Saudi-U.S. joint ventures valued at $21.9 billion

December 9, 2010

Speaking recently to the Board of Directors of the Eastern Province Chamber of Commerce, U.S. Undersecretary for International Trade Affairs Francisco Sanchez placed the value of the 360 current Saudi-U.S. joint ventures at $21.9 billion. Stressing the close economic ties between the two countries, he noted that American investments represent more than 25% of all direct foreign investments in the Kingdom. Furthermore, a number of U.S. corporate giants, including Exxon Mobil, are seeking new joint ventures with Saudi Arabia.

According to Sanchez, bilateral trade has increased over the last few years, reaching $33 billion during the first half of 2010, while U.S. exports to the Kingdom rose by 8%. There are currently more than 38,000 Saudi students studying in the United States.

Finally, Sanchez called for a greater focus on exchange visits to further improve relations in the fields of commerce, education, training and culture.