Saudi Arabia plans to invest $600 billion in U.S. over next 4 years, crown prince says in call with Trump
Dubai, United Arab Emirates — Saudi ArabiaThe crown prince said Thursday that Saudi Arabia wants to invest $600 billion in the United States over the next four years, comments that came after President Trump set a price for returning to the kingdom for his first trip abroad.
gentlemen. Trump’s 2017 trip to Saudi Arabia Subverting the tradition of US presidents first heading to the UK on their first overseas trip. It also underscores his government’s close ties with rulers of oil-rich Gulf states, as his namesake real estate company also pursues deals in the region.
Earlier on Thursday, the state-run Saudi Press Agency reported Crown Prince Mohammed bin Salman’s comments during a phone call with Trump.
Evan Vucci/AP
“The crown prince confirmed that Saudi Arabia intends to expand investment and trade with the United States to the tune of $600 billion over the next four years, and possibly more,” the report said.
The report did not detail where these investments and trade could be located. In recent years, the United States has gradually weaned itself away from dependence on Saudi oil exports, which have been the cornerstone of relations between the two countries for decades. The Saudi sovereign wealth fund has large stakes in U.S. companies and also has an eye on sports.
However, Saudi Arabia does rely primarily on U.S.-made weapons and defense systems, which may be part of the investment.
The White House did not immediately release information about the call. It was unclear whether Trump’s call with the crown prince was his first with a foreign leader since returning to the White House. However, this is the first time such a call has been reported.
The crown prince, the de facto ruler of the oil-rich kingdom, also spoke to U.S. Secretary of State Marco Rubio earlier on Thursday.
After taking office on Monday, Trump talked about possibly traveling to Saudi Arabia again as his first foreign trip, as he did in 2017.
“The first foreign trip is usually to the United Kingdom, but … the last time I went it was with Saudi Arabia because they agreed to buy $450 billion worth of our products,” Trump told reporters in the Oval Office. “If Saudi Arabia wanted to buy another $450 billion or $500 – and we would raise the price for inflation – I think I would probably go.”
A visit to Qatar in 2017 triggered a year-long boycott of Qatar by four Arab countries, including the kingdom.
Trump has maintained close ties with Saudi Arabia even after Prince Mohammed stepped down. Alleged 2018 killings and dismemberments Interview with Washington Post columnist Jamal Khashoggi in Istanbul. The kingdom has also been negotiating a broader deal with the Biden administration for years recognize israel in exchange for U.S. defense protection and other support.
The $600 billion commitment dwarfs the gross domestic product of many countries and comes as the kingdom faces its own budget pressures. Years after the worst of the coronavirus pandemic, global oil prices remain depressed, hurting Saudi revenue.
At the same time, Prince Mohammed also hopes to continue his $500 billion project in NEOM, a new city in the Red Sea desert in western Saudi Arabia. China also needs to build tens of billions of dollars worth of new stadiums and infrastructure before hosting the 2034 FIFA World Cup.
