SAGIA or the Saudi Arabia General Investment Authority announced that the U.S. is the largest Saudi Arabia trading partner and that the Kingdom is the largest market for exports from the U.S. in all of the Middle East.
In a recently released report, SAGIA said the relations between Saudi and the U.S. were strong over a number of decades, especially the importance of maintaining regional security as well as sustainable development.
It was also noted in the report that the Kingdom has an economy that is strong and characterized by its flexibility and openness where its classified, per a new report from the World Economic Forum, as one to the world’s top 20 economies in which the Kingdom was fourth related to economic stability, said a Saudi Press Agency.
The kingdom’s investment environment is featured through a number of different basic components and the advantages that helped make it a top Middle East region exporter.
SAGIA said that the report indicated that the economic and development activities in the kingdom enjoy stability.
The report added that despite huge spending on a number of vital infrastructure and other projects, the economy in Saudi Arabia remains strong and robust and that is evident from the growth and overall prosperity in the economy.
SAGIA said that the trade volume between the U.S. and Saudi Arabia reached $62 billion in 2014 and diversification in the exporting of goods from Saudi to the U.S. had existed.
During the entire year, more than 317 Saudi investment licenses represented capital of more than $52 billion were issued.
Major investments by the U.S. are concentrated in basic industries while considering that the Saudi and the U.S. possess all the investment and economic components.
The private and public investments by Saudi in the U.S. are very instrumental in supporting a transfer of knowledge and technology to diverse sectors in the Kingdom, said the SAGIA statement.