The U.S. Saudi Business Council (USSBC) recently attended the Offshore Technology Conference (OTC), one of the largest global oil and gas shows, held from May 1-4, 2023 in Houston, TX. With over 31,000 attendees and 1,300 exhibitors from around the world, the event provided an ideal platform for the USSBC to showcase its services and activities and explore potential opportunities in the Saudi market.
The Council met with over 40 exhibiting companies to discuss potential opportunities for collaboration in oil and gas, construction, oilfield services, and related sectors. During the meetings, the USSBC emphasized its commitment to promoting trade and investment between the U.S. and Saudi Arabia and arranged meetings for Saudi member companies with interested U.S. companies at the show. The Council also held meetings with Saudi exhibitors, which comprised of nine of the Council’s member companies.
Furthermore, USSBC executives attended an Aramco-organized event during OTC, which highlighted potential opportunities as part of the In-Kingdom Total Value Add (IKTVA) program and Saudi Vision 2030. The IKTVA program aims to increase the local content of goods and services used in the oil and gas sector in Saudi Arabia as part of Vision 2030’s long-term plan to diversify the country’s economy and reduce its reliance on oil. The Aramco event showcased the company’s latest upstream advancements and its approach to creating and implementing sustainable technology in its business operations and the wider oil and gas industry.
The USSBC’s participation in OTC 2023 highlights the Council’s continued commitment to fostering stronger ties between the U.S. and Saudi Arabia. As a leading advocate for U.S. businesses seeking to enter the Saudi market, the USSBC is well-positioned to help companies navigate the complexities of doing business in the Kingdom. By leveraging its deep knowledge and extensive network of contacts, the Council is playing a key role in promoting economic growth and prosperity in both countries.