RIYADH: The Federation of Saudi Chambers and the Saudi-US Business Council signed a memorandum of understanding in Washington to strengthen ties between both countries’ business communities.

The federation is a party to the agreement as the representative of the Saudi private sector, ensuring the sector’s perspectives and needs are considered in efforts to deepen commercial engagement with American companies.

The US and Saudi Arabia traded an estimated $24.6 billion in goods in 2025, according to the US Trade Representative. US goods exports to the kingdom rose 7.2 percent to $14.1 billion, while imports from Saudi Arabia fell 18.4 percent to $10.5 billion.

The MoU “establishes a framework to facilitate communication between companies in both countries, develop investment opportunities, and address challenges facing businesses in the two markets,” the Saudi Press Agency reported.

Practical cooperation

The memorandum outlines practical mechanisms for cooperation between the council and the federation.

These include facilitating trade delegation visits and engagement among business leaders, creating more direct channels for companies in both countries to meet and explore deals.

The two sides will also support investments and strategic partnerships, and exchange market information and expertise, giving companies a clearer view of conditions in each other’s markets.

The agreement also commits both bodies to working through relevant channels to facilitate market entry for companies and address the obstacles they face.

Previous MoU

The signing comes days after the Federation of Saudi Chambers inked an MoU with the US Chamber of Commerce, aimed at strengthening trade and investment cooperation between the countries

The agreement, signed on Nov. 10, seeks to expand collaborative opportunities between the business sectors of both nations and was signed on the sidelines of the B20 Summit, hosted in Washington, D.C.

Council’s earlier board meeting

The Saudi-US Business Council held a board meeting in Riyadh on Nov. 8, with the Energy and Industry Minister Prince Abdulaziz bin Salman and Investment Minister Fahad Al-Saif, and co-chairs Lubna Olayan and Jane Fraser in attendance.

Board members reviewed priorities for expanding bilateral trade and attracting investment, and discussed a work program to identify structural barriers to commerce between the two countries and develop practical recommendations. 

Al-Saif outlined the upcoming second edition of the National Investment Strategy, which he said would focus on turning investment opportunities into actual investments.