DUBAI, United Arab Emirates – Saudi Arabia’s crown prince said on Thursday the kingdom wants to invest $600 billion in the United States over the next four years, comments that come after President Donald Trump previously priced a return to the kingdom as his first foreign policy. the trip.
Trump’s 2017 trip to Saudi Arabia furthered the tradition of US presidents making their first trip abroad to the United Kingdom. It also underscored his administration’s close relationship with the governors of the oil-rich Gulf states as his eponymous real estate company pursued deals across the region.
Crown Prince Mohammed bin Salman’s comments, reported early Thursday by the state-run Saudi Press Agency, came during a phone call with Trump.
“The prince confirmed the intention of the kingdom to increase its investment and trade with the United States in the next four years, in the amount of 600 billion dollars, and more than that,” the report said.
The study did not elaborate on where such investment and trade could be placed. The US in recent years has increasingly moved away from reliance on Saudi oil exports, which had been a cornerstone of their relationship for decades. Saudi sovereign wealth funds have taken a large stake in American businesses while also looking into sports.
Saudi Arabia, however, relies heavily on US-made weapons and defense systems, which could be part of the investment.
There was no immediate response from the White House on the call. It was also unclear whether Trump’s phone call with the crown prince was the first with a foreign leader since he re-entered the White House. However, it was the first time it was reported abroad.
The crown prince, the de facto ruler of the oil-rich kingdom, also spoke with US Secretary of State Marco Rubio earlier Thursday.
On Monday after his inauguration, Trump talked about the possibility of returning to the kingdom as his first foreign trip, as he did in 2017.
“The first foreign trip was to the UK but … I did it with Saudi Arabia the last time 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 billion – we will pay for all the inflation – I think I would go.”
The 2017 visit to the kingdom began a year-long boycott of Qatar by four Arab nations, including the kingdom.
Trump maintained close ties with Saudi Arabia, even after Prince Mohammed was implicated in the 2018 assassination and massacre. Washington Post writer Jamal Khashoggi in Istanbul. The administration has also been talking for years with the Biden administration about a broader deal to recognize Israel diplomatically in exchange for US protection and other support.
The $600 billion pledge, which reduces the gross domestic product of many nations, also comes as the state faces pressure on its budget. Oil prices around the world have remained depressed in recent years after the rise of the coronavirus pandemic, which affects government revenues.
Meanwhile, Prince Mohammed wants to continue his $500 billion project at NEOM, a new city in the western desert of Saudi Arabia on the Red Sea. Tens of billions of dollars worth of new stadiums and infrastructure will also need to be built before it can host the 2034 FIFA World Cup.
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