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Crown Prince Mohammed bin Salman announced that Saudi Arabia plans to invest a minimum of $600 billion into the US within the next four years, aiming to strengthen its relationship with its key Western ally following Donald Trump’s return to the presidency.
During a phone call on Thursday to congratulate Trump on his inauguration, the prince expressed that the proposed reforms from the new US administration would result in “unprecedented economic prosperity and opportunity,” as reported by the official Saudi Press Agency.
The White House has not yet released a summary of the conversation. Secretary of State Marco Rubio also spoke with Saudi Arabia’s de facto leader, commonly known as MBS, to address events in the Middle East, according to the State Department’s announcement on Wednesday.
On Monday, Trump indicated he would contemplate making Saudi Arabia his first international visit as president if Riyadh committed to purchasing $500 billion worth of American goods, recalling that the kingdom had made a similar pact during his first term.
“I did it with Saudi Arabia last time because they agreed to buy $450 billion worth of our products,” Trump stated to reporters in the Oval Office after his inauguration. “If Saudi Arabia wanted to buy another $450 billion or $500 billion — we can adjust for inflation — I’d probably consider it.”
Upon taking office during his first term in 2017, Trump broke with precedent by making Saudi Arabia his initial overseas stop, attending a summit of Arab and Muslim leaders in Riyadh, whereas newly elected US presidents typically visit nearby Canada or Mexico first.
The statement regarding the call between Prince Mohammed and Trump did not elaborate on which sectors or industries would receive the projected $600 billion investment, but it suggested that this amount could increase if further opportunities arise.
During his first term, Trump maintained strong relationships with Saudi Arabia, while the kingdom’s sovereign wealth fund invested billions into businesses managed by Trump’s son-in-law, Jared Kushner, and former Treasury Secretary Steven Mnuchin, shortly after Trump’s departure from the White House.
Rubio and Prince Mohammed engaged in discussions regarding Gaza, Lebanon, Syria, and the threats stemming from Iran, Saudi Arabia’s primary regional adversary.
Recent Israeli airstrikes on Iranian military sites in October targeted various installations, including missile factories and air defense systems.
The military capabilities of Iran’s network of resistance, consisting of proxies and allies such as Hizbollah in Lebanon and Hamas in Gaza, have been significantly weakened following 15 months of conflict with Israel. Additionally, Islamist rebels recently overthrew the regime of former president Bashar al-Assad in Syria, another ally of Tehran.
Trump reiterated on Monday his belief that Saudi Arabia would eventually establish diplomatic relations with Israel and join the Abraham Accords, which normalized relations between Israel and several Arab states, including the United Arab Emirates, during his first term.
