King Salman's U.S. visit ushers in a renewed era of friendship, cooperation
Honoring a long history of cooperation and friendship between the Kingdom and the United States, the Custodian of the Two Holy Mosques King Salman ibn ‘Abd Al-‘Aziz Al-Sa'ud took center stage at a pair of events hosted by the company during his recent visit to Washington, D.C. The King and his royal delegation joined more than 800 business and civic leaders at a dinner gala sponsored by Saudi Aramco in conjunction with the U.S.-Saudi Arabian Business Council and Saudi Arabian General Investment Authority. In his remarks, the King emphasized the enduring relationship between the two nations and encouraged further collaboration to strengthen economic partnerships. Also as part of the activities during the King’s visit, the company hosted a reception and dinner for 500 guests to commemorate the close ties between the Kingdom and the U.S., complementing the event’s spirit of lasting friendship and trust built on a decades-long association.
The Custodian of the Two Holy Mosques, King Salman ibn ‘Abd Al-‘Aziz Al-Sa’ud, visited the United States last week — his first time since assuming the throne earlier this year. He joined with a group of his ministers and advisors to meet U.S. president Barack Obama and other top government officials and business leaders to strengthen ties and share mutual interests between the two nations. Saudi Aramco participated in a series of events held in conjunction with the royal visit to Washington, D.C., to honor the King, highlight business opportunities at an investment forum, and bring together friends and annuitants to celebrate the company’s human connections spanning eight decades. The historic alliance between Saudi Arabia and the United States dates back to 1933, when King ‘Abd Al-‘Aziz Al -Sa’ud granted a group of U.S. oilmen a concession to explore for petroleum within the Kingdom. With discovery of that first drop of oil a few years later at Dammam Well No. 7 (the Prosperity Well) leading to commercial viability — Saudi Aramco was in flight to eventually become the world’s largest oil producer. This was accomplished with Saudis and Americans working side by side. A Royal Welcome King Salman and his royal delegation joined more than 800 business and civic leaders Sept. 4 at a dinner gala, which was held in the King’s honor. Saudi Aramco was a sponsor in conjunction with the U.S.-Saudi Arabian Business Council and Saudi Arabian General Investment Authority (SAGIA). In his official remarks, King Salman emphasized the enduring relationship between the two nations and encouraged further collaboration to strengthen economic partnerships. He specifically lauded the efforts of those who were involved in a U.S.-Saudi Investment Forum, held earlier that day, which was planned in conjunction with the visit. Additionally, the King recognized that the alliance that bonds the United States and Saudi Arabia has historically transcended strategic imperatives, fully embracing a human spirit of respect and friendship. It is that people-to-people connection that has formed a bond between nations that is unique and steadfast, he said. Also giving official remarks at the dinner was Abdallah S. Jum’ah, who serves as cochair of the U.S.-Saudi Arabian Business Council and chairman of the Saudi Investment Bank. “We are all immensely grateful to Your Majesty for being with us at this event, which hopefully will lend a strong impetus to the development of investment between the two friendly countries,” Jum’ah said. “Today, many attractive investment opportunities have opened up for more leading U.S. companies in several promising sectors.” Prominent U.S. business leader Jeff Immelt, chairman and CEO of General Electric, also provided official remarks, saying that the relationship between the U.S. and Saudi Arabia is “critical.” He added that “commerce represents an important new chapter in that partnership” and that American companies are open and willing to invest more in the Kingdom and to create a strong business climate together. In conjunction with the gala dinner, a private meeting was held by King Salman with some of the U.S.’s most respected business leaders and heads of corporations. Economic and investment opportunities were highlighted, along with encouragement to potential U.S. investors, with the goal of increasing the Kingdom's economic diversification, creating jobs, and setting the stage for greater in-country manufacturing. Economic Opportunities Highlighted Opportunities to invest in Saudi Arabia were on full display during the U.S.-Saudi Investment Forum. Saudi Aramco current and former senior officials participated on panels during the general sessions. The company also hosted a booth during the expo on how to conduct business with Saudi Aramco. The forum was a collaboration between SAGIA, the U.S.-Saudi Arabian Business Council, and the Council of Saudi Chambers. Jum’ah opened the day’s activities with welcoming remarks, followed by a keynote address by HE Abdullatif Al Othman, governor and chairman of the Board of SAGIA. “There is no better time than now to invest in the Kingdom,” Al Othman said, noting that the country has moved to a new level by further diversifying its economy and opening up new markets. He added that such improvements include expediting the issuance of visas and business licenses, as well as making the licenses valid over multiyear periods. HE Khalid A. Al-Falih, Minister of Health and Chairman of the Board at Saudi Aramco, participated in a panel discussion with Al Othman and other Saudi ministers about fostering attractive business climates. The other ministers included HE Ibrahim Al-Assaf, Minister of Finance, and HE Tawfig Alrabiah, Minister of Commerce and Industry.
Al-Assaf started out the discussion between panelists, addressing oil market fluctuations and the effect on world markets. He said the Saudi economy has remained strong, showing a steady growth due to wise strategic investments made early on to protect against such volatility. “We implemented a prudent plan,” he said. The initiatives included delaying nonpriority projects and investing in human capital. “We are offering a world-class education to prepare our future workforce.” Al-Falih also addressed the key advantages of investing in Saudi Arabia, and he further talked about energy and the country’s health sector. The company, he said, has a long history of transforming itself to ensure it maintains its strong market leadership position. “The company has been historically dominant in upstream but is now working to create a larger footprint in the downstream sector,” he said, adding that Saudi Aramco has made substantial investments in refining and is seeking further opportunities down the value chain. Al-Falih also addressed health care throughout the Kingdom, outlining a plan to increase quality and access. He touched on several pillars, including the acquisition of new technologies, especially those used for early detection and prevention; establishment of world-class training and education programs for staff; and the development of a localization engine to ensure availability of materials and supplies. Alrabiah said the United States is one of Saudi Arabia’s most important trade partners, with several hundred joint projects currently in progress between the two countries. He added that the investment opportunities are continuing to grow and looks forward to even greater collaboration in the future. Another panel session followed, with Abdulrahman F. Al Wuhaib, senior vice president of Downstream at Saudi Aramco, joining the discussion on Saudi downstream and chemical opportunities.
Al Wuhaib talked about Saudi Aramco’s multiple efforts to expand its downstream portfolio and its particular interest in the transportation sector and chemicals. “We are actively pursuing the development of advanced engine and fuel technologies, CO2 capture and sequestration research, as well as technologies to facilitate the direct conversion of crude oil into chemicals.” He said another important element of the company’s strategy is the development of conversion parks next to the company’s petrochemical mega-projects to facilitate manufacturing, especially through small- and medium-sized companies. This initiative, he said, will “stimulate investments and create jobs.” Representatives from both Saudi Aramco and U.S.-subsidiary Aramco Services Co. worked together to help plan and implement the company’s involvement in these key events surrounding the royal visit.