Business and Entrepreneurship in Saudi Arabia. Burton Edward
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and the importance of the Saudi market by stating:
Figure P.1 Joint Business Council Luncheon for The Honorable U.S. Secretary of Commerce Penny Pritzker, Washington, DC, W Hotel, February 27, 2014
From left to right: Ambassador Patrick Theros, president and managing director of the U.S. – Qatar Business Council; H.E. Ahmad Al-Sobae, deputy chief of mission to the U.S. embassy of the State of Qatar in Washington D.C.; H.E. Adel Al-Jubier, minister of foreign affairs of the Kingdom of Saudi Arabia and at the time of this photograph Saudi Arabian ambassador to the United States; H.E. Penny Pritzker, U.S. secretary of commerce; H.E. Yousef Al-Otaiba, U.A.E. ambassador to the United States; Danny Seabright, president of the U.S. – U.A.E. Business Council; and Edward Burton, CEO and president of the U.S. – Saudi Arabian Business Council.
Photo Credit: Courtesy of the United Arab Emirates Embassy in Washington, D.C.
From the UAE, we will travel to Riyadh. As you know, America's bilateral ties with Saudi Arabia date back to the 1930s when U.S. companies discovered oil. In the ensuing decades, this relationship has become our anchor in the Gulf. (And we all look forward to President Obama's second visit to Saudi Arabia in just a few weeks.)
In September 2013, I spoke at the third U.S. – Saudi Business Opportunities Forum in Los Angeles – the previous two were held in Atlanta and my hometown of Chicago. Each event had more than 1,000 businesses attending who are excited about this market. My remarks at the Los Angeles Forum centered on the historical importance of the U.S. – Saudi bilateral commercial relationship and the many trade and investment opportunities in the Kingdom in sectors such as housing, manufacturing, education, and infrastructure. There were over 300 in attendance for the L.A. Forum's first panel discussion entitled “Special Session: An Introduction to Doing Business in Saudi Arabia.” 3 The interest in the Saudi market attending that gathering was avid, and for good reason.
In 2014, the U.S. exported $18.68 billion worth of American goods to Saudi Arabia, and in the first three months of 2015, U.S. exports to the Kingdom reached $4.54 billion.4 As in the U.A.E., there are numerous opportunities for American firms to serve as partners in infrastructure projects in Saudi Arabia. The Kingdom is looking to invest $1 trillion in current and future projects, and American firms can offer world-class expertise in project management, architectural, and engineering services. Our businesses want to participate in projects ranging from the Riyadh Metro to renewable energy initiatives to rail development. See Figures P.2 and P.3.
Figure P.2 USSABC Luncheon for The Honorable U.S. Ambassador to Saudi Arabia Joseph Westphal, Riyadh, Intercontinental Hotel, September 17, 2014
From left to right: Edward Burton, USSABC president and CEO; Mubarak Al-Khafrah, chairman, National Industries Corporation (Tasnee) and chairman, Saudi Arabian Hollandi bank and current USSABC vice chairman; Honorable Joseph Westphal, U.S. ambassador to Saudi Arabia; His Excellency Tawfig Al-Rabiah, Saudi minister of commerce and industry; Mohamed Al-Mady, president, General Organization for Military Industries Corporation and former Saudi USSABC co-chairman; Dr. Basheer Al-Ghuraydh, USSABC secretary general and executive director.
Photo Credit: U.S. – Saudi Arabian Business Council.
Figure P.3 USSABC Welcoming Reception for incoming Saudi Co-Chairman Abdallah Jum'ah, Riyadh, Al Mashreq Hotel, March 15, 2015
From left to right: Dr. Basheer Al-Ghuraydh; USSABC secretary general and executive director; Mohamed Al-Mady, president, General Organization for Military Industries Corporation and former Saudi USSABC co-chairman; Abdallah Jum'ah, chairman, Saudi Arabian Investment Bank and current USSABC Saudi co-chairman; Peter Robertson, former vice chairman of the board, Chevron and current USSABC U.S. co-chairman; Sheikh Abdulaziz Al-Quraishi, founding USSABC Saudi co-chairman and board member emeritus; Mubarak Al-Khafrah, chairman, National Industries Corporation (Tasnee), chairman, Saudi Arabian Hollandi bank and current USSABC vice chairman; Edward Burton, USSABC president and CEO.
Photo Credit: U.S. – Saudi Arabian Business Council.
Acknowledgments
Without the trust and mutual respect I enjoy within the Saudi and American business communities, this book would not have been written. It is with sincere appreciation and gratitude that I acknowledge the comity and collegial interaction I continue to enjoy with the many Saudi and American owners, principals, senior executives, and entrepreneurs of companies of all sizes, histories of operations, and sectors. I would also like to acknowledge the U.S. – Saudi Arabian Business Council (USSABC), its co-chairmen, Mr. Abdallah Jum'ah, USSABC Saudi co-chairman, and former chief executive officer and vice chairman of Saudi Aramco, and Mr. Peter J. Robertson, USSABC U.S. co-chairman and former vice chairman of the board of Chevron Corporation, as well as the entire USSABC board of directors. I would also like to thank the USSABC executive directors: Ms. Susanne Lendman, executive director and chief of staff in our U.S. office, and Dr. Basheer Al-Ghuraydh, secretary general and executive director of the USSABC Riyadh office and recent member of the Majlis Ash Shoura.
The U.S. – Saudi Arabian Business Council was established in December 1993 to improve the mutual knowledge and understanding between the private sectors of the United States and Saudi Arabia, and to promote bilateral trade and investment. Throughout its 20-year history, and with its office in Riyadh, our Business Council has been known as the premier U.S. – based bilateral business promotion entity working within the Saudi and American business communities, advancing the interests of its companies. Through the outstanding leadership of its co-chairmen and board of directors, and extensive market knowledge and experience of its staff, the USSABC facilitated thousands of business connections and successful business transactions between U.S. and Saudi firms.
I would like to extend a heartfelt word of thanks to Sheikh Abdulaziz Al-Quraishi, Dr. Abdulrahman Al-Zamil, chairman of the council of Saudi chambers of commerce and industry, as well as his brother, Mr. Khalid Al-Zamil, who I am proud and fortunate to have as a member of the USSABC board of directors, for the support and encouragement they have given me during this entire endeavor. They have given up some of their time to offer me advice and their thoughts on some of this book's subject matter. Sheikh Abdulaziz Al-Quraishi especially has helped with offering his suggestions and recommendations for improvements to some portions of my manuscript. Given the importance and stature of all of them in the Kingdom, their willingness to support this project has great value to its objectives. I offer a special thanks to Mr. Richard Debs, advisory director of Morgan Stanley, member of its international advisory board, and chairman of Morgan Stanley Saudi Arabia, for his invaluable encouragement to me in this project and commentary on my manuscript. And, a special thanks to Lyn Doverspike for her encouragement and support.
About the Author
Edward Burton has actively advised thousands of companies engaged in international trade and investment in markets around the world for over 35 years. He currently serves as chief executive officer and president of the U.S. – Saudi Arabian Business Council, the premier U.S. – based private-sector organization promoting trade and investment between the United States and the Saudi Kingdom. Mr. Burton has counseled hundreds of Fortune 500 companies as well as thousands of small and middle-tier firms during the course of his professional career. Having lived and worked in Saudi Arabia as an American diplomat in the U.S. embassy in Riyadh, and the U.S. consulates in Jeddah and Dhahran, Mr. Burton has a unique insider's knowledge about the country, its business community, and how business gets done in the Kingdom.
Mr. Burton is a frequent speaker at roundtables and panel discussions across the United States,
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