Dubai, United Arab Emirates — Saudi ArabiaThe US crown prince said on Thursday that the kingdom wants to invest $600 billion in the US over the next four years, comments that came after President Trump priced a return to the kingdom as his first foreign trip.
Mr. Trump's trip to Saudi Arabia in 2017 broke the tradition of US presidents first heading to the United Kingdom as their first foreign trip. It also highlighted his administration's close ties to the leaders of the oil-rich Gulf states, as his eponymous real estate company also made deals across the region.
Crown Prince Mohammed bin Salman's comments, reported Thursday morning by the state-run Saudi Press Agency, came during a telephone conversation with Mr. Trump.
Evan Vucci/AP
“The crown prince confirmed the kingdom's intention to expand its investment and trade with the United States over the next four years to the tune of $600 billion and possibly more,” the statement said.
The reading does not specify where these investments and trades may be located. In recent years, the US has increasingly moved away from its reliance on Saudi oil exports, which have been the backbone of its relationship for decades. Saudi Arabia's sovereign wealth funds have acquired large stakes in American businesses while playing sports.
Saudi Arabia, however, mainly relies on US weapons and defense systems, which may be part of the investment.
A call from the White House was not immediately available. It was also not clear whether Mr Trump's conversation with the crown prince was the first with a foreign leader since returning to the White House. However, this was the first such call to be reported.
The crown prince, de facto ruler of the oil-rich kingdom, also spoke with US Secretary of State Marco Rubio early Thursday.
On Monday after his inauguration, Mr Trump talked about possibly returning to the kingdom as his first foreign trip, as he did in 2017.
“The first foreign trip is usually with the UK, but … I did it with Saudi Arabia last time because they agreed to buy $450 billion worth of our products,” Mr Trump told reporters in the Oval Office. “If Saudi Arabia wanted to buy another $450 billion or $500 billion — we'll increase it by all the inflation — I think I'd probably go.”
A visit to the kingdom in 2017 marked the beginning of a multi-year boycott of Qatar by four Arab countries, including the kingdom.
Mr Trump has maintained a close relationship with Saudi Arabia even after Prince Mohammed implicated in the 2018 murder and dismemberment Washington Post columnist Jamal Khashoggi in Istanbul. The kingdom has also been in talks with the Biden administration for years about a broader deal recognize Israel in exchange for US protection and other support.
The $600 billion pledge, which exceeds the gross domestic product of many countries, also comes as the kingdom faces its own budget pressures. Global oil prices remain low years after the peak of the coronavirus pandemic, affecting the kingdom's revenues.
Meanwhile, Prince Mohammed also wants to push ahead with his $500 billion project in NEOM, a new city in Saudi Arabia's western desert on the Red Sea. It will also need to build tens of billions of dollars worth of new stadiums and infrastructure before hosting the 2034 World Cup.