Editor’s Note:
The U.S.-Saudi Business Opportunities Forum, a major event bringing together over one thousand Americans and Saudis to advance their mutual business interests through panel discussions and networking, was recently convened in Chicago. The Forum was organized by the Committee for International Trade (CIT) of the Saudi Council of Chambers of Commerce in Riyadh and the U.S.-Saudi Business Council in Washington. At the forum SUSRIS had a chance to talk with CIT Chairman Abdulaziz Al Fahad about the significance of an important business event like the forum for U.S.-Saudi relations and prospects for further business cooperation.
Renewed Efforts to Seize Business Opportunities:
A Conversation with CIT Chairman Abdulaziz H. Al Fahad
SUSRIS: What are your impressions of the U.S.-Saudi Business Opportunities Forum?
Fahad: This is probably the most significant event in which our organization, the Committee for International Trade, has been involved. The idea that we’ve managed to bring together more than a thousand business people and policymakers in a two-day conference dedicated exclusively to Saudi-American relations, especially economic and commercial relations, is a significant achievement. The Forum is like events CIT has done in the past, but never on this scale.
We’re grateful that so many Americans and Saudis were enthusiastic about the opportunities and came to participate. As you can see, it’s not only the number of people attending that is important but also the subject matters being discussed. These are major issues that are attracting the level of attention we believe they deserve. In that sense, milestone might be hyperbole, but I would say the Business Opportunities Forum has been an important contribution to U.S.-Saudi relations.
SUSRIS: The organization you lead as chairman, the Committee for International Trade in the Saudi Council of Chambers of Commerce, has been involved in building bridges for many years including a period where it was difficult to see the common ground. What is the significance of events like the Business Opportunities Forum given the recent history of the relationship between the United States and Saudi Arabia?
Fahad: In many ways it’s a reflection of the rebounding of the relationship in both economic and political spheres. The fact that we are able to organize a conference in this fashion, the fact that it attracts so much interest, and the fact that the focus of this is bilateral ties in the wider sense makes us all hopeful about the health of the relationship. The success of the Forum is an indication that while some of the difficulties we have faced in the past may still be in the background, they are not really the core issues anymore. One of the core issues going forward is how can both countries and societies find mutual benefit from the opportunities they present to each other. That’s what we are exploring here in Chicago, and again, it’s something that the 1,100 participants in the Forum are enthusiastic about.
SUSRIS: As a promoter of international business in Saudi Arabia, are you satisfied that American businesses have taken advantage of the opportunities in the Kingdom?
Fahad: One of the things we noticed in the last decade is that Americans are not willing to dedicate themselves to being competitive in our part of the world as much as some others have been. We think the Europeans, the Chinese, the Koreans, the Japanese, even the Indians, devoted more energy to exploring markets in Saudi Arabia more thoroughly than the Americans have. We are hopeful that will change especially after the economic difficulties of the last few years. We sense a shift in American interest, in taking advantage of the opportunities in our part of the world. Perhaps that’s a reflection of President Obama’s goal to double American exports worldwide within the next five years. We believe the Middle East will be a major destination for many of those exports, and I suspect that’s part of the reason for interest in Saudi business opportunities for many of the American attendees here.
SUSRIS: U.S. exports to the Kingdom have rebounded and Obama’s 2015 goal will bolster future growth but in terms of market share, do you see the U.S. slipping or are American efforts gaining traction against the competition?
Fahad: I think America will always be a dominant economic force in the region. The question is will it always be number one, or will it be one of the top three or four? America’s presence in the Middle East, commercial and otherwise , will always be there. American success depends on how much energy the American companies and authorities want to dedicate to maintaining its dominance. What we see now is a renewed effort to enhance American presence, and for American companies to seize the opportunities that they were not so enthusiastic about in the past.
SUSRIS: What is the message from the Saudi Committee for International Trade to American business people here?
Fahad: I would tell them Saudi Arabia is a dynamic country. It’s a dynamic economy. The opportunities are multitudinous and they range from mega projects worth tens of billions of dollars to many smaller ones. We are certain each company in the United States interested in exploring that dynamic market will find appropriate opportunities in terms of executing projects, exporting products, and investing in the Kingdom. The opportunities are not just in the oil business. There are multiple sectors in Saudi Arabia that are open to foreign investment where liberalization of laws is finally paying off. We hope the American companies that might have been shy about international business before will have the courage and interest to come and explore the opportunities in Saudi Arabia and take advantage of them.
SUSRIS: What do you think of the reception here in Chicago for this Forum?
Fahad: Everyone at CIT is very grateful for the exceptional welcome we have received in Chicago from Mayor Daley and his staff and from the many organizations that have made the Forum and the outreach programs possible. They have all been extremely helpful in organizing the events and in serving as a magnet to attract a tremendous level of participation from both Saudi and American participants. Their efforts and hospitality will always be appreciated.
Abdulaziz Al Fahad is Chairman of the Committee for International Trade for the Council of Saudi Chambers of Commerce and Industry.
Mr. Al Fahad is also Principal of the Law Office of Abdulaziz H. Fahad in Riyadh. He practices in the areas of corporate, banking, litigation, intellectual property, international transactions, and arbitration. A member of several public, joint-stock and private corporate boards, Mr. Al Fahad also writes and delivers lectures on Middle Eastern law, politics, and economics. He was a Member of the Advisory Commission for the Supreme Economic Council from 1999-2003. Mr. Al Fahad has a B.A. in Economics from Michigan State University. He received a M.A. in International Relations in 1981 from the School of Advanced International Studies at Johns Hopkins University and a law degree in 1984 from Yale University. He was a Post-Doctoral Fellow at the Center for Middle Eastern Studies and Research at Harvard Law School.
Related:
- U.S.-Saudi Relations in a World Without Equilibrium Conference Transcripts — Session 1 – Introduction
- From Exclusivism to Accommodation: Doctrinal and Legal Evolution of Wahhabism – Abdulaziz H. Al-Fahad – SUSRIS
- Part 1 (HTML)
- Part 2 (HTML)
- Part 3 (HTML)
- Complete essay (PDF)
Photo Credit: Ron Gould Studio, Chicago
