Construction

Saudi offers projects worth $1 trillion to American investors

Investment offered in areas like Oil & Gas, petrochemicals, transport, electricity and desalination

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RELATED ARTICLES: Rising costs threaten Saudi real-estate market | Saudi construction officials back FIDIC contracts | Saudi projects value dips; Kuwait, Bahrain move up In an attempt to attract American investors, Saudi Arabia, at a forum in Los Angeles that opened earlier this week, offered $1 trillion worth of investment opportunities in vital sectors such as oil and gas, petrochemicals, transport, electricity and desalination. Commerce and Industry Minister Tawfiq Al-Rabiah was one of the keynote Saudi speakers at the three-day Saudi-US Business Forum organised by The Committee for International Trade (CIT), the Saudi-US Trade Group (SUSTG) and the US-Saudi Arabian Business Council, where officials and leaders are expected to explore how US companies can participate in the Kingdom’s economic expansion and build new business ties. This is the third forum organised by CIT in US cities which was previously held in Chicago and Atlanta. “American businesses at every level can benefit from attending the forum to learn how to get involved in the $1 trillion-plus trade and investment opportunities that Saudi Arabia represents over the next decade,” said Omar Bahlaiwa, secretary-general of CIT. “We look at Los Angeles not only as a single city, or California as a single state,” SUSRIS (Saudi-US Relations Information Service) quoted him as saying. “We look at California’s standing in the world, the ninth largest economy, just behind Brazil and ahead of the booming country of India. This is a very important market. California is home to more Fortune 500 companies than any other US state,” he said, adding Saudi officials had made two successful preparatory visits to California. “We’ve found lots of enthusiasm and friendship on all levels of the public and private sectors. We are working closely with many new partners for the forum – chambers of commerce, business roundtables, the mayor’s office and many others.” “During this period of severe global economic downturn and historic social and political upheaval across many regions including the Middle East, Saudi Arabia remains a stable and reliable partner,” Bahlaiwa said, according to the report. He added that Saudi is a leading voice for moderation and dialogue among Arab states and in the Islamic world besides being a regional economic powerhouse.

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