Editor’s Note:
SUSRIS is reporting from the U.S.-Saudi Business Opportunities Forum this week in Chicago. You can ensure up to date reporting by signing up for the SUSRIS Newsletter (Here) or through the RSS Feed subscription on the SUSRIS.com home page. More coverage will be provided on the www.SUSRISblog.com and our video gallery at www.SUSRIStube.com. Each of those has an RSS Feed available for you to stay up to date on this very important conference and everything else SUSRIS provides. You can get more details at the official conference web site — U.S.-Saudi Business Opportunities Forum.
High-Level U.S. and Saudi Arabian Business, Government and Civic Leaders Discus Finance, Energy, Trade, Industry, Education at First Day of U.S.-Saudi Business Opportunities Forum
Memorandums of Understanding and partnership agreements signed by numerous U.S. and Saudi companies
CHICAGO, April 28, 2010—Today, Chicago welcomed more than 1,100 Saudi Arabian and U.S. senior businesspeople, top government officials, civic leaders and others at the U.S.-Saudi Business Opportunities Forum, a two-day conference that seeks to highlight Saudi Arabia’s growing global financial and economic influence as well as its rapidly expanding economy. A delegation of approximately 200 Saudi government and business leaders traveled to Chicago for the event, held at the Sheraton.
This first-ever U.S.-Saudi Business Opportunities Forum is a major platform to discuss not only the need for enhanced cooperation at the national level but also an opportunity for Chicagobased, Midwest and national companies to network with their Saudi counterparts to identify specific commercial and investment opportunities.
The day kicked off with remarks from the Forum’s Chicago Steering Committee Chairman William M. Daley, Midwest Chairman of J.P. Morgan Chase, who welcomed the Saudi delegation to his hometown, which he called a world-class city with a diverse economy and excellent workforce. Daley noted that his hopes for the conference were to generate business and also for the two countries to learn a great deal from each other. Daley welcomed Caterpillar Chairman and CEO Jim Owens and The Boeing Company Chairman, President and CEO, James McNerney, Jr., who set the theme for the two days.
The first panel, entitled “The U.S. and Saudi Arabia: A New Economic Order,” was moderated by Richard Debs, Advisory Director of Morgan Stanley & Co., and Vice Chairman of the U.S.-Saudi Arabian Business Council (USSABC), and welcomed panelists Dr. Ibrahim Al-Assaf, Saudi Minister of Finance; William Daley; Dr. Abdulrahman Al-Tuwaijri, Chairman and CEO of the Saudi Capital Market Authority and Sir Andrew Crockett, International President of J.P. Morgan Chase. They discussed the two countries’ efforts to rebuild and strengthen their financial orders in the wake of the global economic recession, including ways that the United States and Saudi Arabia can collaborate on building a more stable global economy. Government stimulus packages from both countries have reached unprecedented levels as facets of the private sector work to stabilize following the decline in credit lending. The Saudi Government recently revealed its largest budget on record for 2010, with a forecasted $69.3 billion (SR260 billion) in project funding alone, demonstrating the government’s commitment to spur economic development and encourage banks to increase their lending.
The day’s second panel, “Global Energy Interdependence, Global Responsibilities” was moderated by Ferdinando Beccalli, President and CEO of GE International. Panelists included Ali Al-Naimi, Saudi Minister of Petroleum and Mineral Resources; John S. Watson, Chairman and CEO of Chevron and Peter DuPrey, CEO of Acciona Energy.
Panelists discussed initiatives within the energy industry and advancements both countries are making toward greater energy efficiency. Holding 20 percent of the world’s oil supply, Saudi Arabia plays a critical role in fulfilling the energy demands of the global community, which is particularly relevant to the United States, as it is the largest consumer of energy in the world.
