Saudi-US Business Council and Chambers sign framework to boost investment ties

The Saudi-US Business Council and the Federation of Saudi Chambers have signed a memorandum of understanding aimed at strengthening ties between the business communities of Saudi Arabia and the United States.

The agreement was signed in Washington, D.C., in the presence of officials from both sides. The signing was carried out by Council Chairman Charles Hollab and Federation Secretary-General Sultan bin Mohammed Al-Musallam.

The memorandum establishes a framework for communication between companies in both countries, the development of investment opportunities, and the addressing of challenges facing businesses in both markets.

Cooperation mechanisms include facilitating trade delegation visits, supporting investments and strategic partnerships, exchanging information and expertise, and working through specialized channels to ease market entry and resolve obstacles for companies.

A joint working group will implement the memorandum, with quarterly meetings of senior representatives from both sides to monitor progress, set priorities, and allocate responsibilities.

Charles Hollab said: “The Federation of Saudi Chambers is a key partner for us in engaging and supporting the Saudi private sector. This agreement enables the Council and the Federation to bring companies together, pursue shared objectives, and enhance trade relations between our countries. We value the Federation’s leadership and friendship, and look forward to further developing this partnership.”

The memorandum also provides for cooperation to activate the Federation’s ‘International Business Concierge’ initiative, aimed at facilitating international business and attracting US investment to the Kingdom.

Areas of cooperation include implementing sector-focused activities, organizing meetings between companies and government entities, and supporting Saudi exports to the US market.

The Saudi-US Business Council was established in 1993 by Saudi royal decree and a US executive order, with a mandate to promote trade and investment between the two countries.