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US-Saudi Business Council Unveils Powerhouse Board of Directors

Chair of the Corporate Board of the Olayan Group Lubna Olayan
Chair of the Corporate Board of the Olayan Group Lubna Olayan
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US-Saudi Business Council Unveils Powerhouse Board of Directors

Chair of the Corporate Board of the Olayan Group Lubna Olayan
Chair of the Corporate Board of the Olayan Group Lubna Olayan

The US-Saudi Business Council (USSBC) has announced the appointment of its significantly expanded and reconstituted Board of Directors, featuring an unprecedented lineup of global industry leaders.

“This strategic move underscores the Council’s revitalized mission to deepen and diversify economic ties between the United States and Saudi Arabia by leveraging expertise from critical sectors shaping the global economy,” USSBC said in a statement on Tuesday.

Co-Chaired by Chair of the Corporate Board of the Olayan Group Lubna Olayan, and Jane Fraser, Chair and CEO of Citi, the new Board brings together influential figures across finance, energy, technology, travel, defense, infrastructure, consumables and advanced industry.

“Their collective leadership will uniquely position the Council to drive innovation, investment and strategic partnerships aligned with US economic priorities, Saudi Arabia’s Vision 2030 and the evolving global landscape,” the statement added.

The newly appointed US members include:
Ruth Porat, President and Chief Investment Officer of Alphabet and Google
Brian Moynihan, Chair and CEO of Bank of America
Brendan Bechtel, Chairman and CEO of Bechtel Corporation
Larry Fink, Chairman and CEO of BlackRock
Mike Wirth, Chair and CEO of Chevron
Chuck Robbins, Chair and CEO of Cisco
James Quincey, Executive Chair of The Coca-Cola Company
Noel Wallace, Chair, President and CEO of Colgate-Palmolive
Ed Bastian, CEO of Delta Air Lines
Jim Fitterling, Chair and CEO of Dow
Darren Woods, Chair and CEO of ExxonMobil
Jenny Johnson, CEO of Franklin Templeton
Chris Nassetta, President and CEO of Hilton
Vimal Kapur, Chair and CEO of Honeywell
James Taiclet, Chair, President and CEO of Lockheed Martin

FILE - Jane Fraser, CEO, Citigroup, speaks during a Senate Banking, Housing, and Urban Affairs Committee oversight hearing to examine Wall Street firms on Capitol Hill, Wednesday, Dec. 6, 2023 in Washington. (AP Photo/Alex Brandon, File)

They are joined by leaders from key sectors driving Saudi Arabia’s economic transformation, including:
Tareq Amin, CEO of Humain
John Pagano, CEO of Red Sea Global and Managing Director of AlUla Development Company
Kamal Bahamdan, CEO of Safanad
Tareq AlSadhan, CEO of Saudi National Bank
Abdullah Al Zamil, Chair of SENAAT (formerly Zamil Industries)

The Board also retains long-serving members Amin Nasser, President and CEO of Aramco, Robert Wilt, CEO of Ma’aden, Rami Al Turki, President and CEO of Alturki Holding, and Charles Hallab, President and CEO of the US-Saudi Business Council.

“This Board represents an extraordinary alignment of global leadership at a pivotal moment in the bilateral relationship, one that is consistent with a reinvigorated and reimagined role for the Council in the US-Saudi partnership,” said Hallab.

“Their collective expertise across areas critical to both economies positions the Council to advance bilateral trade, investment, and business collaboration like never before. We are very excited for the next chapter, and we are also deeply grateful to our long-serving Board members for their commitment and contribution to the Council’s mission over the years.”

Olayan said she looked forward to translating the partnership into a meaningful collaboration, and long-term value for the two countries’ economies.

As for Fraser, she said: “The caliber of leaders joining our board signals the significant momentum of the US–Saudi business partnership.”

The formation of the Board comes at a time of accelerating economic engagement between the US and Saudi Arabia.

“With a refined and revitalized mission, the US-Saudi Business Council is reinforcing its role as a leading platform for private-sector leadership and engagement—strengthening connectivity between US and Saudi businesses, enabling strategic partnerships, and supporting the expansion of bilateral trade and investment,” USSBC said.

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Business

Riyadh Metro Opens New Horizons for Commercial Real Estate Investment

Men ride the Riyadh Metro heading to King Saud University Station in Riyadh (AFP)
Men ride the Riyadh Metro heading to King Saud University Station in Riyadh (AFP)
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Riyadh Metro Opens New Horizons for Commercial Real Estate Investment

Men ride the Riyadh Metro heading to King Saud University Station in Riyadh (AFP)
Men ride the Riyadh Metro heading to King Saud University Station in Riyadh (AFP)

Riyadh's public transport network is increasingly becoming a factor in real estate investors' calculations, with Saudi Arabia's rail services recording more than 40.9 million passengers during the third quarter of 2026. Of these, the Riyadh Metro accounted for 30.4 million riders.

This draws renewed attention to the attractiveness of commercial properties located near metro stations and the opportunities for cafés, restaurants, and retail outlets to benefit from passenger traffic. However, industry specialists note that assessing the metro's actual impact on rents and occupancy rates requires comparing property performance before and after operations began, while taking other market factors into account.

In this context, Khaled Al-Mobid, CEO of Menassat Realty Co., told Asharq Al-Awsat that the Riyadh Metro has begun to reshape the concept of a prime commercial location.

A desirable site is no longer limited to properties situated on major roads; ease of access through public transportation has become an additional factor enhancing investment appeal.

Al-Mobid added that average rents in Riyadh's major shopping centers reached approximately SAR 2,650 per square meter annually, reflecting growth of 1.2 percent, while occupancy rates remained stable at 91 percent during the first half of 2026. He stressed, however, that these indicators cannot be attributed solely to the metro.

He pointed to practical signs of the growing importance of transport-linked commercial activity, including the offering of 733 commercial units within the public transport network, in addition to opportunities available for cafés and financial services.

Metro Enhances the Appeal of Commercial Locations

Al-Mobid expects businesses that depend on daily customer traffic, particularly cafés, restaurants, and quick-service providers, to benefit from locations near the busiest stations. He believes proximity to metro stations will become a more important consideration for investors and developers when selecting sites and planning mixed-use projects.

He emphasized that the value of a commercial location in the future will not be measured solely by the number of cars passing by, but also by the number of people who can easily reach it without needing a vehicle.

A view of the Riyadh Metro's Blue Line emerging from the Financial District Station (SPA)

Measuring the Real Estate Impact Requires Market Comparison

For his part, Khalid Aljasir, a real estate specialist and chairman of Amaken International Group, told Asharq Al-Awsat that the launch of the Riyadh Metro represents a significant development in the city's infrastructure and is expected to gradually influence the real estate demand landscape, particularly in commercial areas that benefit from improved accessibility and higher user traffic.

Aljasir explained that proximity to public transport stations can enhance a property's investment appeal, although the extent of the impact varies depending on the location, the nature of the commercial activity, and the level of demand in the area.

He stressed that increases in rents or occupancy rates cannot be attributed solely to metro operations without analyzing other market variables.

He noted that measuring the metro's actual impact requires comparing similar commercial properties located near stations with those farther away, both before and after operations began. Metrics such as average rents, occupancy rates, and demand levels can help determine how improved accessibility affects real estate performance.

A view of the Riyadh Metro's Yello Line (SPA)

Accessibility Becomes a Key Consideration for Investors

Aljasir added that accessibility and integration with public transport networks are increasingly important factors when evaluating investment opportunities. Investors assess a property's ability to attract tenants and users, as well as how easily customers and employees can reach it, alongside traditional considerations such as location and size.

He noted that cafés, restaurants, retail stores, and daily-service businesses may benefit from sites experiencing steady pedestrian traffic near metro stations. Commercial offices may also gain from improved accessibility for employees and clients.

Furthermore, locations connected to public transport could become more attractive for mixed-use developments that combine commercial, office, and service functions.

Aljasir stressed that proximity to a station is not the sole determinant of investment success. Economic viability, rent levels, actual demand, the nature of the business, and overall site quality remain fundamental factors in decision-making.

He underscored the importance of studying the integration of public transportation and real estate development and evaluating its impact on expected cash flows and investment returns, rather than assuming that all properties near stations will experience the same increase in value or rental rates.

Business

ECB President Lagarde Resigns after Months of Speculation

FILED - 05 February 2026, Hesse, Frankfurt/M.: FILE PHOTO - Christine Lagarde speaks at the ECB press conference. Photo: Florian Wiegand/dpa
FILED - 05 February 2026, Hesse, Frankfurt/M.: FILE PHOTO - Christine Lagarde speaks at the ECB press conference. Photo: Florian Wiegand/dpa
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ECB President Lagarde Resigns after Months of Speculation

FILED - 05 February 2026, Hesse, Frankfurt/M.: FILE PHOTO - Christine Lagarde speaks at the ECB press conference. Photo: Florian Wiegand/dpa
FILED - 05 February 2026, Hesse, Frankfurt/M.: FILE PHOTO - Christine Lagarde speaks at the ECB press conference. Photo: Florian Wiegand/dpa

European Central Bank President Christine Lagarde announced her resignation on Thursday, ending months of speculation about her future at a complex juncture for Europe and the ECB.

Lagarde will step down on February 7, giving current European Union leaders time to pick a successor well before a French presidential election that polls ⁠show far-right candidate Marine ⁠Le Pen is favorite to win.

"European Central Bank President Christine Lagarde today informed the Governing Council and the President of the European Council António Costa that she will step down from her position on 7 February 2027," Reuters quoted the ECB as saying in a press release.

The former central bank governors ⁠of the Netherlands and Spain, Klaas Knot and Pablo Hernandez de Cos, are seen as frontrunners to replace Lagarde.

Lagarde's term was scheduled to run until the end of October 2027 but speculation about an early departure had been mounting for months, with the World Economic Forum seen as a likely destination.

The move comes as the ECB is in the middle of a rate-hiking cycle, seeking to prevent an oil-price shock linked to the Iran war from feeding into other prices and wages.

But ⁠it ⁠must also contend with a surge in government bond yields — especially in debt-laden France — that has pushed up borrowing costs for households and businesses and which Lagarde has said will curb growth and inflation.

Caught between persistent inflation fueled by a renewed surge in energy costs and deteriorating financing conditions, the ECB is widely expected to keep its deposit rate at 2.5% on Thursday while signaling that another increase, potentially as soon as December, remains likely.

The ECB is due to announce its interest rate decision at 1315 GMT on Thursday, followed by Lagarde's regular press conference at 1345 GMT.

Business

Saudi Arabia, Kuwait Discuss Ways to Deepen Cooperation in Energy and Industry

Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz met in Riyadh with Kuwaiti Minister of Foreign Affairs Sheikh Jarrah Jaber Al-Ahmad Al-Sabah. SPA
Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz met in Riyadh with Kuwaiti Minister of Foreign Affairs Sheikh Jarrah Jaber Al-Ahmad Al-Sabah. SPA
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Saudi Arabia, Kuwait Discuss Ways to Deepen Cooperation in Energy and Industry

Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz met in Riyadh with Kuwaiti Minister of Foreign Affairs Sheikh Jarrah Jaber Al-Ahmad Al-Sabah. SPA
Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz met in Riyadh with Kuwaiti Minister of Foreign Affairs Sheikh Jarrah Jaber Al-Ahmad Al-Sabah. SPA

Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz met in Riyadh with Kuwaiti Minister of Foreign Affairs Sheikh Jarrah Jaber Al-Ahmad Al-Sabah.

The two ministers reviewed bilateral relations and discussed ways to deepen cooperation in energy, industry and mineral resources, as well as joint efforts to strengthen energy security and ensure stable supplies.

They also discussed the latest developments in the region and exchanged views on regional and international issues of mutual interest, in support of the shared interests of Saudi Arabia and Kuwait.