The US-Arab Business Roundtable (USABR), founded in March 1979 and became a non-profit association in the early 1980s which conducted a series of conferences, workshops, trade missions and training programs at a critical juncture of history aimed at fostering regularized dialogue and improved understanding for strengthening US commercial and economic relations with Arab countries of North Africa and the Middle East.
Origins
In the wake of OPEC’s second oil price shock (coordinated price increase) during the early days of the Carter Administration- which resulted in an enormous surge of petro-dollar wealth transfer to oil producing nations, including several in the Mideast/North Africa region, interest in improved mechanisms to nurture business and cultural understanding accelerated. Armed with high-level industry contacts and well-regarded in Middle East circles following the NAM Mid-East Industrial Mission of November 1974, Nicholas Everett Hollis visited the region on several occasions during the 1977-79 period – in both official and private capacities - and met with leading officials such as Dr. Zaki Mustafa of the Saudi-Sudanese Red Sea Commission, Dr. Ahmed Zaki Yamani, Saudi Arabia's famous petroleum minister, Soliman Al-Solaim, Saudi Arabia's Minister of Commerce, Sheikh Mohamed Abakhail, Saudi Arabia's Minister of Finance and others—and began advancing the proposal for a regular dialogue mechanism. In late 1978 Hollis prepared a proposal for a US-Saudi Business Council while visiting Jeddah – and the idea received encouragement from US Ambassador John West and others, including US Treasury officials connected with the Joint Economic Commission, who had worked with Hollis during his tenure at AID's reimbursable development program (RDP)
Later, the proposal was refined and broadened to include other Arab countries in coordination with the existing US-Arab Chamber of Commerce (New York) and the Saudi Chambers of Commerce. The concept was formally incorporated on March 9, 1979, with the immediate assignment of managing a large Pan Arab mission program visiting the United States, including conferences in New York, Washington and Chicago and promotion for a new, $175 million investment program initially subscribed out of the United Arab Emirates- called the General Arab Investment Company (GAIC) designed to stimulate joint ventures between US corporations and Arab partners in the Mideast. GAIC became the forerunner of the Arab Investment Company (TAIC) which today is owned jointly by 17 Arab states with capital in excess of US$800 Million.
The high-powered eighty man Arab delegation was led by Dr. Burhan Dajani, secretary general of the General Union of Arab Chambers of Commerce, Industry and Agriculture, Sheikh Ismail Abudawood, chairman of the Saudi Chambers of Commerce and Industry with financial leaders such as Saif Ghurair (representing H.E. Rached Ben Said Al-Maktoum of Dubai/UAE) and others in the wings.