Saudi Aramco, USSABC Hold Roundtable with Visiting Saudi Ministers
In conjunction with the visit of H.R.H. Mohammed bin Salman and the accompanying Saudi delegation to the U.S., Saudi Aramco and the U.S.-Saudi Arabian Business Council (USSABC) organized a high-level business roundtable on June 24th in New York City, New York. The event featured H.E. Eng Khalid Al-Falih, Minister of Energy, Industry, and Mineral Resources; H.E. Dr. Majid Al-Kassabi, Minister of Commerce and Investment; and H.E. Muhammed Al-Jasser, Minister, Council of Economic and Development Affairs; as well as nearly 100 top-level executives representing industries including finance, IT, healthcare, education, energy, among others.
The roundtable discussion centered around the recently released National Transformation Program 2020 (NTP) and its impact on the U.S.-Saudi bilateral business relationship. The program included an opening plenary with all three ministers, as well as smaller break-out sessions to address key issues and clarify how the NTP will stimulate the broadening base of U.S. investment in the Kingdom. During the event, the Saudi Government leaders detailed sector specific initiatives aimed at expanding U.S. business operations in Saudi Arabia as well as opportunities to establish new partnerships with both the public and private sector.
The total cost of the NTP’s 543 initiatives will be an estimated $72 billion (SR270 billion) over the next five years, with the private sector contributing 40 percent of the funding. The 112-page plan outlining the NTP’s proposals includes Key Performance Indicators (KPIs), Key Performance Targets (KPTs), benchmarks, and strategic objectives for each of Saudi Arabia’s 24 governing bodies to utilize when they implement the program.