Saudi Arabia is interested in promoting Islamic banking and higher medical studies in Malta, European and Foreign Affairs Committee chairman Jason Azzopardi said yesterday.
Speaking at a meeting between the committee and a delegation from the Maltese business community, Dr Azzopardi referred to the committee’s recent trip to Saudi Arabia, Kuwait and the United Arab Emirates.
He described how the Gulf countries were shedding their dependence on revenue from petroleum extraction and diversifying their economies. Saudi Arabia, he said, was very keen on obtaining higher levels of IT and had a great demand for tertiary education, especially in the medical field.
To this end, he said, Saudi authorities said they would be happy if the University of Malta were to open a Saudi branch and Saudi universities opened branches in Malta. Dr Azzopardi indicated that the Saudis were particularly keen to open a private medical school in Malta where Saudi doctors could complete their specialisation.
Quoting British Chancellor of the Exchequer Gordon Brown, who was reported as saying he wanted to make the UK a centre for Islamic investment, Dr Azzopardi said Malta, with its financial services, could aspire to enter the market.
According to Sharia Islamic law, making money from money, such as by charging interest, was tantamount to usury and therefore not permitted. Wealth should be generated only through legitimate trade and investment in assets.
Dr Azzopardi also spoke about the openings for Maltese construction industrialists. Saudi Arabia was currently building six new “economic” cities, one of which was bigger than Switzerland.
Construction was a major topic at the meetings held in Kuwait. Committee member Leo Brincat said Kuwait used to grant soft loans to Malta in the 1970s and early 1980s. However, because of its economic progress, Malta was no longer entitled to such grants. But Kuwaiti authorities had made the point that, through the Kuwait development fund, Maltese businessmen can set up consortia and compete for international tenders.