Saudi American relations have reached a level of maturity where the two countries are keen to maintain these strong ties, and continuously develop them, whatever may be the circumstances.
Both countries have a longstanding relationship that has deepened with a common desire for greater cooperation. Over the years, the leaders of Saudi Arabia and the US, have supported the bilateral economic relationship, and are committed to ensuring that the relationship continues to flourish, and broadened to reflect new priorities.
The shared history and mutual interests have brought the two nations into a partnership. Both nations have a deep respect for values. Both seek stability in the Middle East, and the Arabian Gulf in particular, without which, no progress can be made in the region, either at the political and/or the economic level.
Under the leadership of King Salman and the Crown Prince, Saudi Arabia is maintaining political stability throughout the recent events in the region. Stability is imperative to ensure prosperity for the Saudi people. The nation’s political and economic stability brings opportunities that need to be addressed in order to achieve the goals of Vision 2030, which aim to realize economic transformation, with a focus on preserving economic gains while diversifying income sources.
In light of the above, the Saudi American relations have reached new levels of cooperation with a greater number of meetings to discuss furthering economic ties. With Vision 2030, opportunities for cooperation are greater than ever, particularly, with the multiple fields and areas covered by the reform program, such as oil, gas, chemicals, biotechnology, entertainment, economic cities and other investment areas.
Meanwhile, the Kingdom of Saudi Arabia who possesses a very vibrant and thriving economy represents the largest in the Gulf region and the 20th largest in the world. Saudi Arabia is committed to enhancing its business climate to make it more attractive to foreign investment.
To realize its objectives, Saudi Arabia is gearing up to stage the world’s largest IPO, offering up a slice of Saudi Aramco, the state oil giant. According to the Vision 2030 blueprint, a stake of just 5% will be made public.
Saudi Arabia has been undergoing a series of economic reforms. On this issue, the American Assistant Secretary for Global Markets at the Department of Commerce commented that “we laud Saudi Arabia’s economic reforms and commitment towards ensuring the long-term health of its economy. The Kingdom has demonstrated real leadership in undertaking energy subsidy reforms. The U.S. Government and U.S. private sector stand ready to support the
Kingdom through lessons learned, solutions and technologies, and best practices to attract investment and innovation”. Adding that “investments in both directions will enhance the international competitiveness of our respective economies, while we are undertaking efforts to expand our trade and investment relationship”.
The author believes the Saudi and American private sectors are in need of the development of new business initiatives, in different business lines, to support the on-going strong bilateral ties, taking the 2030 Vision eight business areas of emphasis in consideration.
To create a successful strategic partnership, any business venture taken ought to make sure that the strengths, weaknesses, expectations, limitations, responsibilities, and accountabilities of those involved are carefully discussed and looked after. In addition to ensuring fair negotiations between partners on issues such as capital shares, board and management contributions, among other issues.
It is worth noting that the American private sector is encouraged by the economic reforms proposed in the Saudi 2030 Vision and looks forward to taking advantage of the various commercial and investment opportunities it offers while partnering with the Kingdom to fulfill its goals. This is the reason why new Saudi American business initiatives are highly recommended.
In conclusion, the Kingdom is forging ahead to meet the challenges in building its future. As such, it is the collaborative bilateral efforts between Saudi Arabia and the United States that will support overcoming challenges.
SOURCE : ALBILAD
