From Riyadh:

The Saudi-US CEO Forum kicked off the Arab Islamic American Summit in Riyadh on 20 May, launching the event which coincides with the first overseas trip of US President Donald Trump.

As President Trump landed in Riyadh to meet King Salman bin Abdulaziz al-Saud and other GCC leaders in Riyadh on 20 May, three senior Saudi ministers and the head of state sovereign wealth fund Public Investment Fund (PIF) opened the Saudi-US Forum, with CEOS from some of the world’s largest corporations in attendance.

Speaking in the opening panel of the event, Khalid al-Falih, Minister of Energy, Industry and Mineral Resources, said the Saudi-US relationship was key for both countries.

“Trump selected Saudi Arabia as the first country to visit [since assuming presidency], and we have been pleased with the level of US engagement [with Saudi Arabia] since election,” said Al-Falih. “It is new partnership for the 21^st century between Saudi Arabia and US.”

Majid al-Kassabi, Saudi Arabia’s minister of Commerce and Investment, said future partnerships with the US would be based on the targets set out in the Vision 2030, the kingdom’s ambitious economic reform programme launched in 2016.

“We are undergoing a paradigm shift from an oil-driven economy to a market-led economy” said Al-Kassabi. “2030 is the finish line that we all aim to achieve.”

A central part of the Vision 2030 is increasing private sector participation and investment in the country’s ambitious development and economic diversification goals.

“To achieve the targets we need to look at what other revenues we can utilise,” said Mohammed al-Jadaan, speaking at the forum. “The private sector is very important, and successful privatisation policies is key. We are aiming for 65 per cent of GDP to come from private sector by 2030.”

While Al-Falih talked of using the kingdom’s successful hydrocarbons industry to support development in technology and innovation as part of diversification efforts, the head of the PIF said the kingdom also sought to diversify its investment portfolio.

“The PIF was formed in 1971, and its main aim was giving loans to businesses,” said Ysir al-Rumayyan, managing director, PIF. “In 2015, there was a change in strategy. In addition to providing loans, it is now trying to diversify Saudi economy and we want revenues coming into us from different pools.”

“We are looking at increasing international investments in public and private markets,” added Al-Rumayyan.