Prince Bandar Bin Sultan Bin Abdul Aziz Ambassador E. and P. of the Kingdom of Saudi Arabia to the U.S.A. "Commercial interests survive longer than strategic interests. When countries do business together, they stay together."

Dear American Friends and Businessmen:

The relationship between the Kingdom of Saudi Arabia and the United States of America was primarily economic in character, at the time in the late 1930s when American companies discovered vast oil reserves in the Kingdom. The historic meeting of King Abdul Aziz Al-Saud and President Franklin D. Roosevelt, in 1945 enhanced this friendly and beneficial relationship. In the past decade Saudi-U.S. relations have shifted in priorities to the security and welfare of the Kingdom. The common interests between our two countries compel us to continue working together for peace and prosperity.

This unique relationship has provided the right atmosphere for a healthy U.S.-Saudi business partnership to develop. Both countries have recognized the importance of this special relationship. In June 1974, the Custodian of the Two Holy Mosques King Fahd Bin Abdul Aziz (then Crown Prince) signed an agreement creating the "U.S.-Saudi Arabian Joint Commission on Economic Cooperation." This Commission has played a key role in the training of the Saudi work force and the promotion of U.S.- Saudi economic, technical, agricultural, and scientific cooperation.

Twenty years later (on April 28, 1994), then U.S. Secretary of Treasury Lloyd Bentsen and then Saudi Minister of Finance and National Economy Muhammad Al-Ali Aba Al-khail inaugurated the U.S.-Saudi Arabian Business Council. The primary goal of the council is to boost bilateral trade and investment between the Saudi and American private sectors. The involvement of the two sectors will determine the success of the new council.

The Kingdom of Saudi Arabia is dedicated to the concept of free trade based on competition. There are no foreign exchange controls, quantitative restrictions, or tariff barriers. The long-term objective of the Saudi government's industrial policy is to diversify the Kingdom's economic base and to reduce its dependence on the export of crude oil.

Since the early 1980s, the Saudi economy has been moving from the stage of building the basic infrastructure to the stage of production of goods and services. This structural shift, along with privatization and diversification of the Saudi economy, provides American firms with excellent opportunities to establish a long-term presence in Saudi Arabia. The Kingdom encourages American companies to establish joint ventures with Saudi partners and provides the best business climate in the Middle East. A fair and comprehensive peace in the Middle East will usher in the dawn of a new trade era. The Kingdom of Saudi Arabia is your 21st. century gateway to a successful and profitable business in that important part of the world.

This revised fifth edition of "A Business Guide to the Kingdom of Saudi Arabia" is full of useful information and is your window to business opportunities in the Kingdom of Saudi Arabia. I commend it to you, wish you every success in your business endeavors with the Kingdom, and hope it will contribute to the efforts of furthering the commercial bonds between our two countries.

Bandar Bin Sultan Bin Abdul Aziz