عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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
TT
TT

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.

Most Viewed

 
 
Business

Saudi Arabia Prepares New Pathways for Its Companies to Enter the Syrian Market

Syrian President Ahmed Al-Sharaa with businesspeople during the Saudi-Syrian Investment Forum in Damascus (SPA)
Syrian President Ahmed Al-Sharaa with businesspeople during the Saudi-Syrian Investment Forum in Damascus (SPA)
TT
TT

Saudi Arabia Prepares New Pathways for Its Companies to Enter the Syrian Market

Syrian President Ahmed Al-Sharaa with businesspeople during the Saudi-Syrian Investment Forum in Damascus (SPA)
Syrian President Ahmed Al-Sharaa with businesspeople during the Saudi-Syrian Investment Forum in Damascus (SPA)

Asharq Al-Awsat has learned that the Saudi-Syrian Business Council is currently working on around three new pathways that are still being developed as part of an institutional framework aimed at facilitating the entry of Saudi companies into the Syrian market and paving the way for new sector-specific projects in the coming stages.

Saudi-Syrian economic relations have developed since last year, following the arrival in Damascus of a high-level Saudi delegation led by then Investment Minister Khalid Al-Falih. The delegation included more than 130 businesspeople and investors, reflecting the scale of official and economic interest in strengthening trade and investment ties between the two countries.

The visit saw the signing of more than 47 agreements and memorandums of understanding across 11 vital sectors, with total investments exceeding $6.4 billion. They covered real estate, infrastructure, telecommunications and information technology, industry, and other sectors.

Coordination with the “Syrian Sovereign Fund”

According to the information, a mechanism has been established to coordinate with the Syrian Investment Authority to form a joint team to study the development of land and sea logistics corridors. This would include facilitating direct access for exports and temporary admission procedures for equipment used to carry out projects.

In parallel, the Federation of Saudi Chambers has opened a direct channel with the Syrian sovereign fund to follow up on investment opportunities available to the Saudi private sector and support communication with relevant authorities in the Syrian market.

The council was established as Syria prepares for a new phase of reconstruction and development, creating opportunities for the Saudi private sector to participate in investment projects and various economic sectors, drawing on its financing and investment capabilities and its experience in project development.

Since its establishment, the council has begun preparing an action plan for 2025-2030 aimed at strengthening sustainable economic cooperation between Saudi Arabia and Syria, highlighting investment opportunities, supporting strategic partnerships, and facilitating trade and logistics procedures for Saudi companies' exports.

The plan focuses on enabling the Saudi private sector to benefit from reconstruction and development opportunities in Syria by supporting exports, simplifying procedures, and strengthening regulatory frameworks that provide a more favorable environment for investors. It focuses on sectors including infrastructure, trade and export development, real estate development, tourism, industry, and food security.

New Investments

In this context, Mohammed bin Abdullah Abu Nayyan, chairman of the Saudi-Syrian Business Council, said the council includes a number of senior Saudi officials and investors with international business activities, strengthening its ability to support trade and investment relations between the two countries and achieve its objectives.

The Saudi-Syrian Business Council delegation visited the Syrian capital, Damascus, last August, with the participation of 180 Saudi businesspeople. It held joint meetings and more than 15 meetings with government officials, in addition to eight sector-focused meetings and workshops addressing investment opportunities, challenges, and areas of cooperation.

During the visit, the delegation announced the “Sham View” project by Saudi real estate development and investment company Tharaa, with investments exceeding $1 billion. It also launched construction work on the Narcissus Damascus Hotel, owned by Saudi hotel and resort group Boudl.

Business

Iraq Central Bank Devalues Dinar after Mideast War Hurts Oil Exports

An employee arranges stacks of Iraqi dinars at a currency exchange shop in Baghdad on Feb. 14, 2023. (AFP)
An employee arranges stacks of Iraqi dinars at a currency exchange shop in Baghdad on Feb. 14, 2023. (AFP)
TT
TT

Iraq Central Bank Devalues Dinar after Mideast War Hurts Oil Exports

An employee arranges stacks of Iraqi dinars at a currency exchange shop in Baghdad on Feb. 14, 2023. (AFP)
An employee arranges stacks of Iraqi dinars at a currency exchange shop in Baghdad on Feb. 14, 2023. (AFP)

Iraq's central bank devalued the dinar currency against the dollar on Wednesday, with the country facing a deepening crisis brought on by the Middle East war.

Crude oil sales account for nearly 90 percent of Iraq's revenue but its exports have been hurt by the outbreak in February of the conflict between Iran and the United States, which choked off the Strait of Hormuz shipping route.

Consumer prices have also risen, while Iraq's foreign currency reserves have fallen by around $20 billion.

The central bank said in a statement late Tuesday that based on a government decision, "it had decided to adopt... a selling price of the US dollar to the public of 1,520 dinars.”

The rate had been fixed at 1,320 dinars since February 2023.

The bank instructed financial institutions to "stop using the previous rate and adopt the new rate as of the start of the business day on October 7,” AFP reported.

Iraq relies heavily on foreign currency generated by oil sales to finance imports, stabilize the dinar, and pay the salaries of public sector employees and retirees.

Business

Gold Down 1% as Dollar Gains; Fed Minutes in Focus

A worker polishes gold bars at a refinery in Sydney (AFP)
A worker polishes gold bars at a refinery in Sydney (AFP)
TT
TT

Gold Down 1% as Dollar Gains; Fed Minutes in Focus

A worker polishes gold bars at a refinery in Sydney (AFP)
A worker polishes gold bars at a refinery in Sydney (AFP)

Gold prices fell on a stronger US dollar on Wednesday, while investors awaited the minutes of the Federal Reserve's September meeting to gauge the degree of support among policymakers for further rate hikes.

Spot gold fell 0.98% to $4,122.73 per ounce by 0905 GMT. US gold futures for December delivery slid 0.91% to $4,149.00, Reuters reported.

The US dollar index rose 0.4%, making greenback-denominated gold more expensive for ⁠holders of other currencies.

"There ⁠is also an element of caution ahead of the release of the latest Federal Open Market Committee minutes later today," said ActivTrades director and CEO Ricardo Evangelista.

"Until there is greater clarity on that (support for rate hikes) front, there is probably some reluctance to take larger positions in gold."

After a softer US jobs ⁠data, markets now largely expect the Fed to stay pat in October, but are still pricing in an 86% chance of a hike in December, according to the CME's FedWatch tool.

Kansas City Fed President Jeff Schmid said rates still need to rise to bring inflation down, while San Francisco Fed President Mary Daly said the decision would rest on whether the factors pushing up inflation fade or persist.

Higher interest rates diminish the attractiveness of non-yielding gold.

"The downside remains supported by geopolitical uncertainty, concerns over ⁠government debt ⁠and inflation, and central bank demand," Evangelista said.

International Monetary Fund Managing Director Kristalina Georgieva warned on Wednesday that the global economy faces risks from persistently high energy prices, record public debt and risks from the AI investment boom.

Separately, delegates attending the London Bullion Market Association's annual conference in Italy forecast that gold could reach $5,013 an ounce over the next 12 months.

China's central bank stepped up its gold purchases in September, extending its buying streak to a 23rd consecutive month, official data showed.

Spot silver fell 2.2% to $60.3638 per ounce, platinum eased 3.0% to $1,650.45, and palladium lost 2.7% to $1,140.89.