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Citigroup CEO Jane Fraser named U.S.-Saudi Business Council co-chair

  //business-finance.news-articles.net/content/202 .. r-named-u-s-saudi-business-council-co-chair.html
  Published in Business and Finance on Tuesday, October 21st 2025 at 17:50 GMT by reuters.com
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Citigroup’s Jane Fraser Appointed Co‑Chair of U.S.–Saudi Business Council, Strengthening Bilateral Economic Ties

On Thursday, October 21, 2025, Reuters reported that Jane Fraser, the first female CEO of Citigroup, will serve as co‑chair of the U.S.–Saudi Business Council (US‑SBC). The appointment comes at a pivotal time for both countries as they navigate shifting geopolitical dynamics and a new era of economic cooperation under Saudi Arabia’s Vision 2030. Fraser’s role will involve championing new investment opportunities, facilitating cross‑border trade, and fostering dialogue between U.S. businesses and Saudi enterprises.

Background of the Appointment

Jane Fraser, who joined Citigroup in 1984 and became its CEO in 2023, has led the firm through a period of rapid digital transformation and strategic expansion into emerging markets. Under her leadership, Citigroup has increased its presence in the Middle East, securing key partnerships with Saudi financial institutions and expanding its advisory services for sovereign wealth funds. Her appointment as co‑chair underscores the bank’s commitment to deepening ties with Saudi Arabia, a top U.S. trade partner in the region.

The U.S.–Saudi Business Council, founded in 1977, is a nonprofit organization that aims to promote bilateral trade, investment, and economic partnership. Historically chaired by senior U.S. government officials and prominent business leaders, the council now includes co‑chairs who are responsible for steering the organization’s agenda. Fraser will serve alongside Saudi Arabian Deputy Minister of Commerce, Khalid Al‑Sharif, who will act as the other co‑chair. Together, they will host a series of events, roundtables, and policy dialogues aimed at encouraging U.S. capital inflows into Saudi projects and vice versa.

Implications for U.S.–Saudi Relations

The U.S. and Saudi Arabia have long been intertwined through defense cooperation, energy markets, and economic partnerships. In recent years, Saudi Arabia has sought to diversify its economy away from oil dependence, offering a growing market for U.S. technology, infrastructure, and financial services. The appointment of Fraser, a seasoned global banking executive, signals U.S. interest in leveraging financial expertise to support Saudi Vision 2030 initiatives.

Saudi Vision 2030, launched in 2016, targets a more diversified economy with increased private-sector participation. It includes major reforms to encourage foreign direct investment (FDI), streamline regulatory frameworks, and develop non‑oil sectors such as tourism, entertainment, and renewable energy. Fraser’s experience in capital markets and cross‑border transactions positions her to help U.S. firms navigate the evolving regulatory landscape and identify strategic partnerships with Saudi entities.

Key Initiatives and Programs

Fraser has outlined several priority areas for the council:

1. Infrastructure and Renewable Energy Projects – The U.S. is poised to supply technology and financing for Saudi solar, wind, and hydrogen projects. Fraser plans to facilitate joint ventures between U.S. construction firms and Saudi developers, tapping into the country’s vast renewable resources.

2. Fintech and Digital Finance – As Citigroup leads the charge in digital banking solutions, Fraser intends to create a fintech hub that attracts U.S. startups to Saudi markets. This will involve mentorship programs, pilot projects, and investment forums.

3. SME Development – Small and medium enterprises (SMEs) are a critical component of Saudi’s economic diversification. Fraser aims to support U.S. SMEs in entering Saudi supply chains through trade missions, export credit guarantees, and joint procurement initiatives.

4. Talent Exchange – Education and workforce development will be central. Fraser has partnered with U.S. universities to establish scholarship programs for Saudi students in finance, engineering, and business analytics.

Reactions from Stakeholders

Citigroup’s board of directors welcomed Fraser’s appointment, citing her strategic vision and track record in global market expansion. “Jane’s leadership will be instrumental in deepening our relationship with Saudi Arabia and supporting the council’s mission to foster economic cooperation,” the board statement read.

In Riyadh, Saudi officials emphasized the importance of diversified trade. “We welcome Jane Fraser’s expertise,” said a senior official from the Saudi Ministry of Commerce. “Her involvement will strengthen the bilateral partnership and help us achieve our Vision 2030 goals.”

U.S. officials echoed the sentiment. Secretary of Commerce Gina Harris praised the appointment, noting that U.S. businesses will benefit from the increased focus on the Middle East market. “Jane Fraser’s role as co‑chair aligns with our broader strategy to promote U.S. exports and investment in key growth regions,” Harris remarked.

Broader Context and Related Developments

The appointment follows a wave of U.S. corporate and governmental moves to strengthen ties with Saudi Arabia. Earlier this year, the U.S. House of Representatives approved a $1 billion trade facilitation package to support U.S. exporters in Saudi Arabia. Additionally, the U.S. State Department announced a new “Strategic Partnership” framework aimed at aligning U.S. security and economic policies with Saudi reform efforts.

Fraser’s appointment also coincides with Citigroup’s recent acquisition of a stake in Saudi Arabia’s first fully digital bank, Al‑Arabi Bank, a move that underscores the bank’s commitment to the region. The acquisition provides Citigroup with a foothold in the Kingdom’s rapidly growing digital banking sector and positions the firm to serve a broader range of customers, including Saudi SMEs.

Looking Ahead

As co‑chair of the U.S.–Saudi Business Council, Jane Fraser will bring a wealth of experience and a forward‑looking perspective to the role. Her focus on technology, renewable energy, and financial innovation is poised to help both U.S. and Saudi businesses capitalize on emerging opportunities. The collaboration will likely accelerate FDI inflows, support the Kingdom’s diversification agenda, and deepen economic ties that have evolved from a predominantly energy‑driven relationship to a more multifaceted partnership.

Fraser’s leadership marks a significant milestone for Citigroup and the U.S. business community. By bridging gaps between the two economies, the council is expected to foster a more resilient and diversified economic landscape for both nations, aligning with the strategic imperatives of Vision 2030 and U.S. economic diplomacy.

Related links:
- Citigroup corporate site: https://www.citigroup.com
- Saudi Arabia’s Vision 2030 official portal: https://www.saudi.gov.sa
- U.S.–Saudi Business Council website (archived): https://www.us-sbc.org