Mexico is looking for overseas investment opportunities in the Kingdom of Saudi Arabia, led by the telecommunications magnate, Carlos Slim.
Slim, with an estimated wealth of $49 billion, is the world's richest man, and is currently on a trip to Riyadh where he is looking out for investment opportunities in the growing city.
According to a local Arabic daily paper, the Al Riyadh, Slim is ideally looking to invest in a petrochemical industrial project in Saudi Arabia.
Slim has billions to invest. The paper reported that he has entered partnerships with several Saudi private investors to try and develop a petrochemical project in the Jubail industrial region of the city, as well as other around the country.
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Carlos Slim was initially attracted to the Arabic kingdom after noting its success in recent years at developing industrial cities, along with the initiatives that it offers to attract foreign investment.
The Mexican ambassador to Saudi Arabia is also in the country trying to encourage stronger investment ties between the two nations.
This move by Slim and Mexico is a good one. Saudi Arabia's emerging economy is one of the few safe long term investments in the world, and the $600 billion in foreign reserves that the country holds means that Saudi Arabia is surprisingly resilient to changes in the price of oil, contrary to what many people believe.
By. James Burgess of Oilprice.com
James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also… More