Saudi-US business ties gain momentum with landmark cooperation agreement

Detailed summary

The US-Saudi Business Council and the Federation of Saudi Chambers have signed a memorandum of understanding (MoU) to strengthen ties between the business communities of Saudi Arabia and the United States of America.

WASHINGTON — The US-Saudi Business Council and the Federation of Saudi Chambers have signed a memorandum of understanding (MoU) to strengthen ties between the business communities of Saudi Arabia and the United States of America.

The agreement was signed by the Council’s Chairman and CEO Charles Hallab and the Federation’s Secretary General Sultan Al-Musallam. The signing ceremony was attended by Assistant Secretary General for International Trade at the Federation of Saudi Chambers Majid Al-Mutairi and President of the Middle East sector at Mayer Brown Company Tom Thraya in Washington, D.C. The MoU establishes a framework for enhancing communication between companies in the two countries, developing investment opportunities, and addressing challenges facing businesses in both markets.

The Federation of Saudi Chambers is playing a key role in the partnership as the representative body of the Saudi private sector, ensuring that the sector’s perspectives and needs are duly considered. The memorandum sets out practical mechanisms for cooperation between the council and the federation, including facilitating trade delegation visits and communication between business leaders, supporting investments and strategic partnerships, exchanging market information and expertise, and working through relevant channels to facilitate companies’ entry into both markets and address the obstacles they encounter.

A joint working group will supervise the implementation of the memorandum and develop a joint action plan. Senior representatives from both sides will meet every three months to assess progress, identify priority sectors and activities, set timelines, and assign responsibilities.

Speaking on the occasion, Hallab said that the Federation of Saudi Chambers is a key partner for the council in connecting with and supporting the Saudi private sector.

The memorandum also provides for cooperation in activating the federation’s “International Business Concierge” initiative, which seeks to…

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