Lubna Olayan and Jane Fraser Appointed Co-Chairs of U.S.-Saudi Business Council

New Leadership at the U.S.-Saudi Business Council

In a significant development for the U.S.-Saudi economic landscape, Lubna S. Olayan and Jane Fraser have been named as the new Co-Chairs of the U.S.-Saudi Business Council Board of Directors. This appointment, announced on October 21, 2025, marks an important chapter in strengthening business relations between the United States and Saudi Arabia.

Who Are the New Co-Chairs?

Lubna S. Olayan, who holds the esteemed position of Chair of the Corporate Board of The Olayan Group, brings decades of experience and an impressive portfolio in fostering economic collaboration. Her role as Chair of Saudi Awwal Bank (SAB) further solidifies her influence in the financial sector. Olayan's extensive involvement in international advisory boards—including those of prestigious organizations such as Akbank, Bank of America, and TotalEnergies—emphasizes her commitment to global economic dialogue. Additionally, her philanthropic efforts through the Suliman S. Olayan Foundation reflect a dedication to social responsibility and economic development within the Arab world.

Jane Fraser, the Chief Executive Officer of Citi, represents the U.S. perspective in this pivotal partnership. Under her leadership, Citi has significantly expanded its operations in Saudi Arabia, enhancing the economic connection between the Kingdom and the global market. Fraser has garnered respect for her leadership and strategic vision during her over two-decade tenure at Citi. Her involvement in organizations like the Business Roundtable and the Council on Foreign Relations showcases her as a prominent voice in financial services.

A New Era for U.S.-Saudi Business Relations

The U.S.-Saudi Business Council plays a crucial role in promoting bilateral business initiatives. With Vision 2030 in focus, Saudi Arabia is on a transformative path to diversify its economy, and both Olayan and Fraser are tasked with guiding this mission. Their combined expertise is expected to create new opportunities for American and Saudi businesses, encouraging cross-sector collaboration.

Charles Hallab, President and CEO of the U.S.-Saudi Business Council, expressed enthusiasm for the new appointments, stating, "We are honored and delighted to welcome Ms. Olayan and Ms. Fraser as Co-Chairs of the Council's Board. They are both universally admired and respected, and their combined vision and expertise will be invaluable as we define the next chapter of U.S.-Saudi business relations."

The appointments of Olayan and Fraser are not without significant context. They follow the tenures of notable predecessors: Olayan succeeds Abdallah S. Jum'ah, former CEO of ARAMCO, while Fraser takes over from Steve Demetriou, former CEO of Jacobs Engineering Group. This leadership change signals a fresh perspective and renewed vigor for the Council.

Impact and Future Prospects

As both nations navigate through fast-evolving economic landscapes, the role of the U.S.-Saudi Business Council becomes even more vital. The leadership of Olayan and Fraser is expected to not only bolster existing partnerships but also to open avenues for new investments in various sectors. Their backgrounds reflect a blend of experience, innovation, and commitment to fostering relationships that are essential for mutual growth.

In conclusion, the Co-Chair appointments mark a strategic move towards enhancing economic ties and advancing the Council's mission as a leading advocate for U.S.-Saudi business collaboration amidst an era of rapid change and opportunity.