$600 billion investment in the US - Saudi Arabia aims to expand trade with Trump
Saudi Arabia's state news agency reported that the crown prince aimed to significantly increase investment in the American economy during the term of US President Donald Trump.
Saudi Arabia's crown prince said the kingdom wants to invest $600 billion in the United States over the next four years, following a phone call with the new US president. Crown Prince Mohammed bin Salman's comments come as Trump considered returning to Saudi Arabia as his first trip abroad in office.
The state news agency said that "the crown prince affirmed the kingdom's intention to expand investment and trade with the United States over the next four years, to the tune of $600 billion and potentially beyond that."
During their conversation, the two leaders also discussed ways in which the countries can cooperate to establish peace, security and stability in the Middle East.
After the inauguration ceremony, Trump talked about the possibility of going to the kingdom again for his first trip abroad, as he did in 2017. "The first trip abroad has usually been to the United Kingdom, but ... I went to Saudi Arabia last time, because they agreed to buy $450 billion worth of our products," Trump told reporters in the Oval Office.
In recent years, the United States has increasingly withdrawn from its reliance on Saudi oil exports, once a cornerstone of relations between the two nations. The billion-dollar pledge, which dwarfs the gross domestic product of many nations, comes as the kingdom faces budget pressures. Global oil prices remain low years after the peak of the coronavirus pandemic, weighing on the kingdom’s revenues.
Meanwhile, the crown prince has continued to invest in NEOM, a new city in the Saudi desert. The country is also set to build tens of billions of dollars worth of new stadiums and infrastructure ahead of the 2034 FIFA World Cup, an event it will host.
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