USSABC Organizes Business Dialogue in Support of Major King Abdullah-Bush Initiative

WASHINGTON, D.C., --(U.S. NEWSWIRE)--November 18, 2006-- The U.S.-Saudi Arabian Business Council (USSABC) announced today that the third U.S.-Saudi Business Dialogue was held in Saudi Arabia. The USSABC hosted the meeting in the Eastern Province of Dammam at the Sheraton Hotel & Towers, Saturday, November 18, 2006. The meeting was attended by government officials and business leaders from some of the most influential Saudi and American companies. Among the list of distinguished guests were Deputy Minister for Economic and Cultural Affairs at the Ministry of Foreign Affairs, Dr. Yousif Al-Saadoon, and U.S. Ambassador James Oberwetter. More than sixty global enterprises came together to discuss a wide array of topics affecting the U.S.-Saudi commercial relationship.

The event was designed to further cement economic ties between the two nations, encourage an interchange of ideas, explore the challenges that businesses face and discuss ways to improve trade and investment transactions. In order to fully represent the U.S. and Saudi business community, the USSABC plays a leading role managing the overall communications flow and organizing the activities for the business component of the United States-Saudi Arabia Strategic Dialogue.

The United States-Saudi Arabia Strategic Dialogue is an initiative established by President George W. Bush and the Custodian of the Two Holy Mosques King Abdullah Bin Abdul Aziz Al-Saud in 2005. When asked about the role of the U.S.-Saudi Arabian Business Council in supporting the initiative, Edward Burton, President of USSABC said, "We are indeed honored to have the opportunity to facilitate the contribution of U.S. and Saudi businesses to such an important forum."

Since June 2006, the Business Council, in collaboration with U.S. and Saudi government agencies and partners, facilitated several major events in support of the United States-Saudi Arabia Strategic Dialogue. The Business Council's in-depth knowledge of both markets and experience fostering U.S.-Saudi relations has been instrumental in successfully launching the Business Dialogues previously held in Houston, Texas in June and Washington, D.C. in September of this year. In addition to coordinating a series of Business Dialogues, the USSABC hosted the Custodian of the Two Holy Mosques King Abdullah Bin Abdul Aziz Al-Saud during his April 2005 visit to Crawford, Texas to meet with President George W. Bush, and organized an event for H.R.H. Crown Prince Sultan Bin Abdul Aziz in New York during the U.N. Summit in September 2005.

The booming Saudi economy is attracting international attention, not just in the Energy sector, but in many diversified industries. Over the next 20 years, more than $700 billion in investment opportunities will be generated in the Kingdom. The potential for American businesses to reap great rewards by investing in Saudi Arabia is enormous. In an effort to promote these opportunities to U.S. companies, the USSABC organizes Trade Missions to and from Saudi Arabia, connecting business partners and facilitating business transactions in support of the United States-Saudi Arabia Strategic Dialogue.

One of the key objectives of the Strategic Dialogue is to institutionalize relationships across government departments in the U.S. and the Kingdom in order to ensure that issues critical to the U.S.-Saudi bilateral relationship are discussed and addressed effectively. For the U.S. and Saudi Arabian business communities, this will be accomplished through The Economic & Financial Affairs Working Group, established by both governments.

The comments and recommendations captured from both U.S. and Saudi business leaders at the events held in Houston and Washington D.C. were submitted to the group talks being held between Saudi Arabian Minister of Foreign Affairs H.R.H. Prince Saud Al-Faisal and U.S. Secretary of State Condoleezza Rice.



About the USSABC

The U.S.-Saudi Arabian Business Council (USSABC) is a non-profit organization with offices in Washington, D.C. and Riyadh, Saudi Arabia. The organization's mission is to develop, foster, and expand the strategic business alliance between the U.S. and Saudi Arabia by promoting trade, investment, and sustainable economic development. The Business Council is a membership-driven organization with an impressive member roster that includes some of the most influential companies in the United States and Saudi Arabia.

The Business Council is the premier authority on business opportunities for both the American and Saudi Arabian business communities. The organization's strategy focuses on uncovering business opportunities that allow its members to increase their market share. For over a decade, the Business Council has perfected the art and science of gathering, disseminating, and delivering real-time business information products and services. In addition to sponsoring trade missions to and from Saudi Arabia, the Business Council offers Business Facilitation Services, Networking Services, Information & Communications Services, and Consulting Services. For more information visit our website at: www.us-sabc.org

PR & Media Contact:
David Callahan
Vice President, Business Development
U.S.-Saudi Arabian Business Council
Phone: 703-962-9300
Fax: 703-204-0332
Mobile: 703-609-1199
Website: www.us-sabc.org
E-mail: dcallahan@us-sabc.org
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