Saudi Crown Prince visits US to bolster economic ties

On Tuesday, March 27, the Crown Prince and elite business leader from the US and Saudi Arabia will gather for formal presentations, networking and deal-making to form solid economic and financial ties between the two countries.

The Saudi-US CEO Forum is part two in a series of annual events, the first one being held in Riyadh, last May when Trump visited Saudi. This event produced large deals and agreements between the two nations worth billions of dollars.

The Riyadh forum allowed the nations to form and establish agreements, now the New York forum will allow them to commit to these contracts, with the theme of the forum aptly named, An era of transformation: From vision to implementation.

The forum’s agenda for the one-day summit aims to enhance bilateral trade, decrease barriers in forming stronger economic ties and explore partnership and investment opportunities.

The underlying agenda for the two nations is for greater cultural awareness and understanding through the exchange of ideas and experiences and establishing best practices.

Both countries’ top business leaders will be in attendance and will welcome guests. From US, Andrew Liveris, the chairman and chief executive of the Dow Chemical company and a committed partner of the Kingdom, and from Saudi, Lubna Olayan, deputy chairperson and chief executive of Olayan Financing Company and a role model for Saudi Arabia’s women. Another clear indication of Saudi’s objective to increase female participation in the workforce.

Following the welcome speech, Mohammed Al-Jadaan, the Kingdom’s minister of finance, will give the keynote address.

The subsequent panels will focus on investment issues associated with ‘Generation 2030’, the generation of young Saudis who are growing up during this transformational period for the Kingdom.

Among these panels, will be sessions on the topic of the increasing economic power of Saudi Arabian women, the commercial opportunities in emerging sectors in the Kingdom, such as entertainment and culture, and a focus on “giga-projects”, such as the project city Neom, which are intended to drastically increase growth in the Kingdom.

However, larger deals will be undertaken in the private bilateral between the heads of industry and finance of each country. It is expected that deals will be signed and projects that are at the ‘memorandum of understanding’ phase will be moved forward to concrete contracts.