Saudi Arabia to Invest $600 Billion in US

Saudi Arabia has joined the growing list of countries and multinational firms which have assured to invest billions of dollars in the US, after Donald Trump took office as President of the US for a second term early this week.

In a telephone call with the US President on Thursday, H R H Mohammed bin Salman, the Crown Prince and Prime Minister of Saudi Arabia, affirmed the Kingdom’s intention to broaden its investments and trade by investing $600 billion and potentially beyond that over the next four years.

During the call, H R H the Crown Prince conveyed the congratulations of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and his own congratulations to the President on the occasion of his inauguration as President of the US, and wished the friendly American people more progress and prosperity under the President’s leadership.

The leaders discussed ways to enhance bilateral ties in various areas, and H R H Crown Prince noted the US administration’s ability to create unprecedented economic prosperity and opportunity through anticipated reforms in the United States, and that the Kingdom seeks to participate in these opportunities for partnership and investment.

The two leaders also discussed ways for cooperation between Saudi Arabia and the US to promote peace, security and stability in the Middle East, in addition to enhancing bilateral cooperation to combat terrorism.

The US President expressed his appreciation and thanks to the Custodian of the Two Holy Mosques and the Crown Prince for their congratulations, and affirmed his keenness to work with the Kingdom on all that benefits the interests of both countries.

No Details Provided

A report from Associated Press said that the statement from the Crown Prince did not elaborate on where those investments and trade could be placed. The US in recent years has increasingly pulled away from relying on Saudi oil exports, which once was the bedrock of their relationship for decades. Saudi sovereign wealth funds have taken large stakes in American businesses while also looking at sports as well.

Saudi Arabia does, however, rely predominantly on U.S.-made weapons and defense systems, which could be a part of the investment, the report said.

There was no immediate readout from the White House on the call. It also wasn’t immediately clear if Trump’s call with the Crown Prince was his first with a foreign leader since re-entering the White House. However, it was the first reported abroad.

The Crown Prince also spoke with the US Secretary of State Marco Rubio early on Thursday.

After his inauguration on Monday, the US President talked about possibly heading to the kingdom again as his first foreign trip, like he did in 2017.

“The first foreign trip typically has been with the U.K. but I did it with Saudi Arabia last time because they agreed to buy $450 billion worth of our products,” Trump told journalists.

“If Saudi Arabia wanted to buy another $450 billion or $500 billion — we will up it for all the inflation — I think I would probably go to Saudi Arabia,” he added.