The National US-Arab Chamber of Commerce (NUSACC) has lauded the King Abdullah University of Science and Technology (KAUST) as 'a vital step in Saudi Arabia's transition to a knowledge-based society.'

As a clear illustration of growing US-Arab business relations, NUSACC will join heads of state, presidents of leading universities, and global business leaders in Saudi Arabia on September 23 for the university launch.

Custodian of the Two Holy Mosques, King Abdullah Bin Abdulaziz Al-Saud, will open the new graduate-level research university dedicated to inspiring a new generation of scientific achievement in the Kingdom that will benefit the region and the world.

Commenting on this important milestone, chamber president and CEO David Hamod said KAUST represented a vital step in Saudi Arabia's transition to a knowledge-based society.

'Saudis will gain access to some of the world's most sophisticated research and researchers, enabling the Kingdom to tap into state-of-the-art science and technology that has the potential to have a profound impact on the nation's economic development and quality of life. We congratulate King Abdullah and the people of Saudi Arabia on this remarkable achievement,' he stated.

'Recognizing the importance of global business and the need to be competitive, Saudi Arabia is striving to bridge the gap between the Middle East and the rest of the world by creating more opportunities for US and global businesses to participate in the Saudi market,' Hamod pointed out.

'With the founding of this university, the Kingdom is laying the groundwork for more sustainable economic policies, as well as enhanced investment and job creation,' he added.

To commemorate the important event, the chamber is publishing a special edition of its magazine, 'US-Arab Tradeline,' that highlights the opening of KAUST and emphasizes the growing commercial relationship between Saudi Arabia and the US.

The 52-page commemorative issue includes interviews with such key policymakers as ambassador Adel Al-Jubeir, ambassador James Smith, Saudi Arabian General Investment Authority (SAGIA) governor and board chairman Amr Al-Dabagh, Dr Fahad Al Sultan, Dr Ghassan Al Sulaiman (co-chair of the US-Arab Chamber), and other leaders of the Saudi-US relationship.

Al-Jubeir said there was a clear focus on revitalizing every aspect of the Saudi economy - including regulations which make the Kingdom a friendly place to invest and do business and its efforts to provide Saudi citizens with the ability to compete in a global marketplace.

In a similar vein, Smith, observed that 'small and medium enterprises (SMEs) are one of the main foundations of economic growth and development. Commerce has played a vital role in helping people achieve a better life throughout the Middle East. I am certain that SMEs will benefit from the new discoveries and innovation undertaken at KAUST.'

With regard to ease of doing business, Al-Dabbagh, said, 'Regionally, we are ranked number one; we are the easiest place to register property, get credit and start a small business in all of the Mena. We also have the seventh friendliest tax environment in the world, and we are ranked fourth in the world for fiscal freedom. In terms of core determinants, we are performing very well.'

KAUST is intended to serve as a global 'House of Wisdom' dedicated to advancing science and technology through bold, collaborative research.

The new university, which opens with a $10 billion endowment, is expected to attract leaders in scientific and technological fields from around the world, to catalyze diversification of the Saudi economy, and to address challenges of regional and global significance.

'Oil represents only one chapter in the unfolding story of today's Saudi Arabia, and with t