Saudi Minister of Investment Engineer Khalid Al-Falih hailed the Jeddah Security and Development Summit that was held on Saturday.
“These meetings come at a particularly critical period and offer us the opportunity to boost the relations and strategic partnerships between our countries and the United States, for the good of our peoples, as well as the prosperity, stability, and security of the whole world,” he added, according to the Saudi Press Agency.
The summit brought together the leaders of the Gulf Cooperation Council (GCC) countries, US President Joe Biden, Egypt’s President Abdul Fattah al-Sisi, Jordan’s King Abdullah II and Iraqi Prime Minister Mustafa al-Kadhimi.
Al-Falik said: “The economic and investment relations between the Kingdom and US is nearly 90 years old, having started with the Kingdom signing, in 1933, an oil concession agreement with Standard Oil of California (SOCAL, and later Chevron).”
“Saudi-US relations gained momentum after the historic meeting between Founding King, Abdulaziz bin Abdurrahman Al Saud and then-US President Franklin Roosevelt, in 1945. That meeting laid the foundation for a long-term strategic partnership between the two countries that have remained firm and prosperous, despite global and regional challenges, over the past decades,” he noted.
“Moreover, Saudi-American relations have witnessed a major boost under the leadership of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense,” he added.
Al-Falih noted that Saturday’s summit was held at a critical time, as the world is still grappling with the coronavirus pandemic. It is also enduring the Russian-Ukrainian conflict that has impacted the global economy, supply chains and food security and led to a slow-down in investments.
The Kingdom, meanwhile, continues to make stride as it forges ahead with its Vision 2030, which has passed the five-year mark. Saudi Araia is achieving great success and coming closer to its goals and objectives of building its future as a vibrant society, a prosperous economy, and an ambitious homeland.
Vision 2030 and the National Investment Strategy aim to open doors for Saudi and non-Saudi investors to promising emerging sectors in the Kingdom, with the objective of bolstering the role of the private sector in diversifying the resources of the Kingdom’s national economy, creating quality job opportunities, and developing local communities, said Al-Falih.
He highlighted the National Investment Strategy’s role in promoting investment opportunities in specific sectors, including tourism, entertainment, transportation, logistics, energy (including renewable energy), green technologies, and green financing, as well as sectors related to digital transformation, such as advanced industries, health, and financial services.
Today there are more than 740 American companies registered as foreign institutions operating in the Kingdom, employing over 67,000 people, the majority of whom are Saudi, continued the minister.
These companies are present throughout the Kingdom, mainly across sectors such as manufacturing, information and communications technologies, as well as professional, scientific, and technical sectors.
Saudi companies, led by Saudi Aramco, SABIC, and Ma'aden, have made significant investments in the United States that are worth tens of billions of dollars, predominantly in oil and gas industries, as well as chemicals, Al-Falih noted.
Additionally, the Public Investment Fund (PIF) holds various investments, including about USD 44 billion worth of shares listed in US markets, according to Q1 2022 numbers.
Lucid Motors, a leading electric vehicle producer, which recently signed an agreement to build a factory in the Kingdom, represents one of the PIF’s strategic investments in the United States.
Al-Falih stressed that the Kingdom seeks to build and expand this strategic partnership, including with private sector institutions in both countries.
Moreover, he said his Ministry of Investment led a large delegation of private and public sector leaders from the Kingdom on an official visit to the United States in June.
