Providing business advisory services and introductions to facilitate new and enhanced commercial ties between U.S. and Saudi entities is a key deliverable of the Council. These successes are generated in a variety of ways — from Council-organized conferences, trade missions and private one-on-one counseling. The business development cycle for these new deals can be as varied as their starting points. Here is a sampling of Council success stories that came to fruition in 2023-2024.
Success Stories
In January, a U.S. company that participated in a conference organized by the Business Council for the Saline Water Conversion Company in March of 2022 signed an MOU with SWCC. The company converts brine to distilled water, salts, and minerals.
USSBC assisted a U.S. member specializing in project management in opening an office in the Kingdom. Following counseling by the USSBC, the company completed the licensing procedure with MISA. In Q2 2023, the company completed Commercial Registration with the Ministry of Commerce and has been awarded their first contract.
The Council introduced U.S. educational institution focused on supply chain and logistics to Saudi Logistics Academy. In Q2 2023, an MOU was signed between two parties.
The Council connected a Saudi member with two U.S. fleet fueling service companies for JV and potential investment discussions. In Q2 2023, a joint venture agreed with one of the U.S. companies.
In March, a Michigan company which manufactures engineered lube oil systems participated in a NetZero Conference organized by the USSBC for the Ministry of Investment in Houston. During the event, the Council offered guidance to the U.S. company, providing essential background information on a Saudi company as a potential partner. In November 2023, the U.S. company signed an agency agreement with the Saudi company.
In the summer of 2023, the Council offered advice on multiple occasions to a Houston based company that specializes in advising businesses on sustainable transition strategies, fostering low-carbon opportunities, and efficiently managing investment programs. In October 2023 the company successfully incorporated a company in Saudi Arabia and has since secured bids for various projects within the Kingdom.
In August 2023, a U.S. member company in the sports and entertainment industry was introduced to the PIF by the Council two-years ago. Consequently, a PIF fund announced it was taking a minority ownership stake in the U.S. firm valued at $100 million.
A U.S. member company that develops simulation and productivity tools intended to assist in industrial field operations and training has attended two USSBC trade missions in 2022 and 2023 during which the Council introduced several companies to build their business in the Kingdom. As a result, in October 2023 the U.S. company signed with a leading Dammam-based Saudi Group as their agent in the Kingdom to promote their training programs with petrochemical, mining and oil and gas sectors.
In November, Neom Investment Fund (NIF), the financing group associated with the Saudi smart city development, confirmed finalization of a strategic investment in a U.S. high-speed airliner developer. The agreement follows introductions made by the Business Council.
A U.S. company, working with Aramco for providing drilling chemicals, was in discussion with Saudi companies to represent them in the Kingdom. Seeking insights, the U.S. company consulted the USSBC for information on potential partners. In 2024, they appointed an agent in the Kingdom to advance their product promotion efforts.
In early 2024, a U.S. member company, engaged in negotiations with Aramco for the procurement of seven unconventional rigs, secured a contract valued at $196 million. Each rig has been granted a five-year contract. In advance of the agreement, the USSBC leadership in Houston provided counseling to the company and facilitated meetings with Aramco executives.