US President Donald Trump has secured a $600 billion investment commitment from Saudi Arabia during his visit to Riyadh, marking the start of a tour of Gulf states.
Trump received a gala welcome from Prince Mohammed bin Salman, who later signed an agreement with the president covering energy, defence, mining, and other sectors.
As part of the agreement, the US will sell Saudi Arabia an arms package valued at nearly $142 billion. A White House fact sheet described it as “the largest defence cooperation agreement” the US has ever made, involving deals with more than a dozen US defence companies in areas such as air and missile defence, space advancement, maritime security, and communications.
Speaking at a US-Saudi Investment Forum held in Riyadh, the Saudi crown prince announced plans for $600 billion in investment, including $300 billion in deals signed during the event. He stated that the second phase of the initiative would aim to increase the total to $1 trillion.
“We hope for investment opportunities worth $600 billion, including deals worth $300 billion signed during this forum,” said the crown prince. “We will work in the coming months on the second phase to complete deals and raise it to $1 trillion.”
Trump expressed optimism about the strengthening relationship between the two nations, remarking, “I really believe we like each other a lot,” during a meeting with the crown prince. The two leaders also discussed Saudi Arabia’s potential purchase of Lockheed F-35 jets, although it was not confirmed whether this was included in the newly announced deal.
Accompanied by US business leaders such as Elon Musk, Trump will continue his Gulf tour by visiting Qatar on Wednesday and the United Arab Emirates on Thursday. Notably, he has not scheduled a stop in Israel, raising questions about Washington’s current priorities in the Middle East.
Saudi Investment Minister Khalid al-Falih emphasised the evolving economic relationship between the two countries, saying, “While energy remains a cornerstone of our relationship, investments and business opportunities have expanded and multiplied many times over.”
During the forum, Trump reaffirmed his commitment to enhancing ties with Saudi Arabia, stating that the significant investments would help create jobs in the US. High-profile attendees included Larry Fink, CEO of BlackRock; Stephen A. Schwarzman, CEO of Blackstone; and US Treasury Secretary Scott Bessent.
In addition to economic cooperation, the meeting touched on Middle Eastern security issues. Trump expressed his hope that Saudi Arabia would soon formalise relations with Israel, though progress remains uncertain due to ongoing conflicts and political disagreements.
Boluwatife Enome
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