27 May 2011, Friday, 22:05

Saudi Arabia to invest five million dollars in development of nanotechnologies in Bashkortostan

author: Eugene Rakhimkulov

The Kingdom of Saudi Arabia is ready to invest five million dollars in establishment of the company for development of nanotechnologies and investigation of the investment climate in Bashkortostan. It is expected Bashkortostan will invest other five million USD. The President of the Trade-Industry Chamber of Saudi Arabia, the sheikh Salekh Abdalla Kamel has made such proposal during his meeting with the President RB Rustem Khamitov.

The similar joint project is already under development in neighboring Tatarstan.

“The overall balance of this company is ten million dollars” – the sheikh said – “Saudi Arabia invested 30%, the Muslim bank – 20% and the share of Tatarstan is 50%”.

The sheikh Salekh Abdalla Kamel has mentioned that one more similar company, established in one south-African country, cost 100 million dollars in total complexity. The investment projects for the sum of two billion dollars are under development there. The President of the Trade-Industry Chamber of Saudi Arabia has expressed assurance that if such company is established in Bashkortostan, its payback will raise 20-25 times as minimum from the initially invested means.

The sheikh has also stated that Saudi Arabia is ready to provide Bashkortostan with the specialists for development of joint investment projects. “I am sure we will be able to attract as many investors as we need” – he said.