Crown prince tells Trump Saudi Arabia plans to invest $600 billion in U.S.
Unlock the White House Watch newsletter for free
A guide to what the 2024 US election means for Washington and the world
Crown Prince Mohammed bin Salman said Saudi Arabia plans to invest at least $600 billion in the United States over the next four years, as the kingdom seeks to deepen ties with its most important Western ally as Donald Trump returns to the White House. .
According to the official Saudi Press Agency, the prince said in a phone call on Thursday that he congratulated Trump on his inauguration and that the reforms proposed by the new US administration will “create unprecedented economic prosperity and opportunities.”
The White House did not immediately provide a summary of the call. Secretary of State Marco Rubio and Saudi Arabia’s de facto leader, often known by his initials MBS, also had a phone call to discuss developments in the Middle East, the State Department said Wednesday.
Trump said on Monday he would consider making Saudi Arabia his first foreign trip as president again if Riyadh agrees to buy $500 billion worth of U.S. products, as he claimed Saudi Arabia did during his first term in office. Do that.
“The last time I did this with Saudi Arabia was they agreed to buy $450 billion worth of our products,” Trump told reporters in the Oval Office after taking office. “If Saudi Arabia wants to buy another $450 billion or $500 billion — and we’re going to raise prices for inflation — I think I’d probably go for it.”
When Trump took office for his first term in 2017, he broke with tradition and made Saudi Arabia his first overseas destination when he attended the Arab and Muslim Leaders Summit in Riyadh. The newly elected U.S. president usually first visits neighboring Canada or Mexico.
The statement about Prince Mohammed and Trump did not provide details about the sectors or industries that would receive $600 billion in investment, but said that “the amount may exceed this figure if additional opportunities arise.”
Trump maintained close ties with Saudi Arabia during his first term, and soon after Trump left the White House, Saudi Arabia’s sovereign wealth fund offered to Trump’s son-in-law Jared Kushner and former Treasury Secretary Smith Steven Mnuchin runs companies with billions of dollars invested.
The Trump Organization also signed an agreement to license the Trump brand for real estate development in Saudi Arabia and other parts of the Gulf.
Rubio and Prince Mohammed discussed Gaza, Lebanon and Syria, as well as threats from Iran, Saudi Arabia’s main regional rival.
Iran’s so-called axis of resistance, which includes proxies and allies such as Hezbollah in Lebanon and Hamas in Gaza, has seen its military capabilities severely weakened after a 15-month conflict with Israel. Islamist rebels in Syria also overthrew the regime of another Tehran ally, former President Bashar al-Assad, last month.
Trump said on Monday he expected Saudi Arabia to eventually normalize relations with Israel and join the Abraham Accords, an initiative he launched during his first term to bring Israel into cooperation with countries including the United Arab Emirates. Relations between several Arab countries normalized.
