Seminar on business opportunities in Saudi Arabia featuring Mr. Amer Kayani, Minister-Counselor for Commercial Affairs, U.S. Embassy Riyadh and Mr. Edward Burton, Chief Executive Officer and President of the U.S.-Saudi Arabian Business Council.
The U.S. Commercial Service, in partnership with the Business Council for International Understanding and the Arab Bankers Association of North America present:
Business Opportunities in Saudi Arabia
Tuesday, July 16, 2013
9:30am – 11:00am Briefing and Q&A
Location: Anchin, Block & Anchin LLP Accountants and Advisors
1375 Broadway | New York, New York 10018
23rd floor, Conference room 23A & 23B
Saudi Arabia is the 9th largest trading partner with a bilateral trade of $74 billion in 2012 and also the 20th largest destination for U.S. exports. In 2012, the U.S. exported $18 billion worth of goods to Saudi Arabia, an increase of 31% from 2011. In economic terms, the Kingdom has been one of the few bright spots around the world. The country has benefited enormously from oil and gas reserves that have generated vast financial liquidity in the six years between 2006 and 2012. As a result the Government is planning to spend $500 billion on infrastructure related projects over the next several years. At the same time the Government has keen to diversify its economy away from oil.
Opportunities for U.S. companies:
1. Massive public investments including housing, nationwide transport and utilities infrastructure, industrial bases, ports on both coasts, and renewable energy projects.
2. More than 285 civil construction projects, valued in excess of US$260 billion, currently underway or under design in Saudi Arabia.
3. Plans to spend US$400 billion on roads, airports and energy projects over a 5-year period.
4. Biggest IT market in the Gulf region expected to rise to US$5.2 billion per year by 2014.
5. Desalination forms the backbone of the government’s water strategy. US$6bn a year committed to bolstering the water sector over the next two decades.
6. State-owned Saudi Electricity Company (SEC) intends to invest US$28bn to add approximately 13GW of power in the next three years.
7. $8 billion for rail expansion projects.
8. $10 billion airport expansion to meet the growing number of passengers. $1.8 billion upgrade of Jeddah’s King Abdulaziz Int’l Airport underway.
9. $16.3 billion budgeted for healthcare. 92 new hospitals with 17,150 beds; additional Primary Healthcare Centers (PHC).
10. Up to 1,200 MW in procurements planned for solar energy this year.