King Abdullah Economic City (KAEC) has announced the formation of the Red Sea Forum, an economic initiative that will bring together American midcap companies and KAEC to spur economic development opportunities in the Middle East. The forum will be held in New York City in October.

The announcement comes as US Secretary of Commerce Penny Pritzker visited the Kingdom recently to strengthen economic ties between the United States and Saudi Arabia. Pritzker’s call to boost US-Saudi economic relations is a vital stepping stone to expanding investment partnerships in the Middle East.

“US companies recognize there are tremendous opportunities in the Gulf, which is why I am currently leading a delegation of 21 American firms on a trade mission to the region,” said Pritzker.

“When American firms enter new markets and sell their goods and services globally, it is truly a win-win. US companies have the technology, products and expertise to drive development around the world, and additional US exports lead to economic growth and job creation in America. At the Department of Commerce, one of our core priorities is to support American businesses so they can expand and hire at home and abroad.”

KAEC’s commitment to pro-business policies is a logical next step following Secretary Pritzker’s call for economic partnership. The competitive cost of land, competitive energy costs, low-tax base and strategic geographic position make KAEC an ideal location for expansion. KAEC is a valuable new partner and asset for those companies who have saturated their investment both domestically and in BRIC markets.

“We thank Secretary Pritzker for her commitment to fostering economic growth, and we look forward to a successful forum and introducing opportunities to drive investment in the region,” said Fahd Al-Rasheed, MD and CEO of KAEC.

“With state-of-the-art ports, world-class developments and business-oriented regulations, KAEC is primed to help mid-size American companies successfully enter the emerging Middle Eastern market,” he added.