Saudi-US business ties gain momentum with landmark cooperation agreement

On a recent Tuesday in Washington, D.C., the US-Saudi Business Council and the Federation of Saudi Chambers inked a memorandum of understanding (MoU) to deepen ties between the business communities of the United States and Saudi Arabia. This landmark agreement, signed by Charles Hallab, the Council’s Chairman and CEO, and Sultan Al-Musallam, the Federation’s Secretary General, was witnessed by Majid Al-Mutairi, Assistant Secretary General for International Trade at the Federation, and Tom Thraya, President of the Middle East sector at Mayer Brown Company.

The main aim of the MoU is to bolster communication between US and Saudi companies, identify investment opportunities, and tackle business challenges in both markets. The Federation of Saudi Chambers, as the representative body of the Saudi private sector, plays a pivotal role in ensuring the sector’s concerns are adequately addressed. The MoU outlines practical cooperation mechanisms, including trade delegation visits, business leader communication, investment support, and market information exchange.

A joint working group will oversee the MoU's implementation and develop a joint action plan. Senior representatives from both organizations will convene every three months to gauge progress, pinpoint priority sectors, set timelines, and assign responsibilities. Hallab lauded the Federation for its role in connecting the council with the Saudi private sector, expressing optimism about the partnership's future.

The MoU also includes cooperation on the federation’s "International Business Concierge" initiative, aimed at attracting US investments to Saudi Arabia and vice versa. Additional collaboration areas include sector-specific initiatives, business-to-business meetings, government entity engagements, and promoting Saudi exports to the US market.