Saudi Arabia says it will increase US trade and investment by $600 billion


Saudi Arabia’s Crown Prince Mohammed bin Salman told President Trump on Wednesday that the kingdom intends to increase its investment and trade with the United States by at least $600 billion over the next four years, according to the official Saudi Press Agency.

The crown prince, the de facto leader of Saudi Arabia, told Mr. Trump that his new administration has the ability to create “unprecedented economic prosperity” in the United States, and that the kingdom wants to participate, a statement from the Saudi Press Agency said.

There was no immediate confirmation of the call from the White House.

Mr. Trump has promised to accelerate investment in the United States, particularly to help revive manufacturing. During last year’s campaign, he said he would use a a mix of tax cuts and customs duties force companies to invest in the United States.

On Tuesday, Mr. Trump Stargate announceda joint venture between OpenAI, SoftBank and Oracle that intends to create an artificial intelligence infrastructure worth at least $100 billion. The initiative could invest as much as $500 billion over four years.

Saudi Arabia was the first stop of Mr. Trump on his first overseas trip as president in 2017, a reflection of the importance he placed on his relationship with the crown prince. During that tenure, the United States made major deals with the kingdom, including arms sales.

Since then, Mr. Trump and his family have signed several personal business deals in the Gulf region, particularly in Saudi Arabia and the United Arab Emirates.

The Trump Organization announced several projects in Saudi Arabia in December and also unveiled the $533 million Trump Tower in Jeddah with Dar Global, the global arm of Saudi real estate firm Dar Al Arkan. Both Dar Al Arkan and its subsidiary Dar Global are private companies, but they are close ties the Saudi government.

Jared Kushner, Trump’s son-in-law, too secured an investment of 2 billion dollars from a Saudi government fund for his private equity firm six months after Mr Trump leaves the White House in 2021.

“One thing is for sure, both Trump and MBS are fluent in the language of business,” said Salman al-Ansari, a geopolitical analyst in Saudi Arabia, using the widespread abbreviation of the name of the heir to the throne.

Mr. Trump he told reporters in the Oval Office on Monday that Saudi Arabia was his first foreign stop during his previous term because they “agreed to buy $450 billion worth of our product.”

If Saudi Arabia wanted to “buy another 450 or 500,” he said, “I think I would probably go there,” for his first overseas trip in his second term.

In the spring, before his election, Mr. Trump talked to the crown prince. It was not clear what they discussed or whether it was the only conversation they had had since Mr. Trump left office.

During the campaign Mr. Trump told Al Arabiya, a Saudi-owned broadcaster, that he had “so much respect for Mohammed, who is so great”.

Mr Trump sided with the crown prince after the 2018 killing of Washington Post columnist Jamal Khashoggi, despite a CIA assessment that the crown prince probably approved the murder and dismemberment Mr. Khashoggi.

Secretary of State Marco Rubio also spoke with the Saudi crown prince, in a telephone conversation during which they discussed “the strength of the US-Saudi partnership at this time of great change,” the State Department said in a statement. In 2018, while he was a senator, Mr. Rubio said that there was “no doubt” the Saudi crown prince was involved in the murder of Khashoggi.

Another focus of the Trump administration is persuading Saudi Arabia to join Abraham’s covenantan agreement struck during Mr. Trump’s first term that resulted in several Arab countries establishing official diplomatic relations with Israel.

In a report published early Thursday morning by the Saudi Press Agency, the Saudis said that Mr. Trump and Crown Prince Mohammed also discussed “ways to promote peace, security and stability in the Middle East,” although the statement did not mention any discussions about a possible expansion of those agreements.

Mr. Trump also discussed those agreements in the Oval Office on Monday. He told reporters: “I don’t think you have to push them. I think it will happen, but maybe not yet. But they will end up in agreements, Abrahamic agreements.” Asked when he expected both sides to sign the new deal, Mr Trump said: “Soon.”

Last year Crown Prince Mohammed declared that the kingdom would not normalize relations with Israel without first securing recognition of Palestinian statehood, a position that marked a departure from earlier statements.



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