Saudi Arabia & KAUST - National US-Arab Chamber of Commerce

Ambassador Al-Jubeir – from page 4
fight against terrorism, and their relationship
has grown stronger as a consequence of their
close cooperation.
Saudi Arabia has been a member of the
World Trade Organization since 2005.
Has this had an impact on its international
standing?
Absolutely. We have seen foreign investment
in the Kingdom increase substantially and we
have seen markets open up for Saudi companies
and products.
The Kingdom is building four economic cities
across the country and launching KAUST in
September. What opportunities does this open
up to foreign investors?
The economic cities provide opportunities for
infrastructure development and investment in
industries and services.
KAUST will herald, God willing, a new era in
higher education and scientific research in the
Kingdom and in the world. The university is
a scientific institution that is independent and
international in outlook. It will have faculty,
staff and students from around the globe.
It has signed agreements with a number of
distinguished international universities and
research centers to collaborate on research
projects and exchange knowledge. It will use
science to improve life.
What are the best sectors for U.S. firms
interested in Saudi Arabia?
The Kingdom believes in free trade and encourages
investment by foreigners. It has the
largest economy in the region, and is a member
of the G-20. And it is one of the world’s top
places to invest. There are opportunities in
virtually every area – construction, power
generation, energy, petrochemicals, manufacturing,
finance, insurance, and services,
to name a few.
What are your priorities as the Saudi
Ambassador to the United States?
“The Kingdom … is
one of the world’s top
places to invest. There are
opportunities in virtually
every area – construction,
power generation,
energy, petrochemicals,
manufacturing, finance,
insurance, and services,
to name a few.”
To work on further enhancing the strong
and historic ties between our two nations
in all areas, without exception, and to look
after the welfare of our citizens, whether they
are students, medical patients, businessmen
or tourists.
Ambassador Smith – from previous page
is not exhaustive, however. There are many
export opportunities in other sectors, too.
Saudi Arabia is building four mega-economic
cities across the Kingdom. What opportunities
do these cities offer for foreign investment?
The Saudi leadership envisions the economic
cities as engines for industrial growth, real
estate development, sea port and dry port
development, and educational advancement
in the Kingdom. According to the Saudi
Arabian General Investment Authority, these
new cities will contribute $150 billion to the
country’s GDP by the year 2020. In developing
the cities, the government will play the role of
regulator, facilitator and promoter with the
private sector providing the capital, the land
owners and the developers. The cities have
the potential to offer diverse opportunities
for foreign investors in sectors ranging from
alternative energy to information technology
and manufacturing.
Is there a feeling of confidence and growing
entrepreneurship in the Saudi private sector?
During my last visit to Saudi Arabia in the
summer of 2008, I was impressed with the
growth of a new class of Saudi entrepreneurs.
They are creative, aggressive, and motivated
to succeed. This speaks well for Saudi Arabia’s
ability to diversify its economy. Over the last
decade, Saudi Arabia has made considerable
progress toward expanding its economy in
order to achieve sustainable growth, and the
future looks bright. It has taken concrete steps
to create an enabling business environment.
According to the World Bank, in 2009, Saudi
Arabia ranked among the top 25 worldwide
in terms of the ease of doing business. The
culture of entrepreneurship is on the upswing
in the Kingdom.
“As the only Arab member
of the G-20, Saudi Arabia
has played an important role
in supporting international
efforts to stem the
global financial crisis.”
The IMF recently praised Saudi Arabia for
the strength of its economy, and The World
Bank ranked the Kingdom number one in
the Arab World for the ease of doing business.
What factors have led to this success in the
midst of a global economic crisis?
No country has been immune from the
effects of the international financial crisis,
though Saudi Arabia has been affected less
than many other countries. I think Saudi
Arabia deserves great credit for the financial
discipline shown over the past decade; the
reforms that the Kingdom’s economic leaders
have implemented certainly contribute to its
many successes. As the only Arab member of
the G-20, Saudi Arabia has played an important
role in supporting international efforts
to stem the global financial crisis.
How will Saudi Arabia’s regional and
global role change in the coming decade,
and what impact will this change have on
U.S.-Saudi relations?
It would be unwise for me to begin my tenure
by predicting the future…that’s a fool’s
exercise. But it is obvious that Saudi Arabia
will play a key leadership role in a myriad
of regional issues. Most of the key global
challenges facing the world and the United
States will require consultation with the
Saudi leadership. We have active dialogues
on a wide range of key regional security
challenges; indeed, on so many issues, we
share common objectives. I accepted this
assignment because of the importance the
Administration places on the relationship
between the United States and Saudi Arabia;
I will do everything in my power to build on
the very positive success of the last few years
and to make the relationship even stronger.
6 NUSACC • www.nusacc.org