On Thursday, Saudi Arabia’s crown prince announced that the kingdom plans to invest $600 billion in the United States over the next four years, following comments from President Donald Trump about making Saudi Arabia his first foreign destination.
This marks a continuation of Trump’s 2017 visit, which broke the tradition of U.S. presidents visiting the United Kingdom first, reflecting the strong ties between Trump’s administration and the Gulf states, alongside his real estate company’s ventures in the region.
The crown prince’s remarks, shared by the state-run Saudi Press Agency, were made during a phone conversation with Trump. The report stated that Saudi Arabia aims to increase its investments and trade with the U.S. over the next four years, potentially surpassing the $600 billion figure. However, the report did not specify the sectors where these investments would be focused.
In recent years, the U.S. has reduced its reliance on Saudi oil, which historically formed the core of the two nations’ relationship. Saudi sovereign wealth funds have made significant investments in American companies, including exploring opportunities in sports. Additionally, Saudi Arabia continues to depend on U.S.-made defense systems, which could factor into the investments.
The White House has not yet provided a statement regarding the call, and it is unclear whether this was Trump’s first conversation with a foreign leader since returning to the White House.
The crown prince, who holds substantial power in Saudi Arabia, also spoke with U.S. Secretary of State Marco Rubio earlier on Thursday.
Trump had expressed interest in visiting Saudi Arabia again as his first foreign trip, citing a previous deal where the kingdom agreed to purchase $450 billion in U.S. products. He suggested that if Saudi Arabia were to commit to another large purchase, he would likely make the trip.
The crown prince’s $600 billion pledge comes at a time when Saudi Arabia faces its own fiscal challenges, with global oil prices still lower than in the past and revenue pressures from the COVID-19 pandemic. Meanwhile, the prince is pushing forward with his ambitious $500 billion NEOM project, which includes developing a new city and building extensive infrastructure, including stadiums, ahead of Saudi Arabia’s bid to host the 2034 FIFA World Cup.
