(WASHINGTON, DC) - The following press release was issued in Washington DC on May 13, 2005 on the occasion of a tour of the United States by a delegation from the Council of Saudi Chambers of Commerce and Industry.

Today Ambassador to the United States Prince Bandar bin Sultan expressed satisfaction with the Saudi Arabia Trade Mission currently at mid-point in its tour throughout the U.S. Prince Bandar remarked: “Saudi Arabia is at the crossroads of commerce in the Middle East and is home to a vibrant and growing economy, sustained both by its vast oil reserves and by its ever-growing private sector. These forums are a way to promote strong economic ties between our countries to accompany the strong political ties that link Saudi Arabia and the U.S.”

As a means to promote investment opportunities in Saudi Arabia, the Saudi Committee for the Development of International Trade, in cooperation with the U.S. Departments of Commerce and Energy and the National Association of Manufacturers, has organized a series of workshops to introduce $623 billion in new investment opportunities in the Kingdom through 2020; that is in addition to more than $800 billion in privatization opportunities expected in the next ten years. The seminars feature panels and networking opportunities with Saudi business and government leaders from areas including electricity and water, telecommunications, business services and gas and petrochemicals. This opportunity represents the largest call for foreign investment in decades.

Saudi Arabia is the United States’ largest trading partner in the Middle East, and U.S. companies are the largest foreign investors in Saudi Arabia.

Business forums were held in New York City on May 9, Atlanta, Georgia on May 11 and Houston, Texas on May 13. There will be additional visits to Chicago, Illinois on May 16 and San Francisco, California on May 18.

“We encourage the U.S. business community to take advantage of the presence of leading Saudi experts in the U.S. to learn more about export market potential and business opportunities in the Kingdom,” Prince Bandar said.