Citigroup CEO Jane Fraser named U.S. co-chair of U.S.-Saudi Business Council board, replacing Steve Demetriou. Lubna Olayan named co-chair representing Saudi Arabia. Council founded in 1993 to promote business ties between the two countries. President Charles Hallab values their vision and expertise. Saudi Arabia seeks foreign investment for economic diversification. Earlier this year, $600 billion Saudi investment commitment and $142 billion in U.S. arms sales. Citi, under Fraser, expanding in Saudi Arabia with regional headquarters license. Fraser also serves on various boards. (Reporting by Arasu Kannagi Basil; Editing by Tasim Zahid)

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