Saudi prince announces $600 billion investment in US over next 4 years
Saudi Arabia’s Investment Minister Khaled Al-Falih on increasing non-oil investments, Middle East conflict and President Donald Trump’s relationship with Saudi Arabia.
Saudi Arabia’s crown prince, Mohammed bin Salman, told President Donald Trump that he plans to invest $600 billion in new investments and trade with the United States over the next four years, according to reports.
Saudi Arabia’s state news agency reported that in a telephone conversation between the two leaders, bin Salman said reforms expected from the Trump administration would create “unprecedented economic prosperity.”
The agency also said Saudi Arabia wants to use these conditions, although it did not say where the $600 billion would come from, how it would be deployed, and whether it would be public or private spending.
Bin Salman’s investment in Trump “could increase further if additional opportunities arise,” the report said.
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Saudi Arabia’s Crown Prince Mohammed bin Salman shakes hands with President Donald Trump during the Group of 20 summit in Osaka, Japan on June 29, 2019. (Reuters/File Photo/Reuters Photos)
President Trump has forged strong ties with Saudi Arabia and other Gulf states during his first term in office. In fact, Saudi Arabia invested $2 billion in a company created by Trump’s son-in-law and former aide, Jared Kushner, after Trump left office.
During his inauguration, Trump said he would consider making Saudi Arabia his first foreign visit if Riyadh agreed to buy $500 billion in US goods.
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Russian President Vladimir Putin presents a gift made from a nipple to Crown Prince Mohammed bin Salman of Saudi Arabia as Chechen Republic leader Ramzan Kadyrov looks on October 14, 2019 in Riyadh, Saudi Arabia. (Reuters/File Photo/Reuters Photos)
Trump in 2016 Regarding his visit to the country in 2017, he said, “I did it with Saudi Arabia in the past because they agreed to bury our production worth 450 billion dollars.” “I said I would, but you have to buy American made,” and they agreed.
After returning to the Oval Office in November, Trump and several others attended a UFC fight at Madison Square Garden.
In attendance with Trump were Elon Musk, Kid Rock, RFK Jr., Tulsi Gabbard, House Speaker Mike Johnson and Saudi Arabia’s Public Investment Fund (PIF) head Yasser Al-Rumaian.
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PIF is Saudi Arabia’s sovereign wealth fund, which is controlled by bin Salman and managed by Al-Rumayan.
According to Reuters, the PIF was estimated to have about $925 billion in assets in July.
Reuters contributed to this report.