Saudi Crown Prince Mohammed bin Salman promised on Thursday to invest $600 billion into US trade and investments as he congratulated Donald Trump on his return to the White House.
Prince Mohammed, the de facto leader of the world’s largest oil exporter, made the pledge during a phone call following Trump's inauguration on Monday, according to Saudi state media.
Trump forged close relations with Riyadh during his first term, and he is now expected to push Saudi Arabia, home to Islam's holiest sites, toward normalizing ties with Israel as a major foreign policy objective.
"The crown prince affirmed the kingdom’s intention to broaden its investments and trade with the United States over the next four years, amounting to $600 billion, and potentially beyond that," the Saudi Press Agency reported.
However, the report did not provide details about the source of the funds, which represent more than half of Saudi Arabia's GDP, or how the money is expected to be utilized.
Prince Mohammed, 39, also extended congratulations from his father, King Salman, during the call.
The White House stated that this was Trump’s first phone call with a foreign leader since returning to office.
"The two leaders discussed efforts to bring stability to the Middle East, bolster regional security, and combat terrorism," the statement said.
"Additionally, they discussed the Kingdom of Saudi Arabia's international economic ambitions over the next four years, as well as trade and other opportunities to increase mutual prosperity between the two countries."
Trump’s first official trip abroad as president in 2017 was to Saudi Arabia, and this week, he joked that a major financial commitment might persuade him to visit again.
"I did it with Saudi Arabia last time because they agreed to buy $450 billion worth of our products," he said.
Trump quipped that he would repeat the visit "if Saudi Arabia wanted to buy another $450 or $500 billion – we’ll up it for inflation."
During Trump's first term, the United Arab Emirates, Bahrain, and Morocco broke with longstanding Arab policy to recognize Israel under the 2020 Abraham Accords.
The new Trump administration is expected to attempt a similar effort with Saudi Arabia, following similar initiatives under President Joe Biden.
Iran Threats
Saudi Arabia halted talks with US officials about ties with Israel early in the Gaza war and has consistently insisted it will not recognize Israel without the establishment of a Palestinian state.
However, a long-awaited ceasefire in Gaza and potential easing of regional tensions could pave the way for a resumption of dialogue.
In exchange for recognizing Israel, the Arab world's wealthiest nation hopes to secure a US defense pact and Washington's assistance with its civil nuclear program.
In a separate call with the crown prince on Thursday, new US Secretary of State Marco Rubio discussed Syria, Lebanon, Gaza, and "the threats posed by Iran and its proxies," according to a statement.
"They also discussed the benefits of the US-Saudi economic partnership and opportunities to grow their economies in various fields, including AI," a spokesperson for Rubio said.
Trump actively courted Saudi Arabia during his first term, long an important energy and security partner for Washington.
When he arrived in Riyadh in 2017, he was treated to an elaborate welcome, including a sword dance and a flyover by air force jets.
Relations later cooled, with Prince Mohammed faulting Trump for failing to respond more aggressively after a 2019 attack, widely blamed on Iran, that halved the Gulf kingdom’s crude output.
Riyadh and Trump's team nevertheless sought to strengthen ties after his departure from the White House, particularly through investments and construction deals for the Trump Organization.
Trump’s son-in-law, Jared Kushner, has defended receiving a Saudi investment in his private equity firm, which reports estimate at $2 billion.
With AFP
Comments