DUBAI, United Arab Emirates — The crown prince of Saudi Arabia announced plans for a significant investment of $600 billion in the United States over the next four years. This statement followed a recent discussion with President Donald Trump, who mentioned the potential for his first foreign visit after taking office to be back to Saudi Arabia.
Trump’s 2017 visit to the kingdom marked a departure from the traditional pattern of U.S. presidents, who usually visited Canada, Mexico, or the U.K. first. This trip highlighted the strong connections Trump’s administration established with Gulf leaders and coincided with efforts by his real estate company to explore deals in the region as well.
Crown Prince Mohammed bin Salman’s comments were relayed through Saudi Press Agency and came during a phone conversation with Trump, which was the president’s first diplomatic call since his inauguration. According to the report from the state agency, the crown prince expressed a commitment to expanding investments and trade with the U.S., emphasizing that this figure of $600 billion could potentially increase.
While details regarding specific areas for investment remain unspecified, it’s worth noting that the United States has been gradually decreasing its dependence on Saudi oil exports. Over recent years, Saudi Arabia’s sovereign wealth fund has made significant investments in various American enterprises and is also exploring opportunities in the sports sector.
The kingdom largely relies on the United States for defense supplies, including arms and military equipment, which may also factor into this proposed infusion of investment.
The White House confirmed the president’s call with a statement indicating that both leaders discussed strategies for achieving stability in the Middle East, enhancing regional security, and combating terrorism. They also touched upon Saudi Arabia’s economic aspirations and avenues for promoting prosperity between the two nations.
The crown prince, who acts as the primary authority in Saudi Arabia, also engaged in discussions with U.S. Secretary of State Marco Rubio on the same day. After his inauguration, Trump encouraged the idea of visiting Saudi Arabia again, as he had done previously in 2017.
He mentioned the kingdom’s considerable potential to purchase more U.S. products, referencing the previous commitment of $450 billion. Trump indicated a willingness to explore additional deals, signaling that any further discussions could potentially increase this investment pledge due to inflation.
While discussing a prospective trip to Saudi Arabia, White House press secretary Karoline Leavitt informed reporters that no plans had been established at that moment. Trump’s initial visit to the kingdom was a critical event that contributed to a prolonged boycott of Qatar by four Arab nations, including Saudi Arabia.
Despite the controversy surrounding the 2018 assassination of journalist Jamal Khashoggi, Trump has maintained a strong relationship with Saudi Arabia. There have been ongoing discussions with the Biden administration regarding a possible normalization of relations between Saudi Arabia and Israel, which could involve U.S. military support.
The announced investment of $600 billion is significant, surpassing the gross domestic product of several countries, and it comes at a time when Saudi Arabia is grappling with its own economic challenges. Declining global oil prices, which have remained low since the peak of the pandemic, continue to impact the kingdom’s financial situation.
Additionally, Crown Prince Mohammed is pursuing an ambitious initiative to construct NEOM, a futuristic city located in Saudi Arabia’s western desert near the Red Sea, which requires extensive construction and investment ahead of hosting the 2034 FIFA World Cup.
Later in the day, during a speech at the World Economic Forum in Davos, Trump hinted at the possibility of increasing the proposed Saudi investment, suggesting he would ask the crown prince to elevate it to around $1 trillion, expressing confidence that such a goal could be achieved due to the strong ties between the two nations.
