Saudi Arabia’s crown prince said on Thursday that the kingdom intends to spend $600 billion in the United States over the next four years.
This came after President Donald Trump had previously attached a cost to his first international visit, which was to return to the kingdom.
Trump’s 2017 visit to Saudi Arabia broke the custom of American presidents making their first foreign travel to the United Kingdom.
His namesake real estate company has also pursued agreements in the Gulf, further highlighting his administration’s close ties to the leaders of the oil-rich states.
According to a story released early Thursday by the Saudi Press Agency, Crown Prince Mohammed bin Salman made the remarks during a phone conversation with Trump.
The report stated, “The crown prince confirmed the kingdom’s intention to expand its trade and investments with the United States for $600 billion over the next four years, and possibly beyond that.
The location of the trades and investments was not explained in detail in the readout.
In recent years, the United States has become less and less dependent on Saudi oil exports, which served as the cornerstone of their partnership for many years.
Saudi sovereign wealth funds have made significant investments in American companies and are particularly interested in sports.
However, the investment might include U.S.-made defense equipment and weapons, which Saudi Arabia relies heavily on.
On the call, the White House did not immediately provide a readout.
Furthermore, it was unclear if Trump’s conversation with the crown prince was his first with a foreign leader since returning to the White House.
It was the first reported overseas, though.
Trump mentioned returning to the kingdom on Monday following his inauguration as his first international trip, similar to his 2017 visit.
Laptops 1000Trump told reporters in the Oval Office, “Usually, the first foreign trip is with the United Kingdom, but last time, I did it with Saudi Arabia because they agreed to buy $450 billion worth of our products.”
“I think I would probably go if Saudi Arabia wanted to buy an additional $450 billion or $500—we’ll up it for all the inflation.”
Four Arab countries, including the kingdom itself, boycotted Qatar for years after the 2017 visit.
Even after Prince Mohammed was linked to the 2018 murder and dismemberment of Washington Post contributor Jamal Khashoggi in Istanbul, Trump continued to have tight ties with Saudi Arabia.
Additionally, the kingdom and the Biden administration had been discussing a broader agreement to diplomatically recognize Israel in exchange for defense protections and other assistance from the United States for years.
The monarchy is also dealing with budgetary pressures due to the $600 billion pledge, which dwarfs the gross domestic output of many other countries.
Years after the coronavirus pandemic peaked, global oil prices are still low, impacting the kingdom’s earnings.
In the meantime, Prince Mohammed hopes to carry out his $500 billion project at NEOM, a brand-new city in the Red Sea desert in western Saudi Arabia.
Before hosting the FIFA World Cup in 2034, it will need to construct new stadiums and infrastructure that will cost tens of billions of dollars.
