Saudi Arabia and US Forge Over $300 Billion in Investment Deals
Crown Prince outlines ambitious plans for further investment as bilateral economic cooperation deepens.
RIYADH: Saudi Arabia has formalized agreements with the United States valued at over $300 billion, as announced by Crown Prince Mohammed bin Salman during the Saudi-US Investment Forum in Riyadh on Tuesday.
The Crown Prince emphasized the Kingdom's intention to explore an additional $600 billion in investment opportunities, with aspirations to increase total investments to $1 trillion.
In his address, Crown Prince Mohammed highlighted the United States as a critical partner in Saudi Arabia's Vision 2030 reform agenda, pointing out that joint investments are central to the economic ties between the two nations.
He noted that the Public Investment Fund (PIF) has designated approximately 40 percent of its global investments towards the US market.
The event also featured remarks from US President Donald Trump, who extolled Saudi Arabia's transformation under the leadership of King Salman and the Crown Prince.
Trump characterized the Crown Prince as a pivotal figure, praising his role in fostering development within the Kingdom and the broader region.
He remarked on Saudi Arabia's evolution into a global business hub, noting that revenues from the non-oil sector have now surpassed those from the oil sector.
During his speech, Trump criticized the Biden administration for its decision to remove the Houthis from the US terrorist list, labeling it a significant error.
He contrasted the progress made in the Gulf region with the situation in Iran, stating that while some Gulf states have cultivated farmlands from deserts, Iran has allegedly reversed its agricultural advancements.
Trump proposed that should Iran resist diplomatic overtures from Washington, the US would have to consider reinstating stringent sanctions.
Trump expressed concerns over the influence of Hezbollah in destabilizing Lebanon and positioned Iran as a major contributing factor to regional suffering, including conflicts in Syria, Lebanon, Gaza, Iraq, and Yemen.
He articulated a desire to assist Lebanon, which he described as vulnerable to Iranian and Hezbollah forces.
Additionally, Trump acknowledged Saudi Arabia's contributions to peace talks concerning the Russia-Ukraine conflict and reiterated US support for the Kingdom, indicating a promising future for bilateral relations.
Earlier that day, a strategic economic partnership agreement was signed in Riyadh—marking the first stage of Trump's Middle East tour—comprising Memorandums of Understanding across energy, mining, and defense sectors.
Key components of the defense collaboration involve modernizing the capabilities of the Saudi armed forces and a cooperative agreement between the Saudi Space Agency and NASA.
Other notable agreements encompassed a Memorandum of Understanding focused on mineral resources, a partnership agreement with the Department of Justice, and initiatives concerning infectious diseases.
Trump arrived in Saudi Arabia on Tuesday, branding the visit as 'historic' and combining urgent diplomacy related to Gaza with expansive business ventures.
He received a warm welcome from Crown Prince Mohammed bin Salman upon disembarking from Air Force One at King Khalid International Airport, which was marked by traditional Saudi hospitality.
The Royal Saudi Air Force escorted Air Force One with F-15 fighter jets as it neared Riyadh, where Trump and the Crown Prince participated in a formal lunch attended by guests and aides.
A formal dinner was planned later in the evening, alongside Trump's involvement in the US-Saudi investment conference.
Following his engagements in Saudi Arabia, Air Force One is expected to depart for visits to Qatar and the United Arab Emirates, with discussions concerning the Ukraine war potentially taking place in Turkiye.
The Crown Prince emphasized the Kingdom's intention to explore an additional $600 billion in investment opportunities, with aspirations to increase total investments to $1 trillion.
In his address, Crown Prince Mohammed highlighted the United States as a critical partner in Saudi Arabia's Vision 2030 reform agenda, pointing out that joint investments are central to the economic ties between the two nations.
He noted that the Public Investment Fund (PIF) has designated approximately 40 percent of its global investments towards the US market.
The event also featured remarks from US President Donald Trump, who extolled Saudi Arabia's transformation under the leadership of King Salman and the Crown Prince.
Trump characterized the Crown Prince as a pivotal figure, praising his role in fostering development within the Kingdom and the broader region.
He remarked on Saudi Arabia's evolution into a global business hub, noting that revenues from the non-oil sector have now surpassed those from the oil sector.
During his speech, Trump criticized the Biden administration for its decision to remove the Houthis from the US terrorist list, labeling it a significant error.
He contrasted the progress made in the Gulf region with the situation in Iran, stating that while some Gulf states have cultivated farmlands from deserts, Iran has allegedly reversed its agricultural advancements.
Trump proposed that should Iran resist diplomatic overtures from Washington, the US would have to consider reinstating stringent sanctions.
Trump expressed concerns over the influence of Hezbollah in destabilizing Lebanon and positioned Iran as a major contributing factor to regional suffering, including conflicts in Syria, Lebanon, Gaza, Iraq, and Yemen.
He articulated a desire to assist Lebanon, which he described as vulnerable to Iranian and Hezbollah forces.
Additionally, Trump acknowledged Saudi Arabia's contributions to peace talks concerning the Russia-Ukraine conflict and reiterated US support for the Kingdom, indicating a promising future for bilateral relations.
Earlier that day, a strategic economic partnership agreement was signed in Riyadh—marking the first stage of Trump's Middle East tour—comprising Memorandums of Understanding across energy, mining, and defense sectors.
Key components of the defense collaboration involve modernizing the capabilities of the Saudi armed forces and a cooperative agreement between the Saudi Space Agency and NASA.
Other notable agreements encompassed a Memorandum of Understanding focused on mineral resources, a partnership agreement with the Department of Justice, and initiatives concerning infectious diseases.
Trump arrived in Saudi Arabia on Tuesday, branding the visit as 'historic' and combining urgent diplomacy related to Gaza with expansive business ventures.
He received a warm welcome from Crown Prince Mohammed bin Salman upon disembarking from Air Force One at King Khalid International Airport, which was marked by traditional Saudi hospitality.
The Royal Saudi Air Force escorted Air Force One with F-15 fighter jets as it neared Riyadh, where Trump and the Crown Prince participated in a formal lunch attended by guests and aides.
A formal dinner was planned later in the evening, alongside Trump's involvement in the US-Saudi investment conference.
Following his engagements in Saudi Arabia, Air Force One is expected to depart for visits to Qatar and the United Arab Emirates, with discussions concerning the Ukraine war potentially taking place in Turkiye.
