Saudi-US Business Council and Chambers sign framework to boost investment ties

The Saudi-US Business Council and the Federation of Saudi Chambers have collaborated to sign a memorandum of understanding (MoU) in Washington, D.C. This agreement aims to bolster business connections and investment opportunities between the business communities of Saudi Arabia and the United States. The signing ceremony took place in the presence of representatives from both organizations.

Charles Hollab, Chairman of the Saudi-US Business Council, and Sultan bin Mohammed Al-Musallam, Secretary-General of the Federation, jointly signed the MoU. The framework they established is designed to foster communication, identify investment prospects, and address the challenges faced by businesses in both markets.

Key cooperation mechanisms outlined in the memorandum include organizing trade delegation visits, supporting investments and strategic partnerships, exchanging knowledge and expertise, and utilizing specialized channels to facilitate market entry and resolve business obstacles. A joint working group will oversee the implementation of the agreement, with regular quarterly meetings involving senior representatives from both sides to assess progress, set priorities, and allocate tasks.

Charles Hollab emphasized the importance of the Federation of Saudi Chambers as a vital partner in engaging and supporting the Saudi private sector. He expressed his appreciation for the Federation's leadership and friendship, and shared his anticipation for further strengthening the partnership. The MoU also includes provisions for activating the Federation’s ‘International Business Concierge’ initiative.

This initiative is aimed at facilitating international business, encouraging US investment in Saudi Arabia, and supporting Saudi exports to the US market.

Established in 1993 by Saudi royal decree and a US executive order, the Saudi-US Business Council has a mandate to promote trade and investment between the two nations.