VIENNA, Va., Aug. 16, 2016 /PRNewswire-USNewswire/ -- Saudi Arabia is actively seeking partnerships with foreign firms to raise the competitiveness and productivity across an array of industries, including downstream petrochemicals, mining and mineral resources, and local manufacturing. The Kingdom's ambitious plans were detailed in the recently released National Transformation Program 2020 and will yield significant opportunities for U.S. businesses.
On August 25, 2016, the U.S.-Saudi Arabian Business Council (USSABC) is hosting a conference and luncheon program titled Localization, Innovation, and Partnership Opportunities for Industrial Development in Saudi Arabia at the Beverly Wilshire Hotel in Los Angeles, CA. The event will introduce product manufacturers and service providers to opportunities for sales, technical tie-ups, joint venture and investment in Saudi Arabia's expanding industrial and manufacturing base.
The conference will feature His Excellency Eng. Khalid Al-Falih, Minister of Energy, Industry, and Mineral Resources. Other high-level senior Saudi officials include:
- His Highness Prince Abdullah Bin Faisal, Saudi Arabian Ambassador to the U.S.
- His Royal Highness Prince Saud Bin Khalid, Acting Governor, Saudi Arabian General Investment Authority
- His Royal Highness Prince Dr. Turki Bin Saud, President, King Abdulaziz City for Science and Technology
- His Excellency Dr. Alaa Nassif, CEO, Royal Commission at Yanbu
- Eng. Khalid Al-Mudaifer, President and CEO, Saudi Arabian Mining Company (Ma'aden)
- Mr. Abdulrahman Al-Fageeh, Executive Vice President, Polymers, SABIC
The program will also bring together senior leaders from U.S. corporations such as The Dow Chemical Company, General Electric Company, Fluor Corporation, Jacobs Engineering, and ExxonMobil, among others.
Saudi Arabia is currently investing heavily in its industrial infrastructure and seeking to diversify its economic base away from heavy dependence on crude oil sales. The downstream industry is a key part of the Kingdom's plans to attract international investors and grow existing companies to create jobs and diversify the Saudi economy. Areas of focus for future investment include specialty chemicals, plastics, elastomers, automotive, and fast moving consumer products. Despite challenges posed by the fall of oil prices in 2014-2016, the downstream petrochemicals and plastics industry continues to attract investment. For example, Sadara Chemical Company, a $19.3 billion joint venture between Saudi Aramco and Dow Chemical, is the world's largest petrochemicals complex ever built in a single phase.
Development of the mining industry is also a strategic objective of the National Transformation Program 2020; the sector has grown significantly with Ma'aden reporting total investment of $26.8 billion. Saudi Arabia has commercially significant reserves of gold, bauxite, phosphate, and at least 15 industrial minerals that are assessed as being economically feasible for extraction. The Kingdom's growing construction industry is driving demand for Saudi iron, limestone, feldspar, silica, gypsum, and marble for use as building materials. The Saudi Arabian Mining Company (Ma'aden) has leveraged this demand through major partnerships with foreign companies such as Alcoa ($10.8 billion integrated aluminum project) and Barrick Gold Corporation (copper mine joint venture).
Edward Burton, USSABC President and CEO said, "For U.S. firms, Saudi Arabia's competitive package of land, utility and infrastructure services coupled with its access to Middle Eastern, European, Asian and African markets make it a destination that any serious industry investor with long-term aspirations in the region needs to look at very closely."
The Conference is designed to create a platform for senior business people and government representatives from both countries to review specific commercial and investment opportunities and network with potential business partners. The program will feature Davos-style panels with U.S. and Saudi company executives successfully engaged in the Saudi market alongside Saudi Government experts from a wide variety of fields.
For media interested in attending and covering the Conference, please contact:
Manager, Communications and Information Services
U.S.-Saudi Arabian Business Council
Email: [email protected]
About the USSABC
The U.S.-Saudi Arabian Business Council (USSABC) was established in December 1993 to improve the mutual knowledge and understanding between the private sectors of the U.S and Saudi Arabia and to promote and facilitate increased trade and investment between the two countries. The USSABC has built a membership base of approximately 350 leading companies in the U.S. and Saudi Arabia and serves as the central source of information and assistance for companies that want to pursue specific business activities in Saudi Arabia. The USSABC organizes conferences and seminars in both countries to promote dialogue between the two private sectors, as well as trade and investment missions that provide networking opportunities for U.S. and Saudi companies. For more information on the Business Council, please visit www.us-sabc.org.
SOURCE U.S.-Saudi Arabian Business Council