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$385bn Projects to be Discussed at Saudi-US Forum
The Saudi-US Business Forum in Atlanta, which opens on Monday, will discuss prospects of American investment in key Saudi projects worth $385 billion, especially in education, oil and gas, infrastructure, petrochemicals, transport, water and electricity and information technology.
The three-day forum offers a good opportunity for American and Saudi business leaders and executives to establish new and lasting business ties and explore new opportunities in both countries.
About 1,200 delegates including four Saudi ministers and the head of the King Abdullah City for Nuclear and Renewable Energy will attend the deliberations.
“The forum will enable American companies to make use of the huge investment opportunities worth $385 billion offered by the Saudi government’s ambitious development plan in infrastructure, health, education and other projects,” an official statement said, adding that it would also discuss Saudi investment in the US state of Georgia, which is hosting the event.
Commerce and Industry Minister Abdullah Alireza, who is one of the speakers, highlighted the strategic US-Saudi partnership, saying it will continue to evolve over the years and “this forum will work to ensure that this great potential is realized.”
He added: “Saudi Arabia is the top market in the region, and potential US exports are forecast to more than double by 2015.”
The minister said the Kingdom is moving away from being the gas station of the world towards a sophisticated laboratory of excellence, innovation, and knowledge.
“We simply cannot afford to miss the opportunity to have our two nations benefit from such great interaction and I have never felt so enthusiastic, so energized, as I do now about the prospects for Saudi Arabia. We are building the future today,” said Alireza in a statement.
Gary Locke, former secretary of the US Department of Commerce, was equally enthusiastic about the forum and its prospects.
“We are fortunate that Saudi Arabia and the US have a strong foundation of trust and partnership to build on. Today Saudi Arabia is taking unprecedented steps to expand and diversify its economy into knowledge-based industries,” Locke said.
“American companies have the expertise and resources to help the Kingdom reach its ambitious development goals and the opportunities for commercial engagement and partnership are immense. When you look at the sum of these projects, you see a country that is demonstrating vision and a commitment to generational growth.”
The forum reflects the continued strength of ties between the US and Saudi Arabia.
During this period of severe global economic downturn and historic social and political upheaval across many regions including the Middle East, Saudi Arabia remains a stable and reliable partner.
It is not only the regional economic powerhouse but also a leading voice for moderation and dialogue among Arab states and the Islamic world.
The 2011 Forum will feature Davos-style panels, keynote speakers, and concurrent breakout sessions.
Specific areas of opportunity for small and medium sized companies will be highlighted.
Networking events and one-on-one matchmaking programs will enable companies to connect on an individual-level and initiate new business relationships.
It will explore prospects of expanding cooperation in education, human resource development, petrochemical industries, agriculture, health services and finance.
Apart from Alireza, speakers from Saudi Arabia include Education Minister Prince Faisal bin Abdullah, Health Minister Dr. Abdullah Al-Rabeeah, Governor of Saudi Arabian Monetary Agency (SAMA) Muhammad Al-Jasser, Capital Market Authority Chairman Abdulrahman Al-Tuwaijri, Saudi Ambassador to the US Adel Al-Jubeir, Adviser at the Royal Court Abdulrahman Al Saeed and Saudi Aramco President Khalid Al-Falih.
Speakers from the US include John Bryson, secretary-designate of commerce; and Arnie Duncan, secretary of education.
There will be two workshops on investing in Georgia and “Doing Business in Saudi Arabia: An Insider’s View” on the first day.
There will be a separate session on “Education: Investing in Human Capital.”.
This will be addressed by Prince Faisal bin Abdullah and Steve Clemons, director of the American Strategy Program at the New America Foundation.
Another session is devoted to the subject “Maintaining a Stable Global Financial System: Shared Responsibility” and the speakers include SAMA chief Al-Jasser, Hutham Olayan, president and CEO of the Olayan America Corporation, Philip Bleser, head of the Global Corporate Bank — North America, and Fahad Al-Mubarak, chairman and managing director of Morgan Stanley in Saudi Arabia.
Alireza will address the session on US-Saudi Trade: Growth and Change, where Georgia Governor Nathan Deal, will also speak.
Other topics will focus on “Higher Education as an Enabler to the Knowledge Economy,” “Downstream Petrochemicals: National Priority and International Opportunity,” “Industrial Infrastructure Initiatives: Creating the Foundation for Economic Growth,” “Opportunities for Finance and Investment,” “Education Reform: Setting the Stage to the Knowledge Society,” and “Business Opportunities in the Oil, Gas, and Petrochemical Sectors.”
Al-Rabeeah will give an overview of Saudi health reforms.
PK Abdul Ghafour
Arab News