US, 179 billion euro deal with the United Arab Emirates - Trump's trip to the Persian Gulf secured 1.3 trillion euros in investments
The White House announced that US President Donald Trump secured 179 billion euros in deals with the United Arab Emirates during the last stop of his trip to the Persian Gulf. The deals mainly involve artificial intelligence (AI), along with investments in aviation, energy and other industrial sectors.
After reaching deals worth €536 billion with Saudi Arabia and contracts worth €217 billion with Qatar, Trump ends his Middle East trip with a total of €1.3 trillion in investment pledges. Trump's visit to the Persian Gulf could be seen as a win-win venture for both sides.
As the US president seeks foreign investment to help revive domestic manufacturing, the three Gulf states are keen to accelerate the development of new technology to diversify their economies away from oil.
The centerpiece of the UAE deals is an artificial intelligence campus in Abu Dhabi, with a capacity of 5 gigawatts for data centers. The facility will be built by G42, the UAE-based innovative technology firm, in partnership with several American companies.
Trump is considering a deal that would allow the United Arab Emirates to import up to 500,000 high-performance Nvidia graphics cards each year through 2027. One-fifth of those chips would be allocated to the G42.
The American leader also completed a 71 billion euro investment deal with Saudi Arabia, which helped boost shares of Nvidia and other American technology companies.
However, some US officials remain concerned that China could gain indirect access to US artificial intelligence chips through Gulf states, even though the agreements include safeguards.
Boeing and GE Aerospace also signed an agreement with Etihad Airways, the national carrier of the United Arab Emirates. Etihad will commit to an investment of 13.1 billion euros to purchase 28 large aircraft, including 787 and 777X models powered by GE engines.
Just a day earlier, Boeing signed a $96 billion order with Qatar Airways. The company's shares rose to a 52-week high, while GE Aerospace shares hit their highest level since 2001.
In the energy sector, the US giants will partner with Abu Dhabi National Oil Company to expand oil and gas production in a deal worth 54 billion euros. Other deals include projects with Emirates Global Aluminum for aluminum smelting and gallium production.
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