U.S.-Arab Chamber of Commerce to attend new research university in Saudi Arabia opening

Inaugurated by the Custodian of the Two Holy Mosques, H.M. King Abdullah Bin Abdulaziz Al-Saud, this innovative research university is dedicated to inspiring a new generation of scientific achievement in the Kingdom that will benefit the region and the world.

Commenting on this important milestone, Chamber President and CEO David Hamod states, "KAUST represents a vital step in Saudi Arabia's transition to a knowledge-based society. Saudis will gain access to some of the world's most sophisticated research and researchers, enabling the Kingdom to tap into state-of-the-art science and technology that has the potential to have a profound impact on the nation's economic development and quality of life. We congratulate H.M. King Abdullah and the people of Saudi Arabia on this remarkable achievement."

Recognizing the importance of global business and the need to be competitive, Saudi Arabia is striving to bridge the gap between the Middle East and the rest of the world by creating more opportunities for U.S. and global businesses to participate in the Saudi market. With the founding of this university, the Kingdom is laying the groundwork for more sustainable economic policies, as well as enhanced investment and job creation.

To commemorate this important event, the Chamber is publishing a special edition of its magazine, U.S.-Arab Tradeline, that highlights the opening of KAUST and emphasizes the growing commercial relationship between Saudi Arabia and the United States. This 52-page commemorative issue includes interviews with such key policymakers as H.E. Ambassador Adel Al-Jubeir, Hon. Ambassador James Smith, H.E. Amr Al-Dabbagh, H.E. Dr. Fahad Al Sultan, H.E. Dr. Ghassan Al Sulaiman (Co-Chair of the U.S.-Arab Chamber), and other leaders of the Saudi-U.S. relationship.

H.E. Adel Al-Jubeir, Saudi Ambassador to the United States, says, "There is a clear focus on revitalizing every aspect of the Saudi economy - including regulations which make the Kingdom a friendly place to invest and do business and its efforts to provide Saudi citizens with the ability to compete in a global marketplace."

In a similar vein, the U.S. Ambassador to Saudi Arabia, Hon. James Smith, notes that "small and medium enterprises (SMEs) are one of the main foundations of economic growth and development. Commerce has played a vital role in helping people achieve a better life throughout the Middle East. I am certain that SMEs will benefit from the new discoveries and innovation undertaken at KAUST."

With regard to ease of doing business, H.E. Amr Al-Dabbagh, Governor and Chairman of the Board of the Saudi Arabian General Investment Authority (SAGIA), points out that "regionally, we are ranked number one; we are the easiest place to register property, get credit and start a small business in all of the Middle East and North Africa (MENA). We also have the seventh friendliest tax environment in the world, and we are ranked fourth in the world for fiscal freedom. In terms of core determinants, we are performing very well."

For more than 40 years, the National U.S.-Arab Chamber of Commerce and its member companies - some of which are profiled in this special edition magazine - have facilitated trade and investment between Saudi Arabia and the United States. Through such partnerships and the innovative use of science and technology, the Kingdom is now positioning itself to become the Arab world's hub for business activity in the 21st Century.

KAUST is intended to serve as a global "House of Wisdom" dedicated to advancing science and technology through bold, collaborative research. The new university, which opens with a $10 billion endowment, is expected to attract leaders in scientific and technological fields from around the world, to catalyze diversification of the Saudi economy, and to address challenges of regional and global significance.

Concludes David Hamod, President of the U.S.-Arab Chamber, "Oil represents only one chapter in the unfolding story of today's Saudi Arabia, and with the establishment of this state-of-the-art university, the Kingdom is looking forward to a world that revolves around knowledge, not hydrocarbons."