US Companies Eyeing Opportunities in Saudi Arabia
JEDDAH: The Kingdom of Saudi Arabia’s rapidly growing market is attracting the interest of US companies looking to expand their business horizons. The Saudi-US Business Forum held in Riyadh showcased new opportunities in energy, transportation, tourism, and healthcare, signaling a promising future for economic collaboration.
Collaborative Efforts for Economic Growth
Organized by the Federation of Saudi Chambers in partnership with the US Department of Commerce, the event on Dec. 8 brought together key stakeholders from both countries. Waleed Al-Orainan, secretary-general of the FSC, and Alison Dilworth, deputy chief of mission at the US Embassy, were present alongside government and private sector representatives.
Strong Economic Ties
According to the US Department of State, the economic relationship between the US and Saudi Arabia is robust. The two nations are significant trading partners, with Saudi Arabia ranking among the top trading partners of the US in the Middle East. Additionally, the Kingdom is a major supplier of oil to the US, emphasizing the importance of their economic ties.
Focus on Vision 2030
The forum’s discussions revolved around Saudi Arabia’s Vision 2030, a strategic plan to diversify the economy and boost trade and investment. With 72 US-based companies exploring export opportunities and investment prospects in Vision 2030 mega-projects, the event highlighted the potential for growth and collaboration.
Promising Prospects for US Businesses
One of the key highlights was the projected $7 trillion in government spending through specialized development funds, offering a wealth of opportunities for US companies. Attention was also given to innovative exports, products, and services, with a focus on empowering women in the workforce, aligning with Vision 2030’s goals.
Strengthening Bilateral Economic Ties
Both sides expressed optimism about the future of their economic relationship, believing that forums like the Saudi-US Business Forum will enhance cooperation and dialogue between public and private sector representatives. Trade between Saudi Arabia and the US reached $34 billion in 2023, demonstrating the potential for further growth and collaboration.