Over 90 top execs arrive in Riyadh for day of deals

Updated 20 May 2017
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Over 90 top execs arrive in Riyadh for day of deals

JEDDAH/DUBAI: More than 90 business leaders from Saudi Arabia and the US have convened in Riyadh for a high-intensity day of deal-making and business talks.
The Saudi-US CEO Forum, which coincides with US President Donald Trump’s visit to Saudi Arabia, aims to give a boost to trade relations between the two nations, organizers said.
Multiple bilateral agreements and memorandums of understanding (MoUs) are expected to be signed and new licenses are to be issued for US companies to operate in the Kingdom.
At least 90 CEOs and top executives — split roughly evenly between those from Saudi Arabia and the US — are set to attend, according to a representative of the organizer.
High-profile attendees from the Saudi side will include: Khalid Al-Falih, Saudi Arabia’s energy minister; Majid Al-Qassabi, minister of commerce and investment; Amin H. Nasser, president and CEO of Saudi Aramco; Lubna Olayan, CEO of Olayan Financing Co.; and Yousef Al-Benyan, CEO of Saudi Basic Industries Corporation (SABIC).
Mohammed Al-Jadaan, Saudi minister of finance, and Ali Al-Ghafis, minister of labor and social development, are also expected to attend.
Visitors from the US will include: Andrew Liveris, chairman and CEO of Dow Chemical; Michael Corbat, CEO of Citigroup; Jeff Immelt, chairman and CEO of GE; Chuck Robbins, CEO of Cisco; and Laurence Fink, chairman and CEO of BlackRock.
The forum will feature four roundtable discussions. Al-Falih will chair a session on industrial capacity building, while Al-Qassabi will lead a discussion on the progress the Kingdom has made to foster business partnerships.
Sessions on privatization and Saudi investment opportunities will be chaired by Mohammed Al-Tuwaijri, vice minister of economy and planning, and Yasir Al-Rumayyan, managing director of Saudi Arabia’s Public Investment Fund, respectively.
The Saudi-US CEO Forum is scheduled to be held annually to demonstrate the strategic partnership between the countries, with the aim of creating more jobs.
Economic relations between Saudi Arabia and the US began in the 1930s, when the Kingdom’s founder King Abdulaziz granted the right of oil exploration to the American company Standard Oil, with a 66-year contract. The Arabian American Oil Company (Aramco) was formed in 1944 and became known as Saudi Aramco in 1988.
Edward Burton, president and CEO of the US-Saudi Business Council, said that Saudi Arabia has been a “prolific” investor in the US in more modern times.
“Companies like SABIC and Aramco have made big commitments to the US, and Prince Alwaleed Bin Talal is the biggest individual investor from Saudi Arabia, with hotel and equity investments like Twitter,” he told Arab News.
“Saudis are also big investors in US real estate in Florida, California and New York. They are no strangers to the financial attraction of America, even before President Trump.”


Saudi Arabia witnesses unprecedented achievements one year after MBS became crown prince

Crown Prince Mohammed bin Salman has become the government’s face of reform, modernization and change. (SPA)
Updated 22 June 2018
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Saudi Arabia witnesses unprecedented achievements one year after MBS became crown prince

  • Crown Prince Mohammed bin Salman is the architect of a wide-ranging plan for social and economic reforms known as Saudi Vision 2030
  • Vision 2030 seeks to make Saudi Arabia non-oil based economy and the large developments at the Red Sea, Qiddiya and, NEOM, are part of the efforts to lure in investors and promote tourism sector.

JEDDAH: June 21 marked one year of Mohammed bin Salman as crown prince of Saudi Arabia.Since assuming the role, the crown prince, fondly known as MBS, has been working for the socioeconomic transformation of the Kingdom.
He is the architect of a wide-ranging plan for social and economic reforms known as Saudi Vision 2030, which aims to diversify the economy of the Kingdom and reduce its dependence on oil income.
Among the reforms envisaged in the Vision 2030 plan are the reopening of cinemas and allowing both sexes to attend concerts.
Another major development is the lifting of a ban on women driving. From June 24, women in Saudi Arabia will be able to take the wheel. The crown prince’s Vision 2030 reform plan seeks to elevate women to nearly one-third of the workforce, up from the current 22 percent.
In a statement issued to the Saudi Press Agency (SPA), Dr. Yousef bin Ahmed Al-Othaimeen, secretary-general of the Organization of Islamic Cooperation, said that as the architect of Saudi Vision 2030, the crown prince was inspiring the country’s youth and introducing structural changes to the Saudi economy and society.
Al-Othaimeen said that in one year he had taken many important initiatives at the national and international level and reinforced Saudi Arabia’s leading role in defending and supporting issues related to the wider Muslim world.
In this area, the OIC chief said, the most notable achievement was the creation of the Islamic Military Counter Terrorism Coalition.
Vision 2030 seeks to boost the Saudi non-oil based economy, and the large developments at the Red Sea, Qiddiya and NEOM, the futuristic mega city, are part of efforts to attract investors and promote the Kingdom’s tourism sector.
Saudi Minister of Telecommunications and IT Abdullah bin Amer Al-Sawaha said that the Kingdom is geared up to achieve the goals of socioeconomic transformation as envisaged in Vision 2030. He said that during the last year Saudi Arabia had achieved great success in this ambition.
Civil Services Minister Sulaiman bin Abdullah Al-Hamdan said that last year was characterized by many achievements. The Kingdom, he said, witnessed the continuation of the successful implementation of the crown prince’s Vision 2030, which covers all aspects of life.
Saudi Education Minister Dr. Ahmed bin Mohammed Al-Issa said: “Our country is looking forward to a bright future in line with an ambitious vision. It is standing at the threshold of great transformation.”
Saudi Arabia has also witnessed several unprecedented developments since Crown Prince Mohammed bin Salman began implementing his reform plans. In a bid to ensure transparency in the financial system to promote international investments, the Kingdom launched a drive to root out corruption from society without discrimination.
Saudi Justice Minister Dr. Waleed bin Mohammed Al-Samaani, who is also president of the Supreme Judicial Council, said that the crown prince is a leader whose impact has surpassed local and regional levels. He has emerged as one of the most influential figures at the global level, he said.
Islamic Affairs Minister Dr. Abdulatif bin Abdul Aziz Al-Ashiekh said: “The Kingdom’s Vision 2030 is a comprehensive national development program that seeks to achieve prosperity for the country. The crown prince has worked very hard to achieve many goals in record time.
“The Ministry of Islamic Affairs has received a great deal of support and attention from the crown prince to help fight extremist and deviant ideologies.”
The minister said that these efforts come within the framework of Vision 2030 to eradicate all sources of corruption.
MBS’s history of philanthropic initiatives has earned him many awards. In 2011, he established the Prince Mohammed bin Salman bin Abdul Aziz Foundation (Misk), which enables young Saudis to learn, develop and progress in the fields of business, literature, culture, science and technology, and sociology.
“The crown prince’s initiatives in relief and humanitarian work have been admired and praised by the UN and its related organizations,” said Dr. Abdullah Al-Rabeeah, general supervisor of the King Salman Humanitarian Aid and Relief Centre (KSRelief) and an adviser to the royal court.
Al-Rabeeah said that the crown prince had allocated $66.7 million to fight the cholera epidemic in Yemen, in addition to his efforts to help the needy throughout the world without discrimination.
He said that the crown prince had worked hard to build a new phase of progress and prosperity for the country with the help of the youth who are the core of the Kingdom’s future.
In recent years, the crown prince has become the government’s face of reform, modernization and change. In a country where about 60 percent of the population is under 30, the young crown prince is widely seen as an icon in the push toward socioeconomic reforms.
The crown prince also heads the Council of Economic and Development Affairs, which aims to establish a seamless mechanism to achieve Vision 2030 goals.