King Abdullah, Treasury Secretary discuss economic cooperation

May 31, 2008

Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz met with US Treasury Secretary Henry Paulson at Al-Salam Palace in Jeddah.

They discussed a number of issues of mutual interest. Also present at the meeting were Royal Advisers Prince Abdulaziz bin Abdullah, Prince Mansour bin Nasser, and Dr. Prince Bandar bin Salman; Minister of State Prince Abdulaziz bin Fahd; Minister of Finance Dr. Ibrahim Al-Assaf; Saudi Arabian Monetary Agency (SAMA) Governor Hamad Al-Sayyari; and Saudi Ambassador to the US Adel A. Al-Jubeir.

Finance Minister Al-Assaf also held a separate meeting with Paulson today to discuss enhancing financial, economic and investment cooperation between Saudi Arabia and the United States.

Secretary Paulson visited Saudi Arabia as part of a trip to the Gulf region to reiterate the US commitment to open investment and for meetings on a broad range of regional and global economic and financial issues.

The United States is Saudi Arabia’s top commercial partner. The volume of trade between the two countries is $42.7 billion [SR 160 billion], and the volume of Saudi exports to the US total $32 billion [SR 120 billion]. In addition, there are 423 Saudi-US joint investment companies with capital investment of nearly $10 billion [SR 38 billion].