Saudi Arabia's crown prince said Thursday that the kingdom wants to invest $600 billion in the United States over the next four years. The comments came shortly after President Donald Trump made investment a prerequisite for his first foreign visit to Saudi Arabia.
His 2017 visit to Saudi Arabia broke the tradition of a new US president making his first trip to Britain. The visit also highlighted his administration's close ties to the rulers of wealthy Gulf states, while his real estate company has been involved in several projects in the region.
Crown Prince Mohammed bin Salman's comments, reported by the Saudi Press Agency, came during a phone call with President Trump. It was the first phone call President Trump had with a foreign leader since his inauguration on Monday.
"The crown prince confirmed 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 possibly beyond," the statement said.
The announcement did not elaborate on where the investments would be made. The United States has increasingly moved away in recent years from its reliance on Saudi oil exports, which served as the bedrock of relations for decades. Investments from the Saudi sovereign wealth fund have taken significant stakes in American businesses, and investments in sports are being considered.
Saudi Arabia depends mainly on American-made weapons and defense systems, a sector where future investments are also expected to be made.
The White House issued a statement on Thursday confirming the call, saying the two leaders "discussed efforts to bring stability to the Middle East, strengthen regional security, and combat terrorism."
"They also discussed the international economic ambitions of the Kingdom of Saudi Arabia over the next four years, as well as trade and other opportunities to increase the mutual prosperity of the United States and the Kingdom of Saudi Arabia," the statement said, without providing further details.
The Crown Prince, the de facto ruler of the oil-rich kingdom, also spoke with Secretary of State Marco Rubio on Thursday.
On the Monday after his inauguration, President Trump talked about the possibility of traveling to Saudi Arabia again, as his first visit abroad, as he did in 2017.
"The first trip abroad has usually been to the UK, but ... I did it with Saudi Arabia last time, because they agreed to spend $450 billion to buy our products," President Trump told reporters in the Oval Office. "If Saudi Arabia wanted to buy another $450 billion or $500 billion — let's bump it up a little bit because of all this inflation — I think I would probably go."
Regarding a possible trip to Saudi Arabia, White House Press Secretary Caroline Leavitt told reporters on Thursday: "I am not aware of any plans at this time."
Following President Trump's 2017 visit to the Saudi kingdom, a year-long boycott of Qatar began by four Arab countries, including Saudi Arabia itself.
President Trump maintained close ties with Saudi Arabia, even after Prince Mohammed was implicated in the 2018 killing and dismemberment of Washington Post contributor Jamal Khashoggi in Istanbul. The kingdom had also been engaged for years in talks with former President Biden’s administration about a broader deal to establish diplomatic relations with Israel in exchange for U.S. guarantees of defense and other forms of support.
The $600 billion pledge, a figure that exceeds the gross domestic product of many countries, comes as the Saudi kingdom grapples with its own budget woes. Global oil prices remain low, years after the peak of the coronavirus pandemic, weighing on the kingdom's revenues.
Meanwhile, Prince Mohammed also wants to push ahead with his $500 billion project to build the new city of NEOM in Saudi Arabia's western desert, near the Red Sea. The Saudi kingdom also needs to build tens of billions of dollars worth of new stadiums and infrastructure before it hosts the 2034 FIFA World Cup. VOA (A2 Televizion)
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