Saudi Arabia aims for $600 bln in US investment, trade over four years

By Al Mayadeen English
Source: Agencies
23 Jan 2025 09:55

Saudi Crown Prince Mohammed bin Salman tells US President Donald Trump that the investment "could increase further if additional opportunities arise."

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US President Donald Trump and Saudi Crown Prince Mohammed bin Salman on the sidelines of the Group of 20 summit in Osaka, Japan, on June 29 (AFP/Getty Images)

Saudi Crown Prince Mohammed bin Salman informed US President Donald Trump that Saudi Arabia aims to allocate $600 billion toward expanded investment and trade with the United States over the next four years, the Saudi state news agency reported on Thursday.

During a phone conversation, bin Salman expressed optimism about the Trump administration’s anticipated reforms, stating they could usher in "unprecedented economic prosperity," according to the agency.

The report indicated that Saudi Arabia plans to leverage its investments to benefit from these favorable conditions. However, it did not specify whether the $600 billion would come from public or private funds nor did it provide details on how the capital would be utilized.

The crown prince also noted that the investment "could increase further if additional opportunities arise," as quoted by the agency.

Trump established strong ties with Gulf states during his first term, including Saudi Arabia. After Trump left office, Saudi Arabia invested $2 billion in a firm created by Jared Kushner, Trump’s son-in-law and former senior advisor.

After his inauguration on Monday, Trump stated that he might consider making Saudi Arabia his first overseas destination if Riyadh agreed to purchase $500 billion worth of American products, mirroring a similar arrangement during his first term.

"I did it with Saudi Arabia last time because they agreed to buy $450 billion worth of our product. I said I'll do it but you have to buy American products, and they agreed to do that," he said, referencing his 2017 visit to the Gulf nation.

In his first term, Trump actively cultivated ties with Saudi Arabia, a longstanding energy and security partner of the United States. His inaugural overseas trip in 2017 was to Riyadh, where he was welcomed with an elaborate ceremony featuring a traditional sword dance and a military flyover.

However, relations cooled after bin Salman expressed dissatisfaction with Trump’s response to a 2019 attack that temporarily halved Saudi Arabia's oil production. Despite this, Riyadh and Trump’s team sought to strengthen ties after he left office, focusing on investments and construction deals involving the Trump Organization.

While campaigning, President Joe Biden harshly criticized Saudi Arabia for human rights violations, including the 2018 murder of journalist Jamal Khashoggi.

Nevertheless, the Biden administration later worked to rebuild relations, attempting to negotiate a major agreement under which Saudi Arabia would normalize ties with "Israel" in exchange for a US defense pact and support for a civilian nuclear program. This proposed deal was put on hold following the outbreak of the Israeli war in Gaza on October 7, 2023.

During a separate call with bin Salman on Thursday, newly appointed US Secretary of State Marco Rubio discussed a range of issues, including Syria, Lebanon, Gaza, and "the threats posed by Iran and its proxies," a spokesperson for Rubio stated.

"They also discussed the benefits of the U.S.-Saudi economic partnership and the opportunities to grow their economies in a variety of fields including AI."