DUBAI, United Arab Emirates — On Thursday, the Crown Prince of Saudi Arabia announced plans to funnel $600 billion into the United States over the next four years. This declaration followed comments made by President Donald Trump, who indicated interest in revisiting Saudi Arabia as his first foreign visit upon returning to office.
Trump’s visit to Saudi Arabia in 2017 broke from the conventional norm of U.S. presidents first visiting the United Kingdom, highlighting the strong ties between his administration and the ruling authorities in the Gulf. Trump’s real estate ventures have also been focused on opportunities across the region, which underscores this connection.
Crown Prince Mohammed bin Salman, in a conversation with Trump, confirmed the kingdom’s commitment to enhancing trade and investment with the U.S., a move that aims for $600 billion within four years, as reported by the Saudi Press Agency. While the announcement did not provide specific sectors for these investments, the U.S. has increasingly reduced its dependence on Saudi oil, which previously formed the foundation of their longstanding partnership. Investment from Saudi sovereign wealth funds in American enterprises has surged, encompassing interests in various industries, including sports.
Despite diversifying investments, Saudi Arabia continues to be heavily reliant on U.S. defense technology and weapons, which could play a prominent role in the forthcoming investments. There was no immediate commentary from the White House regarding the phone call, nor clarity on whether this was Trump’s first discussion with a foreign leader since returning to office. However, it is confirmed to be the initial reported engagement abroad.
The Crown Prince, who effectively governs the affluent kingdom, also engaged in a conversation with U.S. Secretary of State Marco Rubio on the same day. Trump hinted at returning to Saudi Arabia for his first international trip after assuming office again, similar to 2017. He emphasized that his last trip was facilitated by a significant $450 billion agreement for the U.S. to supply products to Saudi Arabia, suggesting that they might surpass that amount to account for inflation.
The 2017 Saudi visit set off a long-standing boycott of Qatar, led by four Arab nations, including Saudi Arabia itself. Trump maintained a strong relationship with the kingdom, despite the controversy surrounding Crown Prince Mohammed’s involvement in the assassination of journalist Jamal Khashoggi in 2018. Additionally, discussions had been ongoing with the Biden administration about a potential agreement for Saudi diplomatic recognition of Israel in exchange for U.S. security support.
The proposed $600 billion investment is notably substantial, surpassing the gross domestic product of many countries, and comes at a challenging time for the Saudi economy amid fiscal pressures. The persistent drop in global oil prices, continuing from the pandemic’s peak, has impacted the kingdom’s financial inflows.
Moreover, Crown Prince Mohammed is eager to advance the $500 billion NEOM project, aiming to construct a futuristic city in Saudi Arabia’s western desert by the Red Sea. Significant investments will also be needed to develop infrastructure and sports facilities in anticipation of the 2034 FIFA World Cup—a monumental event for the nation.
