Dubai, United Arab Emirates – Saudi ArabiaThe crown prince said Thursday that the kingdom wants to invest $600 billion in the United States over the next four years, comments that came after President Trump priced a return to the kingdom as the first his foreign trip.
Mr. Trump's 2017 trip to Saudi Arabia on a tradition of US presidents going to the United Kingdom for the first time abroad. He also confirmed his administration's close ties to the governors of the oil-rich Gulf states as his unnamed real estate company has also pursued deals across the region.
The comments came from Crown Prince Mohammed bin Salman, reported early Thursday by the state-run Saudi Press Agency, in a phone call with Mr Trump.
Evan Vucci/AP
“The crown prince confirmed the kingdom's intention to expand its investments and trade with the United States over the next four years, in $600 billion, and possibly beyond that,” the report said.
The reading did not analyze where these investments and trades could be placed. The US in recent years has been increasingly dependent on Saudi oil exports, which were the basis of the relationship for decades. Saudi sovereign wealth funds have taken big bets in American businesses while also looking at sports.
Saudi Arabia, however, relies heavily on US-made weapons and defense systems, which could be part of the investment.
There was no immediate reading from the White House on the call. It was also not immediately clear whether Mr Trump's call with the crown prince was his first with a foreign leader since he re-entered the White House. However, it was the first such call to be reported.
The crown prince, the de facto ruler of the oil-rich kingdom, spoke with US Secretary of State Marco Rubio early Thursday.
On Monday after his inauguration, Mr Trump talked about possibly going to the kingdom again as his first foreign trip, as he did in 2017.
“The first foreign trip has usually been with the UK but … I did it with Saudi Arabia last time because they agreed to buy $450 billion worth of our products,” Mr Trump said. to reporters in the Oval Office. “If Saudi Arabia wanted to buy another $450 billion or $500 – let's increase it for all the inflation – I think I would go.”
The kingdom's 2017 visit triggered a year-long boycott of Qatar by four Arab countries, including the kingdom.
Mr. Trump maintained close ties with Saudi Arabia, even after Prince Mohammed linked to the 2018 kill and spread of Washington Post columnist Jamal Khashoggi in Istanbul. The kingdom had also been talking for years with the Biden administration about a broader deal recognition of Israel in exchange for US defense protections and other aid.
The $600 billion pledge, which exceeds the gross domestic product of many countries, also comes as the kingdom is facing its own budget pressure. Global oil prices remain depressed years after the peak of the coronavirus pandemic, affecting the kingdom's income.
At the same time, Prince Mohammed also wants to continue his $500 billion project at NEOM, a new city in the western desert of Saudi Arabia on the Red Sea. It also needs tens of billions of dollars of new stadiums and infrastructure to be built before the 2034 FIFA World Cup is held.
