Khalid Al-Falih, Saudi Arabia’s investment minister, on increasing non-oil investments, Middle East conflicts and President Donald Trump’s relationship with Saudi Arabia.
Saudi Arabia’s Crown Prince Mohammed bin Salman told President Donald Trump that the kingdom plans to sink $600 billion in new investment and trade with the US over the next four years, according to reports.
The Saudi State news agency reported that, during a phone call between the two leaders, bin Salman said that the expected changes from the Trump administration could create “unprecedented economic prosperity.”
The organization also said that Saudi Arabia would like to make money from these conditions, although it did not say where this 600 billion money will come from, how it will be used and how it will be used in the public or private sector.
Bin Salman told Trump that investment “could increase if more opportunities arise,” the report said.
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Saudi Arabia’s Crown Prince Mohammed bin Salman shakes hands with President Donald Trump at the G20 leaders’ summit in Osaka, Japan, June 29, 2019. (Reuters/File photo / Reuters Images)
During his first term, President Trump built close relations with Saudi Arabia and other Gulf states. In fact, Saudi Arabia invested $2 billion in a company created by Trump’s son-in-law and former aide, Jared Kushner, after Trump left office.
During his inauguration on Monday, Trump said he would consider making Saudi Arabia his first foreign visit if the capital Riyadh agreed to buy $500 billion in American products.
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Russian President Vladimir Putin presents a mammoth gift to Saudi Arabia’s crown prince Mohammed bin Salman as the head of the Chechen Republic, Ramzan Kadyrov, looks on in Riyadh, Saudi Arabia, October 14, 2019. (Reuters/File Photo / Reuters Images)
“I did it with Saudi Arabia last time because they agreed to bury our product worth $450 billion,” said Trump, speaking about his visit to that country in 2017. “I said, ‘I’ll do it, but you have to buy an American product,’ and they agreed to that.”
After winning his way back to the Oval Office in November, Trump and several others attended a UFC fight at Madison Square Garden.
Those present with Trump included Elon Musk, Kid Rock, RFK Jr., Tulsi Gabbard, Speaker of the House Mike Johnson and the head of Saudi Arabia’s Public Investment Fund (PIF), Yasir Al-Rumayyan.
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PIF is Saudi Arabia’s sovereign wealth fund, controlled by bin Salman and chaired by Al-Rumayyan.
According to Reuters, the PIF is estimated to have assets of approximately $925 billion in July.
Reuters contributed to this report.
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