The year 1931 witnessed the consolidation of the economic relations between Saudi Arabia and the US, with the finding of oil, and with the awarding of oil exploration rights by King Abdulaziz to the US Standard Oil Company. The year 1932, on the other hand, is considered an important year in the relations between the two countries, as it witnessed two important events, the unification of the Kingdom, and the setting up of temporary diplomatic and commercial relations between the two countries.


Saudi Aramco, in May 2017, signed agreements with major U.S. companies which will pave way for the company to enhance its business synergy with the U.S. as well as attracting investments from its U.S. counterparts to the Kingdom.
The agreement which are estimated to be around $50 billion highlights the magnitude of strategic growth and diversification underway at Saudi Aramco, including strengthening the company’s standing as the world’s leading energy and chemicals company and focus on local capacity building of its technical expertise and workforce.


JV with Jacobs Engineering – New joint ventures to provide program and construction management services; to elevate project execution and job creation throughout Saudi Arabia and across the region.
JV with National Oil Well Varco (NOV) – NOV and Saudi Aramco Announce Joint Venture to Provide High-Specification Drilling Rigs and Advanced Drilling Equipment Broader Oil & Gas Investment Feasibility Study MOU with GE – Value adding to existing portfolio with a long-time partner MOU with GE – To undertake a digital transformation of Saudi Aramco’s operations MOU (updated) with Rowan – for the creation of offshore drilling company in-Kingdom .
MOU (updated) with Nabors – to explore land drilling improvisation and optimization.
MOU with McDermott – to expand and develop the company’s physical and human capital within the Kingdom.
MOU with Honeywell – Advancing Digitization of the oil and gas industry.
MOU with Honeywell – New Partnership Agreement In Support Of Saudi Arabia’s IKTVA Program.
MOU with Schlumberger to deliver a series of projects related to localizing oil field goods and services. The MOU will create 2,600 jobs, as well as support suppliers with significant funding.
MOU with Halliburton to deliver a series of projects related to localizing oil field goods and services. The MOU will create over 750 jobs, as well as support services with significant worth.
MOU with Weatherford to deliver a series of projects related to localizing oil field goods and services. The MOU will create over 900 jobs, as well as support suppliers with significant funding.
MOU with Emerson Collaboration for digital transformation within Saudi Aramco’s operations which covers Plant web Digital Ecosystem Solutions (IIoT); competency development programs (training of Saudi Aramco employees), digital oil field initiatives; and research and development in advanced applications for process automation.


  • power 
  • water
  • renewable energy 
  • oil, gas and petrochemicals
  • communications
  • transport
  • mining
  • construction
  • social infrastructure (mainly healthcare and education)
  • environmental 
  • railways


A 2017 survey of perceptions of US companies doing business in Saudi Arabia was administered by the Washington DC based US Chamber of Commerce. Some important findings are listed below:


On Importance of the Saudi Market:

Saudi Arabia continues to play a significant role for many U.S. companies in their international growth strategy. The major reason respondents cited for their increased trade and investment with Saudi Arabia was the expectation for new “growth opportunities.”


On Expansion in Saudi Arabia:

U.S. companies are eager to take advantage of the business opportunities available in Saudi Arabia.


On Perceptions of Saudi Arabia:

The overall perception of U.S. companies operating in Saudi Arabia is a positive one. Most notably, 81% of respondents said U.S. companies are viewed more favorably than non-Western companies. Additionally, based on their experiences, 64% believe they are viewed favorably compared to local companies and 68% indicated they are viewed favorably in comparison to other Western companies in the Kingdom.



On Financing:

Financing constraints are not a “significant” issue for nearly three out of four (74%) U.S. companies in Saudi Arabia polled by this survey. The 26% who report facing some constraints gave reasons such as difficulty accessing long-term financing, difficulty for SMEs to get financing, and low oil prices affecting the financial environment. The reforms of Vision 2030 may resolve some of these issues in the coming years.



On Government-to-Business Consultation:

One area the survey identified for potential room for improvement that would be mutually beneficial is consultation between the Government of Saudi Arabia and the private sector. U.S. companies are eager to establish a consistent dialogue and engage key stakeholders in the Saudi Government to ensure that their input is considered in the process of crafting laws and regulations that will impact their businesses. Improvement in this area will help create a better business climate and will be advantageous to attracting more foreign investment.


On Economic Potential:

It is worth noting that, over the next 10 years, major investment opportunities in Saudi Arabia amount to $6 trillion, including $3 trillion investments in new projects that are within the framework of the opportunities provided by Vision 2030. The purpose is to unleash the Kingdom’s untapped capabilities and establish growth promising sectors. That 85% of the this huge economic program will be funded by the Public Investment Fund and the Saudi private sectors. It also ought to be noted that Saudi Arabia remains keen to international cooperation with business communities around the globe in these promising investment opportunities. After all, the Kingdom promises development, supports regional stability, preserves the energy market supply, keen to establish security and peace and enhance global economic cooperation.