15.9 billion. Overall, the Saudi Arabia was Singapore 's 15th largest trading partner in 2006. Exports to Saudi Arabia increased by 66.5% to S$1.1 billion while imports from Saudi Arabia dip ped slightly by 0.8% to S$14.7 billion. Key exports include ships and boats and civil engineering parts, while main import items are crude petroleum and petroleum-refined products.

ANNEXE A

THE SAUDI-SINGAPORE BUSINESS COUNCIL (SSBC) The Saudi-Singapore Business Council (SSBC) was formed in April 2006 between the Council of Saudi Chambers of Commerce and Industry (CSCCI) and the Singapore Business Federation (SBF), during the visit by the Crown Prince of the Kingdom of Saudi Arabia , His Royal Highness Sultan Bin Abdul Aziz Al-Saud to Singapore in 2006.

The establishment of the SSBC was originally mooted by the governments of the two countries where the inking of this agreement was then witnessed by the Crown Prince of Saudi Arabia and Prime Minister Lee Hsien Loong, and is the first of its kind to be formed on a business-to-business level to boost bilateral trade and investments relations. The leaders of Singapore and Saudi Arabia enjoy a cordial relationship and hence the SSBC was conceived as a platform to foster closer business linkages.

The SSBC Steering Committee is co-chaired by SBF Chairman Mr. Stephen Lee and Mr. Abdullah Z. Al-Meleihi, President of Saudi's Al-Ramez International Group, and with not more than 15 representatives from each side.

The inaugural SSBC Meeting was held in Riyadh in December 2006, in conjunction with a SBF business mission to Saudi Arabia . The keen interest of Saudi to strengthen business ties with Singapore was re-iterated at this first meeting. During the first SSBC Meeting, both sides agreed to develop direct exchanges of business information so as to increase awareness and understanding of market climate and business opportunities in Saudi to Singapore businesses and vice versa. It was agreed to promote and facilitate joint ventures and partnership between companies of Saudi Arabia and Singapore so as to achieve substantial growth in bilateral trade and investment. A non-exhaustive list of industries identified are Infrastructure Development, Water and Environment, Oil & Gas and Petrochemical, Info-communication Technology, Transport and Logistics, Services (Financial, Education and Healthcare) and Small Medium Enterprises.

The second meeting in Singapore will aim to confirm the term of reference for the SSBC. Also, the meeting will have discussion on specific areas of collaboration such as possible projects and initiatives to be introduced. The meeting would also review some common problems faced by Saudi and Singapore companies and hope to find solutions to them in helping to facilitate greater flow of businesses between the two countries.

"The Saudi-Singapore Business Council is a private-sector led platform at a business to business level. The Council aims to ride on the strong support from the two governments and the close economic ties in facilitating greater business exchanges. Ultimately we hope that through the SSBC, companies can find useful contacts and potential projects which they could partake in." said Mr. Stephen Lee, SBF Chairman.

ANNEXE B

THE SAUDI-SINGAPORE BUSINESS COUNCIL (SSBC) Steering Committee Members

I. Republic of Singapore :

II. Kingdom of Saudi Arabia :