US-Saudi Business Council Reviews Trade Priorities
The council's board met to discuss expanding bilateral trade, attracting investment, and removing structural barriers between the two countries.
Updated on Nov. 8, 2026 in Public Companies
The US-Saudi Business Council held a board meeting in Riyadh focused on trade and investment priorities, attended by Saudi energy, industry and investment ministers. Co-chairs Lubna bint Suliman Olayan and Jane Fraser jointly chaired the meeting.
Why it matters
The council works with government bodies and private-sector institutions on both sides to develop practical recommendations aimed at strengthening commercial cooperation between the United States and Saudi Arabia. Its work program targets structural barriers that can slow trade and investment.
The council was established in 1993 by a Saudi royal decree and US executive action, and its board includes executives from BlackRock, Aramco, ExxonMobil, Chevron, Cisco and Lockheed Martin. No specific trade volumes or investment totals were disclosed in the meeting report.
The players
US-Saudi Business Council
A bilateral business organization established in 1993 that works with governments and private institutions on both sides to advance trade and investment.
Lubna bint Suliman Olayan
A Saudi businesswoman and co-chair of the US-Saudi Business Council, leading the Olayan Group.
Jane Fraser
The chief executive of Citigroup and co-chair of the US-Saudi Business Council.
Fahad bin Abduljalil Al-Saif
Saudi Arabia's Minister of Investment, who outlined the forthcoming second edition of the National Investment Strategy.
Prince Abdulaziz bin Salman
Saudi Arabia's Minister of Energy and Minister of Industry and Mineral Resources, who attended the board meeting.
The details
The board reviewed priorities for expanding bilateral trade, attracting investment and strengthening commercial cooperation. The council's CEO, Charles Hallab, leads its work program, which aims to identify and address structural barriers to trade and investment.
Timeline
1993: The US-Saudi Business Council is established through a Saudi royal decree and US executive action.
November 8, 2026: The board meeting is reported by Arab News.
Forthcoming: The second edition of the National Investment Strategy is expected to be released.
Market Landscape
The US-Saudi Business Council was created in 1993 by a Saudi royal decree and US executive action to link private-sector leaders across both countries. Its current board priorities extend that founding mandate toward trade expansion and investment attraction as Saudi Arabia pursues economic diversification.
For US and Saudi companies, the council's work could lead to clearer pathways for trade and investment between the two countries over time. Practical effects on consumers or household budgets have not been announced.
The takeaway
Bilateral business councils work by pairing government priorities with private-sector execution, so watch for concrete outcomes from the National Investment Strategy's next edition as a measure of whether these priorities translate into deals.
What happens next
The second edition of Saudi Arabia's National Investment Strategy is forthcoming, and its release will focus on converting investment opportunities into actual investments.
Further reading
For broader context on the corporate players involved, explore Public Companies.
