$385bn projects to be discussed at US-Saudi forumby CW Staff on Dec 5, 2011
The Saudi-US Business Forum in Atlanta, which opened on Monday, will discuss prospects of US investment in key Saudi projects worth $385bn, ranging from education to oil and gas, infrastructure, petchem, transport, water and electricity and IT.
About 1,200 delegates, including four Saudi ministers and the head of the King Abdullah City for Nuclear and Renewable Energy, will attend the deliberations.
"The forum will enable US companies to make use of the huge investment opportunities offered by the Saudi government's ambitious development plan in infrastructure, health, education and other projects," an official statement said, adding that it would also discuss Saudi investment in the US state of Georgia, which is hosting the event.
Commerce and Industry Minister Abdullah Alireza, who is one of the speakers, highlighted the strategic US-Saudi partnership, saying it will continue to evolve over the years. "This forum will work to ensure that this great potential is realised."
Alireza added: "Saudi Arabia is the top market in the region, and potential US exports are forecast to more than double by 2015."
Gary Locke, former secretary of the US Department of Commerce, was equally enthusiastic about the forum and its prospects.
"We are fortunate that Saudi Arabia and the US have a strong foundation of trust and partnership to build on. Today Saudi Arabia is taking unprecedented steps to expand and diversify its economy into knowledge-based industries," said Locke.
"US companies have the expertise and resources to help the Kingdom reach its ambitious development goals and the opportunities for commercial engagement and partnership are immense.
"When you look at the sum of these projects, you see a country that is demonstrating vision and a commitment to generational growth," said Locke.
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