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Thursday, 18 May 2017

Saudis Expect Big Economic Boost From Trump Visit - Bloomberg

Saudis Expect Big Economic Boost From Trump Visit - Bloomberg:

"Saudi-U.S. ties have never been better. Saudi Arabia will be President Donald Trump's first stop in his first overseas tour. The Saudis have laid out a massive red carpet for Trump and his business delegation with multiple events. It’s emblematic of the importance the Saudis have bestowed on Trump and the rebirth of its relationship with the U.S. It’s not unusual for a U.S. president to visit Saudi Arabia -- President Barack Obama, who was viewed cautiously by Riyadh, came  more times than any of his predecessors. It is, however, a first for a U.S. president to be visiting the kingdom on his maiden trip. Business comes first. Bilateral trade between the two nations is strong, amounting to almost $40 billion in 2016, according to the U.S. Census Bureau. In fact, last year was the first time in 21 years the U.S. sustained a trade surplus with Saudi Arabia, mainly due to lower oil prices. Oil plays just one part in the relationship. Saudi Arabia was supplanted by Canada in 2006 as the largest supplier of crude to the U.S., and provided 1.1 million barrels per day in 2016, according to the Energy Information Administration. For Trump, Saudi Arabia is a long-term business partner offering enormous potential for U.S. companies as the Middle East nation prepares for its post-oil future. Attracting U.S. investment is vital for its foreign-direct investment programs and successful implementation of Saudi Vision 2030. Taking a leading position in Saudi Arabia’s business opportunities is on the table with officials planning to privatize four sectors this year, including Saline Water Conversion Corp., a power generation company under Saudi Electricity Co., grain silos and sports clubs."



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