(Reuters) -The U.S.-Saudi Business Council has named Citigroup ( C/PN ) CEO Jane Fraser as U.S. co-chair of its board, representing the United States.

Fraser replaces Steve Demetriou, former CEO of engineering contractor Jacobs, who held the role from 2018 to 2024.

Lubna Olayan, chair of the Olayan Group, was also named co-chair representing Saudi Arabia.

Founded in 1993 as a spin-off of the U.S.-Saudi Arabian Joint Economic Commission, the council promotes bilateral business ties between Saudi Arabia and the United States.

"Their combined vision and expertise will be invaluable as we define the next chapter of U.S.-Saudi business relations," President and CEO Charles Hallab said.

The appointments come as Saudi Arabia seeks to attract foreign investment to fund Crown Prince Mohammed bin Salman's ambitious economic diversification plans.

Earlier this year, U.S. President Donald Trump made a four-day Gulf trip that brought a $600 billion Saudi commitment to invest in the United States and $142 billion in U.S. arms sales to the kingdom, as Riyadh steps up efforts to attract foreign investment.

Under Fraser, Citi has expanded in Saudi Arabia and last year secured a license to establish its regional headquarters in the kingdom.

Fraser also serves on the boards of the Council on Foreign Relations, the Business Roundtable, and the Partnership for New York City.