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Wed 2 Sep 2015 12:09 PM

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Saudi forum aims to lure US investors

Investors’ forum will be held in Washington on Friday, coinciding with King Salman’s visit

Saudi forum aims to lure US investors
Saudi King Salman bin Abdulaziz al-Saud. (Getty Images)

Saudi Arabia is expected to host an investment forum in Washington on Friday in a bid to lure American investors.

It will coincide with King Salman’s scheduled visit starting Thursday for talks with President Barack Obama.

The forum, an annual event organised by the Saudi Arabian General Investment Authority (SAGIA), the Council of Saudi Chambers (CSC) and the US-Saudi Business Council also would run alongside an ‘Invest Saudi’ exhibition of Saudi public and private sector organisations showcasing opportunities in the health, transport, ICT and mining sectors.

“This forum comes well in time after the Saudi government recently announced strategic spending and development initiatives worth hundreds of billions of dollars over the next 10 years,” SAGIA governor Abdullatif Al Othman was quoted as saying by Arab News.

A series of panels and bilateral meetings are scheduled between the American and Saudi governmental and business leaders to discuss investment opportunities, as well as how the countries can deepen cooperation in economic and investment fields. The event will also seek to increase the volume of trade.

Relations between the allies has been strained in recent years over differences relating to conflict in the region, particularly after President Obama declined to launch airstrikes against the Syrian government.