Saudi Arabia’s Investment Minister Khalid al-Falih talks about promoting non-oil investment, the Middle East conflict, and President Donald Trump’s relationship with Saudi Arabia.
Saudi Arabia’s Crown Prince Mohammed bin Salman has reportedly told President Donald Trump that the kingdom plans to spend $600 billion in new investments and trade with the United States over the next four years.
Bin Salman said in a phone call between the two leaders that the reforms expected from the Trump administration could create “unprecedented economic prosperity,” according to the Saudi state news agency.
The agency also said Saudi Arabia wants to take advantage of these conditions, but did not say where the $600 billion would come from, how it would be spent, or whether it would be public or private spending.
“Investments could increase further if additional opportunities arise,” bin Salman told Trump, according to the report.
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Saudi Arabia’s Crown Prince Mohammed bin Salman shakes hands with President Donald Trump at the G20 Summit in Osaka, Japan on June 29, 2019. (Reuters/File Photo/Reuters Photo)
During his first term, President Trump forged close ties with Saudi Arabia and other Gulf states. In fact, after President Trump left office, Saudi Arabia invested $2 billion in a company founded by Jared Kushner, Trump’s son-in-law and former aide.
President Trump said at his inauguration ceremony on Monday that he would consider making Saudi Arabia his first foreign stop if the capital, Riyadh, agrees to buy $500 billion worth of American goods.
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Russian President Vladimir Putin presents Saudi Arabia’s Crown Prince Mohammed bin Salman with a gift made from a mammoth tusk as Prime Minister Ramzan Kadyrov of the Chechen Republic looks on in Riyadh, Saudi Arabia, on October 14, 2019. (Reuters/File Photo/Reuters Photo)
Regarding his visit to the country in 2017, President Trump said, “The last time we did that with Saudi Arabia was because we agreed to have $450 billion worth of Japanese products in our reserves.” “I said, ‘We’ll do it, but you have to buy American products,’ and they agreed.”
After his triumphant return to the Oval Office in November, Trump and several others attended a UFC bout at Madison Square Garden.
Also attending with President Trump were Elon Musk, Kid Rock, RFK Jr., Tulsi Gabbard, Speaker of the House of Representatives Mike Johnson, and Saudi Public Investment Fund (PIF) Director Yasir al-Rumayyan.
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PIF is Saudi Arabia’s sovereign wealth fund, managed by Bin Salman and ruled by Al Rumayan.
As of July, PIF’s assets were estimated at about $925 billion, according to Reuters.
Reuters contributed to this report.
