Saudi Arabia wants to pour $600 billion into the US under Mr. Trump

Saudi Arabia’s state news agency January 23 quoted Crown Prince Mohammed bin Salman (often referred to by his abbreviation as MBS) in a phone call with President Donald Trump that “the kingdom wants to pour 600 billion USD to expand investment and trade with the US.” in 4 years”. Mr. MBS added that the investment “could increase further if there is an opportunity”.

The Saudi Crown Prince said the expected reforms of the new US administration could “create unprecedented economic prosperity” and Saudi Arabia wanted to take advantage of this investment opportunity.

However, the Saudi Press Agency did not specify whether the $600 billion was public or private spending, nor how the money was distributed. The White House has not commented on this information.

After the inauguration on January 20, President Trump talked about the possibility of choosing Saudi Arabia as the stopover for his first foreign trip like in 2017. The 2017 trip reversed the tradition of choosing Britain. as the first destination of previous US presidents.

“The first trip abroad is usually to the UK. But last time I went to Saudi Arabia because they agreed to buy 450 billion USD of American goods. If the kingdom wants to buy another 450 or 500 billion USD, I I think maybe I will choose to go there,” Mr. Trump said.

President Trump strongly promoted relationships with Gulf countries, including Saudi Arabia, in his first term. The country invested $2 billion in a company founded by Jared Kushner, Trump’s son-in-law and former assistant, after he left office.

Saudi Arabia’s commitment of 600 billion USD, surpassing the gross domestic product of many countries, was made when the country faced many budget pressures. Global oil prices remain low after the peak of the Covid-19 pandemic, affecting revenue.

Crown Prince MBS also wants to continue pursuing the $500 billion NEOM megacity project in the western desert of Saudi Arabia. The kingdom will also need to build new stadiums and infrastructure worth tens of billions of dollars before hosting the World Cup soccer championship in 2034.