11 Dec 2024
JEDDAH: US companies are eager to capitalize on the Kingdom of Saudi Arabia's rapidly growing market, with new opportunities in energy, transportation, tourism, and healthcare highlighted at the Saudi-US Business Forum held in Riyadh.
Organized by the Federation of Saudi Chambers in collaboration with the US Department of Commerce, the event took place on Dec. 8, according to the Saudi Press Agency.
The forum was attended by Waleed Al-Orainan, secretary-general of the FSC, and Alison Dilworth, deputy chief of mission at the US Embassy, alongside representatives from both the Saudi and US governments and private sectors.
According to the US Department of State, the two nations share a strong economic relationship, with the US being Saudi Arabia’s second-largest trading partner and Saudi Arabia ranking as one of the US’ top trading partners in the Middle East.
The Kingdom is also the third-largest source of imported oil to the US, supplying approximately half a million barrels per day, as reported in the 2023 bilateral relations report. The two countries have a Trade and Investment Framework Agreement in place to foster deeper economic cooperation.
The forum’s discussions centered on Saudi Arabia’s Vision 2030, which aims to diversify the Kingdom’s economy and increase trade and investment opportunities with the US and other global markets. The event provided a platform for 72 US-based companies to explore export prospects in Saudi Arabia and investment opportunities in Vision 2030 mega-projects.
A key highlight was the anticipated $7 trillion in government spending through specialized development funds, creating significant opportunities for US businesses.
Special attention was given to innovative US exports, products, and services, with a number of participating companies being women-owned, aligning with Vision 2030’s focus on empowering Saudi women in the workforce.
Both sides expressed optimism that forums like the Saudi-US Business Forum would strengthen bilateral economic ties, enhancing cooperation through continuous dialogue between public and private sector representatives from both countries.
Trade between Saudi Arabia and the US reached $34 billion in 2023. The Kingdom’s leading exports to the US included mineral products and fertilizers, while machinery and mechanical appliances were among the top US exports to Saudi Arabia, according to SPA.