(WASHINGTON, DC) — Saudi Aramco and U.S.-based Dow Chemical have announced a joint venture to build and operate a world-scale, fully integrated chemicals complex in Jubail Industrial City in Saudi Arabia. The authorization for the new joint venture, named “Sadara Chemical Company,” comes after an extensive project feasibility study and front-end engineering and design effort that began in 2007.

“Saudi Arabia’s free market economy has undergone remarkable changes in a relatively short period of time and has become the largest destination for foreign direct investment in the region,” said Saudi Ambassador to the United States Adel bin Ahmed Al-Jubeir. “The Kingdom welcomes this new partnership with Dow Chemical to bring new technology and innovation to Saudi Arabia.”

For the past four decades, the United States has been Saudi Arabia’s largest trading partner; the Kingdom is the largest market for American products in the Middle East. In 2010, bilateral trade reached $43 billion. Also in 2010, Saudi Arabia ranked 12th in the world in attracting direct foreign investment, according to the World Investment Report 2011 released by the United Nations Conference on Trade and Development.

For more information on economic opportunities in Saudi Arabia please visit www.saudiembassy.net or follow the Embassy on Twitter @SaudiEmbassyUSA.