The key facts
- The US-Saudi Business Council board of directors met in Washington over the past weekend
- Prince Abdulaziz bin Salman noted opportunities in AI and critical infrastructure
- The meeting took place amid Houthi attacks and the postponement of FII to next year
Council meeting in Washington
The US-Saudi Business Council remains committed to expanding trade and investment within the economic relationship between Washington and Riyadh, the US Embassy in Riyadh reported. The council's board of directors meeting took place in the American capital over the past weekend, The National writes.
Energy, AI and infrastructure
Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman reaffirmed at the meeting the kingdom's commitment to energy security and industrial development. According to the embassy, he «highlighted new opportunities in artificial intelligence and critical infrastructure and emphasized the strength of the partnership between our business sectors». The embassy also stated: «Strong partnerships abroad mean American companies compete, win and grow, creating prosperity at home». The meeting was co-chaired by Lubna bint Sulaiman Al-Olayan and Citi CEO Jane Fraser, Saudi Arabia's state news agency reported. The council noted the importance of close cooperation between the two countries and the continuity of institutional work. The council itself did not respond to The National's request for comment.
Context: the pressure of war and Houthi attacks
The meeting in Washington took place against the backdrop of a war involving Iran, which is increasing financial pressure on Saudi Arabia due to declining oil revenues, as well as a recent escalation of attacks by Iran-backed Houthis. The kingdom's Ministry of Energy reported on Sunday that the Saudi Aramco building in Riyadh was damaged in an attack. Earlier, the kingdom postponed the Future Investment Initiative conference, which had been planned for October 26–29, to next year because of the attacks. The context of investment commitments is complemented by Crown Prince Mohammed bin Salman's earlier statement of intent to invest $1 trillion in the US as part of the kingdom's broader investment strategy.
