So naturally the White House just announced a huge, historic commitment of Saudi Arabia. They plan to spend a jaw-dropping $600 billion of that in contracts with the United States. This announcement came during President Donald Trump’s state visit to Riyadh, where he praised Saudi Arabia and its leaders for their ongoing partnership. This investment is part of a deeper effort to solidify the U.S.-Saudi relationship. Crown Prince Mohammed bin Salman has set an ambitious goal of increasing this partnership up to $1 trillion, focusing on several sectors including military, security, economic and technological fields.
At the bilateral investment forum in Riyadh, President Trump joined Crown Prince Mohammed bin Salman on stage to trumpet the crowdfunded investment. The Crown Prince topped this off with a deeply felt commitment to explain to expand cooperation bilaterally. He stressed how essential investment would be to achieving the shared priorities they created.
In conjunction with this investment, Saudi Arabia has secured a nearly $142 billion defense sales deal with the United States. This agreement will provide the Kingdom with “state-of-the-art warfighting equipment and services from over a dozen U.S. defense firms,” as highlighted by the White House.
President Trump appeared to recognize the potential of this partnership when he welcomed it in remarks at this spring’s SelectUSA investment forum. He noted that these initiatives are designed “in order to give them a chance at greatness,” referencing the potential benefits for both nations.
On the occasion of the state visit, both leaders signed 12 different bilateral agreements. This rare action was just one component of their unprecedented move to bolster the strategic partnership between their two countries.
Needless to say, industry experts are excited about the announcement. They understand the potential it has to fuel significant new economic development and job creation and produce win-win outcomes. The infusion of capital from Saudi Arabia into various sectors in the U.S. may yield opportunities for job creation and technological advancements.