President Joe Biden’s visit to Saudi Arabia will likely raise the level of economic partnerships and increase bilateral trade and investments between the US and the Kingdom, economists predicted, adding that the trip might give strategic ties a push in the right direction.
The strategic partnership shared between the US and the Kingdom is expected to return to its previous era, according to a solid base and a vision that achieves common interests.
At the forefront of those interests is the security and stability of the region which in turn could guarantee the security of energy supplies and protect the global economy from dangerous repercussions that will have the greatest impact on major industrialized countries, particularly the US.
Speaking to Asharq Al-Awsat, economists acknowledged the political and economic weight of the US and the importance of its strategic partnership with Saudi Arabia. However, they also pointed out that the Kingdom is also a pivotal actor in maintaining the security and stability of the region.
Moreover, Saudi Arabia is perceived as a critical center for the stability of energy markets and supply chains worldwide.
Member of the Saudi Shura Council Fadel al-Buainain believes that US President Joe Biden's visit to Saudi Arabia will enhance the two countries' economic, commercial and investment relations.
According to al-Buainain, Biden has finally realized the importance of the Kingdom in the region and the sustainability of strategic relations between Riyadh and Washington.
“I view the US president’s visit in terms of reforming the compass of Saudi-American relations, which he and the Democratic Party have caused damage to, prompting the Kingdom to search for its interests away from such arrogance,” al-Buainain told Asharq Al-Awsat.
“This is confirmed in Biden's article, which he titled (Why I’m going to Saudi Arabia?),” he added, citing Biden’s acknowledgment that the Kingdom has been a strategic partner of the US for over 80 years.
Al-Buainain believes that the Kingdom’s vision in its foreign relations has become dependent on achieving an optimal balance that guarantees the achievement of interests.
Saudi Arabia wants to strengthen its strategic relations with the US without allowing it to harm its internal, regional, and international interests.
On the other hand, Al-Buainain noted that the US remains a valuable partner that cannot be excluded.
“The Kingdom succeeded in moving forward with the implementation of its economic reforms and did not pay attention to the US position during the past two years, as the global market is open and technologies are available in many alternative countries,” said al-Buainain.
“The shift towards the east is one of the tools for achieving balance in economic relations and technology transfer, which has been reinforced by past and current experiences,” he added, explaining that the Kingdom has realized that it is risky to rely on a single strategic partner.
Saudi Arabia has strengthened its partnerships with other countries to ensure sustainability and obtain the finest industrial technologies from different sources to achieve efficiency and strategic security.
On the importance of bilateral cooperation for stabilizing global energy markets and curbing the effects of the Russian-Ukrainian crisis in terms of energy and food problems, al-Buainain said: “Since the first day, the Kingdom announced its official position on the Russian-Ukrainian conflict, and stressed the importance of diplomatic handling of the crisis.”
Al-Buainain further affirmed that Saudi Arabia has chosen to distance itself from the crisis but noted that the Kingdom was open to involvement through diplomacy and mediation.
According to al-Buainain, Saudi Arabia is a center for stability in energy markets.
The Kingdom helps secure energy supplies and has a declared and fixed oil policy that is based on achieving the interests of producers without harming the interests of consumers and actively contributing to protecting the global economy and promoting its growth.
