207 billion SR in the US investments in the Kingdom by the end of February 2018.
20 American companies explore opportunities to invest in civil nuclear energy projects in the Kingdom.
Al-Baouli: Saudi-American relations are at their highest level.
AlTurkey: Vision 2030 indicates a new era of development and empowerment of women.
The deputy chairman of Asharqia Chamber, Hamad bin Mohammed al-Boali, said that the Saudi-US relations reached their highest levels ever after the historic visit by the Crown Prince HRH Prince Mohammed bin Salman bin Abdulaziz to the United States. He was speaking to a delegation of American businessmen specializing in civil nuclear energy on Wednesday, April 25, 2018 in the Chamber, with the presence of a large number of the Board of Directors and businessmen and businesswomen.
The US Trade delegation represented a variety of technology, reactors, equipment, components, engineering, and training services related to nuclear safety and security. The meeting was attended by the President of Asharqia Chamber, Abdulhakim bin Hamad Al-Ammar Al-Khalidi, and Mr. Gary Rand, Commercial Consul of the US Consulate General in Dhahran. The meeting was attended by a number of Board members, the Secretary General of the Chamber, and the delegation that included 30 senior executives representing 20 leading companies in the supply chain in the civil nuclear industry.
The Secretary General of the Chamber said that during the visit of the Crown Prince of the United States, about 46 agreements and several memoranda of understanding were signed worth several hundred billion dollars in 10 major economic sectors including oil and gas, mining, petrochemicals, health care, aviation, defense, and energy. He also mentioned that the world's largest solar project would be established in the Kingdom after the signing of the memorandum of understanding during the visit of His Highness the Crown Prince to New York.
Al-Buali said that Saudi Arabia has embarked on an ambitious program to generate at least 17.6 GW of nuclear power by 2032. "So there is a bright scope for cooperation between Saudi Arabia and US companies in the nuclear energy sector," he said.
He added that the vision of Saudi Arabia 2030 has entered a new era of economic development that opens huge commercial and investment opportunities for foreign investors in the Kingdom. He also stressed that the Eastern Region was named "the capital of the industry in the Gulf", which produced most of the chemicals, petrochemicals, and mining through the first and second industrial cities in Jubail and Ras Al-Khair region. Recently, Dow Chemical and Saudi Aramco have established a large-scale joint venture, SADARA project in Jubail. It has become the world's largest chemical complex built in one phase, with 26 integrated industrial plants worldwide.
Nouf Bint Abdulaziz Al Turki, a member of the Board of Directors of Asharqia Chamber, emphasized that the relations between Saudi Arabia and the United States improved significantly after Crown Prince Mohammed bin Salman's visit to Washington, which provided huge commercial and investment opportunities for US companies in the Saudi market in line with Saudi Arabia's most ambitious vision of 2030.
AlTurki said the Saudi vision is not only promised a new era of economic development for the country, but also aimed at empowering women. She added that Saudi women now participate in decision-making and working in almost all public and private bodies. They also represent the government at the regional and international levels through working in embassies and consulates and joining Saudi delegations in regional and international conferences, forums, and events.
AlTurki pointed out that Asharqia Chamber has focused heavily on the development of the women's labor force. The Chamber has established a separate Women's Center and launched an Entrepreneurship Development Program, where new graduates (both male and female) are trained to start their businesses or manufacturing units. She said the Chamber's business development program has proven to be an effective tool in creating job opportunities for Saudi youth.
The Commercial Consul at the US Consulate General in Dhahran, Gary Rand, focused on commercial and investment opportunities in the Eastern Province of the Kingdom by saying, "this region is the engine of industrial activities in Saudi Arabia." He pointed to the old relations between the two countries, which are expected to improve further in the coming years.
In addition, the head of the US delegation, Thomas Weir, said that US companies are keen to transfer nuclear technology to the Kingdom, especially in the supply chain in partnership with its Saudi counterparts. He referred to future cooperation in the development of the Saudi nuclear sector within the vision of Saudi Arabia 2030.
Fawaz Al Mazrou, from King Abdullah City for Atomic and Renewable Energy, presented a presentation that highlight the Saudi nuclear development program. He said the kingdom was looking for cooperation with foreign companies in the form of technology transfer to develop its nuclear energy. He stressed the importance of training Saudi youth in the nuclear development sector in cooperation with foreign countries.
The Director of Accounts in Investment Services at the Investment Authority in Saudi Arabia, Lama Al-Fawzan, introduced the American companies to the licensing procedures in the Kingdom. She also showed them the financial support from the Saudi Industrial Development Fund in the establishment of industrial units by foreign companies.
According to the General Authority for Investment, the United States is now the largest investor in the kingdom, as the volume of US investments in the Kingdom more than 207 billion riyals until the end of February 2018. More than 370 US companies are active in the Saudi market in a variety of economic sectors.
The bilateral trade is amounted to 135 billion riyals in 2017; the Saudi exports to the United States are amounted to 69 billion riyals, while the Saudi imports from the United States worth 66 billion riyals.
