On July 15, 2022, the Saudi Ministers of Energy, Investment, Communications, and Health announced the conclusion of 18 new agreements between U.S. companies and Saudi government entities and private sector partners. The bilateral agreements, signed during U.S. President Joseph Biden’s visit to Saudi Arabia, cover a diverse range of sectors including energy, information technology, manufacturing, space, health, tourism, and education.
In the healthcare sector, The Saudi Ministry of Health and the U.S. Department of Health and Human Services (HHS) signed a memorandum of cooperation to promote cross-border collaboration between individuals, organizations, and institutions involved in the industry. The agreement also promotes bilateral cooperation in addressing public health issues, current research and scientific challenges in the healthcare sectors, training for healthcare providers, applications for health information systems, and other exchanges of information and expertise. The agreements in this sector involved the U.S.-based companies IQVIA, Medtronic, and Digital Diagnostics.
In the technology sector, the Ministry of Communications and Information Technology (MCIT) signed a memorandum of cooperation with U.S.-based IBM to develop professional skills for 100,000 men and women over five years to provide them with the expertise needed to help the Kingdom meet its Vision 2030 goals of becoming a regional technology and innovation hub. The MCIT also signed a memorandum of cooperation with the U.S. National Telecommunications and Information Administration (NTIA) regarding 5G and 6G technologies.
The Saudi Space Authority and the National Aeronautics and Space Administration (NASA) notably signed the Artemis Accords, allowing the Authority to participate in joint exploration efforts of the Moon, Mars, and outer space for peaceful purposes with NASA and the other signatories. Among others, the agreements signed in the aerospace sector involve Boeing and Raytheon Defense Industries.
In the energy sector, the Saudi Ministry of Energy and the U.S. Department of Energy signed a partnership agreement to outline future cooperation in the areas of clean energy technologies, civil nuclear energy, and climate action.
Lastly, the U.S.-Saudi Business Council (USSBC) played a key role in a $50 million agreement between U.S.-based Mitchell Rubber Arabia and the Royal Commission for Jubail and Yanbu to allocate land for the establishment of an elastomer components manufacturing facility in Yanbu. The facility will manufacture rubber compounds and products such as tires, conveyor belts, hoses, gaskets, and seals for a diverse group of industries. Click here to read more about this agreement and the efforts of the USSBC in making it possible.
These agreements will help unlock new avenues for joint cooperation across a diverse range of sectors, which is important to Saudi Arabia’s ongoing efforts to diversify their economy and increase cross-border economic ties. The opportunities that agreements like this create in Saudi Arabia open new avenues for growth for U.S. companies involved in clean energy, information technology, digitalized healthcare, and advanced manufacturing.