President Trump secured a $600 billion investment commitment from Saudi Arabia that aims to strengthen the military and economic ties between the two nations.
“The first deals under the announcement strengthen our energy security, defense industry, technology leadership, and access to global infrastructure and critical minerals,” a White House release said Tuesday.
It also includes a nearly $142 billion defense sales agreement that will provide Saudi Arabia with warfighting equipment and services from over a dozen U.S. firms
The White House said the deals signed are “historic and transformative for both countries and represent a new golden era of partnership.”
Saudi Crown Prince Mohammed bin Salman in January said the kingdom wanted to invest $600 billion in the U.S. over the next four years. Mr. Trump said in a possible joke earlier Tuesday that the investment could turn into a $1 trillion.
The deal includes $20 billion from Saudi Arabian company DataVolt invested in artificial intelligence data centers and energy infrastructures in the U.S.
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Google, Oracle, Salesforce, AMD and Uber are investing $80 billion in technologies for both countries.
American companies Hill International, Jacobs, Parsons and AECOM are building infrastructure projects in Saudi Arabia that total $2 billion in U.S. service exports.
Other exports include GE Vernova’s gas turbines and energy solutions and Boeing 737-8 passenger aircraft for Saudi company AviLease, worth $14.2 billion and $4.8 billion, respectively.
The Saudi health care company Shamekh IV Solutions will invest $5.8 billion in the U.S., including a plant in Michigan to launch a high-capacity IV fluid facility.
The energy sector will see a $5 billion investment fund, a $5 billion New Era Aerospace and Defense Technology Fund and a $4 billion Enfield Sports Global Sports Fund.
Mr. Trump and the crown prince signed the strategic economic partnership agreement in Riyadh on Tuesday.
The two leaders then watched as several officials from America and Saudi Arabia signed agreements and memorandums.
The agreements include energy cooperation, a letter of intent for future defense capabilities, a memorandum of understanding on mineral resources, helping modernize the Saudi armed forces, judicial cooperation, a memorandum of understanding with the Justice Department, and cooperation on space and infectious diseases.
This is the first stop in the president’s Middle East trip. He is expected to also visit Qatar and the United Arab Emirates this week.
