The Federation of Indian Chambers of Commerce and Industry (FICCI) has nominated Dr. Siddeek Ahmed as the Chair and Priyanka Mittal as the Co-Chair of the Indian side of the Saudi-India Business Council (SIBC). Announced on May 15, 2026, these key appointments are set to bolster commercial dialogue and mutual investments between the business communities of the two nations. This leadership transition comes at a critical time as India and Saudi Arabia actively diversify their trade portfolios and explore collaborative opportunities under the Saudi Vision 2030 framework.
New Leadership of the Saudi-India Business Council
The nominations of Dr. Siddeek Ahmed and Priyanka Mittal represent a strategic move by FICCI to place seasoned industry leaders at the helm of bilateral economic relations. Both leaders bring extensive expertise in dealing with the regulatory and commercial environments of both India and the West Asian region.
Dr. Siddeek Ahmed: Chair of the Indian Side
As the newly appointed Chair, Dr. Siddeek Ahmed brings decades of industrial and business experience to the council. He is the Chairman and Managing Director of Eram Group, also referred to as Eram Holdings. The multinational conglomerate maintains its global headquarters in Al Khobar, Saudi Arabia, with major regional offices in Dubai and India. Eram Group operates across 16 countries with more than 40 business units in diverse sectors such as oil and gas, power and utilities, travel, construction, healthcare, and education.
Dr. Ahmed is a prominent non-resident Indian entrepreneur. His deep understanding of the Saudi industrial landscape is expected to help Indian businesses identify new trade pathways and navigate regulatory requirements in the Kingdom of Saudi Arabia.
Priyanka Mittal: Co-Chair of the Indian Side
Serving alongside Dr. Ahmed, Priyanka Mittal takes on the role of Co-Chair. She is a Whole-Time Director at KRBL Limited, the world’s largest rice miller and exporter, which is famous for its flagship brand ‘India Gate’. Founded in 1889 by brothers Khushi Ram and Behari Lal, KRBL is headquartered in Noida, Uttar Pradesh, and exports agricultural products to more than 90 countries. Mittal heads the international division of the company, managing global sales and brand development.
Mittal holds a Bachelor of Science in Business Administration from the University of Southern California (USC) and is a graduate of the Harvard Business School’s Owner/President Management program. She has previously served as the Chairperson of the Agri Business and Food Processing Committee of the PHD Chamber of Commerce and Industry. She has also been recognized with the Business Woman of the Decade Award by the Women Economic Forum for her contributions to expanding the global footprint of Indian agriculture.
Understanding the Saudi-India Business Council (SIBC)
The Saudi-India Business Council (SIBC) serves as a key institutional bridge designed to foster commercial cooperation and build strong business-to-business relationships between the private sectors of India and the Kingdom of Saudi Arabia. It plays a critical role in facilitating trade delegations, organizing bilateral investment forums, and providing a platform for policy advocacy to resolve trade barriers.
Institutional Anchors: FICCI and FSC
The council is driven by two premier apex business chambers that represent the industrial interests of their respective countries:
- Federation of Indian Chambers of Commerce and Industry (FICCI): Established in 1927 on the recommendation of Mahatma Gandhi, FICCI is India’s oldest and largest apex business organization. Founded by pioneering industrialists Ghanshyam Das Birla and Purshottamdas Thakurdas, the non-government, not-for-profit organisation is headquartered in New Delhi. It works closely with the Indian government to formulate industrial policies and represents over 2,50,000 businesses across various sectors.
- Federation of Saudi Chambers (FSC): Serving as the counterpart to FICCI, the FSC represents the Saudi Arabian business community. Headquartered in Riyadh, Saudi Arabia, the FSC acts as the umbrella organization for all chambers of commerce and industry within the Kingdom, serving as the official voice of the Saudi private sector.
Through their joint coordination under the SIBC, FICCI and the FSC enable business leaders, small and medium enterprises, and multinational corporations from both sides to explore potential joint ventures and expand their operations cross-border.
India-Saudi Arabia Economic and Strategic Ties
Bilateral relations between India and Saudi Arabia have transformed from purely transactional energy trade into a comprehensive, multi-dimensional strategic partnership. The Saudi-India Business Council serves as a vital operational arm to translate high-level government agreements into actual business ventures and strategic partnerships.
The Strategic Partnership Council and Vision 2030
The overarching framework governing the bilateral relationship is the Strategic Partnership Council (SPC), which was established in 2019 during Prime Minister Narendra Modi’s visit to Riyadh. The SPC is structured around two key pillars:
- Political, Security, Social, and Cultural Pillar: Co-chaired by the foreign ministers of both nations, this pillar coordinates defense ties, security cooperation, and cultural exchanges.
- Economy and Investment Pillar: Co-chaired by India’s Minister of Commerce and Industry and the Saudi Minister of Energy, this pillar guides economic collaboration, infrastructure investments, and energy trade.
This council has allowed both countries to align their national developmental strategies. In particular, Saudi Arabia’s Vision 2030—a comprehensive socio-economic development plan aimed at reducing the Kingdom’s dependence on petroleum and diversifying its economy—creates immense opportunities for Indian businesses. Indian expertise in information technology, digital services, pharmaceuticals, engineering, and agriculture is critical to supporting Saudi Arabia’s transition into non-oil sectors. In return, Saudi Arabia is a major source of foreign direct investment in India, led by the Public Investment Fund (PIF), which has targeted retail, telecommunications, and green energy projects.
Bilateral Trade Dynamics
Saudi Arabia represents one of India’s most critical economic partners in the West Asian region:
- Trade Ranking: Saudi Arabia is India’s fourth-largest trading partner, while India is Saudi Arabia’s second-largest trading partner.
- Trade Volume: Total bilateral trade reached US$ 41.88 billion during the fiscal year 2024-25. For the first eight months of the fiscal year 2025-26 (from April to November 2025), bilateral trade stood at US$ 27.18 billion.
- Trade Composition: Energy remains a foundational pillar of the partnership, with Saudi Arabia supplying a substantial portion of India’s crude oil and liquefied petroleum gas (LPG) imports. Conversely, Indian exports to the Kingdom are highly diversified, comprising engineering goods, vehicles, chemicals, textiles, and agricultural products. Among agricultural exports, high-quality basmati rice holds a premier position, creating a direct synergy with companies like KRBL.
The economic partnership is further amplified by mega-infrastructure proposals such as the India-Middle East-Europe Economic Corridor (IMEC). Originally launched during the 2023 G20 Summit in New Delhi, the IMEC corridor aims to integrate railway lines, sea lanes, and high-speed data networks across India, the Gulf countries, and Europe, establishing Saudi Arabia as a vital logistics hub connecting Indian manufacturing to Mediterranean and European markets.
Key Takeaways
- Dr. Siddeek Ahmed, Chairman of Eram Holdings, has been nominated as the Chair of the Indian side of the Saudi-India Business Council (SIBC).
- Priyanka Mittal, Whole-Time Director at KRBL Limited, has been appointed as the Co-Chair of the Indian side of the Saudi-India Business Council (SIBC).
- The Saudi-India Business Council (SIBC) is a bilateral platform jointly established by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Federation of Saudi Chambers (FSC) to enhance trade and investments.
- The Federation of Indian Chambers of Commerce and Industry (FICCI) was established in 1927 on the recommendation of Mahatma Gandhi, with headquarters in New Delhi.
- The Strategic Partnership Council (SPC) was established in 2019 to steer bilateral relations and is structured into two main governance pillars.
- Saudi Arabia is India’s fourth-largest trading partner, with total bilateral trade between the two nations reaching US$ 41.88 billion during the fiscal year 2024-25.
