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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 to Host Global Logistics, Supply Chain Forums in November

A view of Riyadh, Saudi Arabia. (SPA)
A view of Riyadh, Saudi Arabia. (SPA)
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Riyadh to Host Global Logistics, Supply Chain Forums in November

A view of Riyadh, Saudi Arabia. (SPA)
A view of Riyadh, Saudi Arabia. (SPA)

Under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, Saudi Arabia will host the second editions of the Global Logistics Forum (GLF) and the UNCTAD Global Supply Chain Forum (GSCF) in Riyadh from November 29 to December 1, reported the Saudi Press Agency on Tuesday.

The GLF, organized by the Saudi Ministry of Transport and Logistic Services, and the GSCF, hosted in partnership with the United Nations and the Saudi Ports Authority, form a pivotal international platform bringing together global leaders, decision-makers, and experts in transport, supply chains, and international trade.

Aligning with Saudi Vision 2030, the GLF aims to solidify the Kingdom's position as a global logistics hub connecting continents while driving innovation, global connectivity, and sustainable supply chains.

The Ministry of Transport and Logistic Services stressed that the co-located forums will serve as a premier launchpad for strategic initiatives and international partnerships, inviting global specialists to participate.

The inaugural 2024 GLF in Riyadh drew over 13,000 attendees, 140 speakers, and 80 exhibitors from more than 30 countries, resulting in 67 agreements valued at over SAR16 billion ($4.3 billion).

Business

Saudi Arabia Tightens Auto Dealer Obligations to Protect Consumers, Improve Ownership Experience

People are seen at the Riyadh Motor Show. (Riyadh Season)
People are seen at the Riyadh Motor Show. (Riyadh Season)
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Saudi Arabia Tightens Auto Dealer Obligations to Protect Consumers, Improve Ownership Experience

People are seen at the Riyadh Motor Show. (Riyadh Season)
People are seen at the Riyadh Motor Show. (Riyadh Season)

Saudi Arabia’s auto market is moving toward greater discipline and competition as the Ministry of Commerce steps up oversight of dealers, seeking to strengthen consumer protection and improve compliance with after-sales service requirements.

The ministry announced it had suspended an auto dealership, barred it from importing vehicles and fined it SAR 8.12 million ($2.1 million) after recording 175 violations. These included failure to provide spare parts and replacement vehicles to customers during maintenance, as well as other breaches involving consumer rights, the Commercial Agencies Law and its implementing regulations.

The ministry investigated the violations, contacted affected consumers and followed up to ensure they received their rights and due compensation, including replacement vehicles.

It also summoned the manufacturer, oversaw corrective measures and recall campaigns, and began transferring the brand to another dealer after verifying its readiness and ability to provide the necessary services.

Mohammed Al-Farraj, chief asset management officer at Arbah Capital, told Asharq Al-Awsat that Saudi Arabia’s large auto market and sustained demand make it one of the region’s most attractive, supported by population and economic growth, expansion of the non-oil economy and mega-projects, and growth in tourism and logistics.

The availability and variety of financing options play a key role in supporting demand, particularly because cars are a necessity for a large segment of the population rather than a luxury, Al-Farraj noted.

Market performance is influenced by vehicle prices, financing costs, income levels and supply, as well as competition among brands and the quality of after-sales services.

Al-Farraj described the ministry’s tougher oversight as a positive step toward protecting consumers and improving market discipline, stressing that a dealer’s obligations do not end with a sale but extend to warranties, maintenance, spare parts and replacement vehicles when needed.

Stronger after-sales compliance should bolster market confidence and gradually shift competition toward quality and reliability rather than price alone.

Al-Farraj expects intensifying competition to push dealers to focus more on the value offered throughout vehicle ownership, including total cost of ownership and customer service.

Business

Mega-Projects, Investment Flows Draw Bank of Jordan to Saudi Arabia

A group photo of Bank of Jordan officials following the inauguration ceremony for the bank’s first branch in Riyadh. (Asharq Al-Awsat)
A group photo of Bank of Jordan officials following the inauguration ceremony for the bank’s first branch in Riyadh. (Asharq Al-Awsat)
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Mega-Projects, Investment Flows Draw Bank of Jordan to Saudi Arabia

A group photo of Bank of Jordan officials following the inauguration ceremony for the bank’s first branch in Riyadh. (Asharq Al-Awsat)
A group photo of Bank of Jordan officials following the inauguration ceremony for the bank’s first branch in Riyadh. (Asharq Al-Awsat)

Saudi Arabia’s appeal extends beyond rising foreign investment and expanding mega-projects to the banking sector, where institutions see the economic transformation driven by Vision 2030 as an opportunity to establish a long-term presence in one of the region’s fastest-growing markets.

Bank of Jordan Group’s entry into the Kingdom reflects growing interest among regional financial institutions in tapping the country’s expanding investment cycle.

The group opened its first branch in Riyadh on Monday, launching its financial and banking operations in Saudi Arabia. The move underscores the Kingdom’s ability to attract not only capital, but also financial institutions seeking to finance the next phase of investment.

Mega-projects, private sector expansion and growing foreign and domestic investment are creating significant opportunities for banks to provide financing solutions and services to companies and investors. At the same time, Saudi Arabia is seeking to deepen the financial sector’s role as a driver of growth and economic diversification.

Saleh Hammad, general manager of Bank of Jordan Group, told Asharq Al-Awsat that the bank’s strategy is based on a clear view of the economic transformations reshaping Saudi Arabia and the wider region.

The group has pursued carefully considered regional expansion, focusing on markets with sustainable economic fundamentals and strategic importance, with Saudi Arabia at the forefront.

Hammad said the Kingdom is undergoing an unprecedented economic transformation under Vision 2030, fueled by investment growth, private-sector expansion and the development of its financial and banking environment.

Establishing a presence in one of the region’s leading financial and economic hubs strengthens Bank of Jordan’s position as a regional institution capable of supporting trade, development and investment opportunities, he noted.

Hammad also highlighted Saudi Arabia’s strong banking system and evolving regulatory environment, supported by the Saudi Central Bank, as key advantages that enhance the group’s position while creating added value for clients and investors.