USSABC Celebrates 20 Years of Building Strong U.S.-Saudi Trade and Investment Relations
Custodian of the Two Holy Mosques King Abdullah, then-Crown Prince, with Board members of the U.S.-Saudi Arabian Business Council at a dinner in his honor. Left to right: Abdulaziz Al-Quraishi, then-Co-Chairman, USSABC; Alfred C. DeCrane, Jr., then-Co-Chairman, USSABC; Crown Prince Abdullah; Eng.
Mohamed Al-Mady, Co-Chairman, USSABC; Abdulrahman Al-Jeraisy, Chairman, Jeraisy Group; Richard Debs, Vice Chairman, USSABC, Washington, D.C., September 1998.
Notes from the
Board of Directors
April 2014 marked 20 years since the inaugural meeting of the U.S.-Saudi Arabian Business Council (USSABC). This important milestone is an opportunity to reflect on our achievements, and think strategically about how to best continue our work in the decades to come.
For over 80 years, the U.S. and Saudi Arabia have developed a special relationship based on security, energy cooperation, and business. The U.S. consistently offers the best high-tech products and services and best value in virtually every industry.
Last year was a record setting year for American exporters to the Arab world, with over $70 billion (SR262.5 billion) in outbound trade, including almost $19 billion (SR71.25 billion) to Saudi Arabia. U.S. Commerce Secretary Penny Pritzker commented on the importance of trade and investment in the relationship between the U.S. and Saudi Arabia at the Third U.S.-Saudi Business Opportunities Forum in Los Angeles, co-organized by the USSABC in September 2013:
“The U.S.-Saudi diplomatic relationship has been tested many times, but it has endured for 80 years. The history of U.S. companies doing business in Saudi Arabia reaches back just as far... Today, the U.S. and Saudi Arabia are strategic partners and allies. And as the growth of this Forum reflects, our commercial relationship is blossoming – both in trade and investment. Last year, trade in both directions hit all-time record highs. It surpassed pre-recession levels for the first time. We are now more than triple our bilateral trade of just a decade ago. If current trends continue, nearly $20 billion (SR75 billion) in U.S. merchandise will go to Saudi Arabia this year including cars, planes, machinery, medical instruments, and more.”
The USSABC’s evolution mirrors that of the U.S.-Saudi Arabian business trade and investment relationship. As the Saudi economy has embraced a diversification platform, the USSABC has broadened its range of products and services and also deepened its level of expertise to contribute to the advancement of the U.S.-Saudi bilateral commercial relationship. More...