Business has always been at the forefront of the U.S.-Saudi relations. For the past four decades, the United States has been Saudi Arabia’s largest trading partner, while the Kingdom is the largest market for American products in the Middle East. Bilateral trade between Saudi Arabia and the U.S. has increased from $160 million in 1970 to over $46 billion in 2007. Additionally, American companies are the Kingdom’s leading joint venture partners, with about 360 projects valued at more than $20 billion. These include some of the biggest names in American business, many of which are members of the U.S.-Saudi Arabian Business Council. The U.S. is also a leading foreign direct investor in Saudi Arabia, accounting for more than 25 percent of total inward Foreign Direct Investment.

The U.S.-Saudi business partnership endures because of the deep bonds of familiarity that have been established through decades of educational, cultural, economic and political cooperation and exchange. Tens of thousands of Americans have lived and worked in the Kingdom, beginning with the oil exploration teams in the 1930s, whose work led to the discovery of the world’s largest reserves of petroleum and the creation of the world’s largest oil company, Aramco. Aramco played a major role in the Kingdom’s economic development as they laid the foundations for long-term U.S.-Saudi business cooperation. Tens of thousands of Saudis have, in turn, attended education and training programs in the United States, and a great many have gone on to assume leadership positions in the Saudi Government and private sectors. As a result, the United States and Saudi Arabia know each other very well, and continue to share a common belief in free enterprise that will ensure lasting economic ties and strong bonds of friendship between the two countries far into the future.