SAUDI Arabia’s crown prince said on Thursday that the kingdom plans to invest USD 600 billion in the United States over the next four years, comments that followed President Donald Trump’s suggestion about returning to the kingdom for his first foreign trip.
The remarks from Crown Prince Mohammed bin Salman, reported early Thursday by the state-run Saudi Press Agency, came during a phone call with Trump.
“The crown prince affirmed the kingdom’s intention to broaden its investments and trade with the United States over the next four years, in the amount of $600 billion, and potentially beyond that,” the report said.
The readout did not elaborate on where these investments and trade could be directed. In recent years, the US has increasingly reduced its reliance on Saudi oil exports, which once formed the cornerstone of their relationship. Saudi sovereign wealth funds have taken large stakes in American businesses, while also exploring opportunities in sports.
There was no immediate readout from the White House on the call. It was also unclear whether Trump’s call with the crown prince was his first with a foreign leader since re-entering the White House. However, it was the first reported abroad.
The crown prince, the de facto ruler of the oil-rich kingdom, also spoke with U.S. Secretary of State Marco Rubio early on Thursday.
On Monday, following his inauguration, Trump mentioned the possibility of heading to the kingdom again for his first foreign trip, as he did in 2017.
“The first foreign trip typically has been with the UK, but … I did it with Saudi Arabia last time because they agreed to buy $450 billion worth of our products,” Trump told journalists in the Oval Office.
“If Saudi Arabia wanted to buy another $450 billion or $500 — we’ll adjust for all the inflation — I think I’d probably go.” The 2017 visit to the kingdom set in motion a years-long boycott of Qatar by four Arab nations, including Saudi Arabia.
