2007 News Story

Commerce Department honors eight Saudi companies

The Commerce Department has honored eight Saudi companies and organizations for their contributions to Saudi-US business relations, the Arab News reported today.

Assistant Secretary of Commerce for Trade Promotion and Director General of the US Commercial Service Israel Hernandez presented the awards at an event sponsored by the US-Saudi Arabian Business Council in Riyadh yesterday.

Hernandez is currently in the Kingdom to participate in the second Certified Trade Mission, which is being led by the US-Saudi Arabian Business Council in collaboration with the Department of Commerce.

The companies recognized were Al-Walan Aviation, Jeraisy Group of Company, Fawaz Al-Hokair Company, El-Seif Development Company, Amera Travel Network, Arabian Air Conditioning Company (Carrier), Saudi Electricity Company and Saudi Arabian Basic Industries Corporation (SABIC).

 “Today’s award recipients represent some of the most dynamic Saudi businesses and organizations,” Hernandez said as quoted in the Arab News. “The US is the number one investor in the Kingdom with total bilateral trade in 2007 estimated at almost $40 billion.”

Saudi Arabia is the United States’ largest trading partner in the Middle East and one of the largest bilateral trading partners in the world, Hernandez noted. The Kingdom’s exports to the US reached $31.7 million in 2006.

In 2006, the US goods and services made up 12 percent of all Saudi imports. At the end of November 2006, the US has 242 foreign direct investment projects in the Kingdom valued at $20.74 billion. There are 94 joint venture projects in the Kingdom with a total investment of $6.94 billion, Hernandez noted.

The Certified Trade Mission provides US companies in the oil and gas, downstream petrochemicals, mining, construction and education sectors with a first-hand view of the investment opportunities in the Saudi market. Hernandez also participated in the first mission in March 2007.