The economic and trade relations between the Kingdom and the United States have witnessed a significant development as the volume of trade exchange between them increased from $26 billion to more than $74 billion during the past ten years, revealed the Executive Director and Secretary General of the Saudi-American Business Council Dr. Bashir bin Mohammed Al Gharidh.

Economic ties between the two countries

Through the economic relations between the Kingdom and the United States, the latter is also the holder of the largest share of foreign direct investment from the Kingdom; in 2014, it amounted to 13 billion and 300 million dollars, and the main investment operations include the establishment of Sadara Chemical Company, a joint venture between Dow Chemical Company and Saudi Aramco, estimated to cost more than 20 billion dollars, the largest petrochemical project being built in the world at the same time. This was revealed by the Executive Director and Secretary General of the Saudi-American Business Council, Dr. Bashir bin Mohammed Al-Ghareedh. The Saudi-American Business Council is a non-profit organization that aims to strengthen economic relations between the Kingdom and the United States of America. It has a board of directors made up of Saudi and American members who believe in the importance of strengthening economic ties between the two countries; the Saudi side is headed by Abdullah bin Saleh bin Jumaa and the American side is headed by Peter Robertson, retired vice chairman of Chevron. Saudi and U.S. companies represented on the council contribute financially to the costs of the business council's offices in Riyadh and Washington, D.C.

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The largest business cluster

Since its establishment, the Council has received special support and attention from the Ministries of Finance, Trade and Industry. The council holds several forums to promote investment opportunities between the two countries. The first meeting of the U.S.-Saudi Business Opportunities Forum in the United States was held in Chicago in 2010. The event brought together more than 1,100 businessmen and women from both countries to explore new opportunities for cooperation and expand existing business relationships. It was the largest such gathering of a bilateral business relationship in the history of the Kingdom and the United States. This gathering was followed by similarly successful forums of similar size and breadth held in Atlanta in 2011 and Los Angeles in 2013, and the fourth Business Opportunities Forum held this past March in Riyadh.

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Industry Sectors

U.S. companies have expertise in all industrial sectors and have lent their knowledge to the development of the Kingdom over the past years. American companies are a committed partner in the successful implementation of the National Transformation Program. For example, business council members from the US side attend most of the business forums and are interested in learning about opportunities to contribute to this program. There are also scheduled visits by U.S. business delegations in various fields to familiarize them with the investment opportunities and trade regulations in the Kingdom and to meet with their Saudi counterparts.

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In the past ten years, the volume of trade between the Kingdom and the United States has increased from $26 billion to more than $74 billion, with the Kingdom today being America's 12th largest trading partner while the United States is America's second largest trading partner. The United States is the Kingdom's second largest trading partner, the United States also holds the largest share of shares of foreign direct investment from the Kingdom, which in 2014 amounted to 13 billion and 300 million dollars.

Saudi and American companies

Hundreds of companies operating in the Saudi market operate on the ground in the Kingdom and through direct export and distribution agencies. Many of the largest industries in which U.S. companies are involved are prioritized for the Kingdom's development. Among these priorities are health, education, information and communications technology, chemicals, manufacturing, agriculture, water resources, defense and security, and other industrial sectors. Clearly, the U.S.-Saudi trade relationship has grown strongly for more than 80 years through economic booms and recessions, through periods of war and regional conflicts, and through periods of high and low oil prices. The relationship has thrived because it has been built on a solid foundation of mutual respect and benefit. For decades, U.S. companies have added economic value and contributed to technology transfer through their commercial and industrial activities in the Kingdom.