Scandal surrounding the killing of Saudi journalist Jamal Khashoggi has shrunk the attendance of senior executives from multinational companies at this week’s Future Investment Initiative conference in Riyadh.
But the Gulf’s largest economy remains an important market for global businesses, ranging from oil majors to leading banks.
More than $50 billion in deals were signed at the conference on Tuesday, including a deal between Total (TOTF.PA) and Saudi Aramco [IPO-ARMO.SE] to create a retail network in the kingdom.
Following are some of the major existing investments by Western companies in Saudi Arabia:
**In 2008, Aramco and Total announced the Jubail Satorp refinery joint venture, which produces 440,000 barrels per day. Total has a 37.5 percent stake. In April, Aramco and Total signed a $5 billion deal to build a giant petrochemical complex at the refinery.
**In 2009, U.S. aluminium giant Alcoa Corp (AA.N) formed a joint venture with Saudi Arabia’s state-owned Saudi Arabian Mining Co (Ma’aden), setting up a $10.8 billion aluminium complex. Alcoa holds 25.1 percent of the project.
**Dow Chemical Co DOW.N and Aramco announced the formation of the $20 billion joint venture Sadara chemical complex in 2011. In August, Dow agreed to up its share of the project to 50 percent from 35 percent.
**In 2013, U.S. fertilizer company Mosaic Co (MOS.N) entered into a joint venture with Ma’aden and Saudi Basic Industries Corp (SABIC) to form a $7 billion complex to make phosphate fertilizer and other products. Mosaic holds 25 percent of the project.
**In May 2017, GE (GE.N) signed $15 billion in business deals with Saudi Arabia, in a range of industries including oil and gas, mining, and healthcare.
**In May 2017, National Oilwell Varco (NOV.N) announced a $6 billion joint venture with Aramco to manufacture drilling rigs and equipment.
**In August 2018, Aramco created a gasification and power joint venture with Air Products, an American company that will own a 55 percent share. The joint venture will purchase $8 billion worth of assets from Aramco.
**British banks HSBC Holdings (HSBA.L) and Royal Bank of Scotland (RBS) (RBS.L) both have banking interests in Saudi Arabia. Saudi British Bank (SABB) 1060.SE is 40 percent owned by HSBC and Alawwal Bank 1040.SE is 40 percent owned by a consortium that includes RBS. The two Saudi banks are merging to create the kingdom’s third-biggest lender with a market capitalisation of about $17.2 billion.
**Canada-headquartered Barrick Gold Corp (ABX.TO) has a joint venture with Ma’aden. Both are 50/50 joint partners in the Jabal Sayid copper mine in Saudi Arabia.
**Raytheon (RTN.N) has a more than 50 year history in Saudi Arabia and has signed deals with Saudi Arabia Military Industries covering local manufacturing in precision munitions, air and missile defence and cyber defence.
**Six Flags Entertainment Corp (SIX.N) is planning to expand into Saudi Arabia with three parks, each costing between $300 and $500 million to build, its executive chairman told Reuters in late 2016.
**Siemens (SIEM.NS) last year won an order worth around $400 million to deliver five gas turbines for a combined heat and power plant being built in Saudi Arabia. Siemens’ partners in the kingdom include Saudi Aramco, SABIC and Saudi Electricity Co 5110.SE.
**Italian oil services company Saipem (SPMI.MI) has a framework agreement with Saudi Aramco to 2021 and has a fabrication yard in Saudi Arabia. In July it was awarded a procurement and construction contract for the development of the Haradh gas plant in the east of the country.