Saudi Arabia Wants Your Business Investment

Saudi Arabia, the world's largest oil producer, is seeking Exxon Mobil Corp. and other U.S. companies to invest in $621 billion of telecommunications, natural gas and other projects in a bid to create more jobs, the government said.

A 50-strong delegation from Saudi Aramco, Saudi Basic Industries Corp. and other Saudi organizations are touring the United States speaking to companies about investment
opportunities in the kingdom, including chemical projects worth $92 billion, and water and power projects worth $89 billion, the official Saudi Press Agency said Monday, citing Khaled Al-Seif, head of the delegation.

"Saudi Arabia wants to rectify its political and economic image in the U.S., especially after September 11, which soured relations," said Said Al-Shaikh, chief economist at the kingdom's National Commercial Bank. Exxon Mobil, the largest publicly traded oil company, and Chevron Corp. are among U.S. organizations helping the tour, SPA said.

Saudi Arabia is seeking to improve ties with the United States, its largest trading partner, after they were damaged following the Sept. 11, 2001, terrorist attacks. U.S. companies such as Chevron and Bechtel Group Inc. helped build the kingdom's infrastructure since the first oil exploration rights to a foreign company in 1933.

Gulf Arab nations, including Saudi Arabia, Kuwait and Qatar, are reaping a windfall in oil revenue through record prices, spending a greater share of their earnings at home in publicly traded companies and property projects rather than in U.S. and European markets, according to banks including Credit Suisse AG.

More here. Thanks to Mike Ammann in Solano County, CA for the tip.