Dubai, United Arab Emirates — Saudi ArabiaWashington’s crown prince said Thursday the kingdom wants to invest $600 billion in the United States over the next four years, comments coming after President Trump put a price tag on returning to the kingdom for his first trip abroad.
Mr. Trump’s trip to Saudi Arabia in 2017 disrupted the tradition of American presidents traveling first to the United Kingdom on their first foreign trip. It also highlighted his administration’s close ties to leaders of the oil-rich Gulf states, with his eponymous real estate company also having deals in the region.
Crown Prince Mohammed bin Salman’s comments, reported early Thursday by the Saudi Press Agency, came during a phone call with Mr. Trump.
Evan Vucci/AP
“The crown prince affirmed 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 potentially beyond,” the report said. .
The press release did not specify where these investments and exchanges could be placed. In recent years, the United States has increasingly moved away from reliance on Saudi oil exports, which formed the bedrock of its relationship for decades. Saudi sovereign wealth funds have taken significant stakes in American companies while also showing an interest in sports.
Saudi Arabia, however, relies primarily on U.S.-made weapons and defense systems, which could be part of its investments.
There was no immediate word from the White House on the call. It was also not immediately clear whether Mr. Trump’s call with the crown prince was the first with a foreign leader since his return to the White House. However, this is the first such call to be reported.
The crown prince, de facto ruler of the oil kingdom, also spoke Thursday morning with US Secretary of State Marco Rubio.
On Monday, after his inauguration, Mr. Trump raised the possibility of visiting the kingdom again for his first foreign trip, as he did in 2017.
“The first trip abroad was usually with the UK, but (…) I did it with Saudi Arabia last time because they agreed to buy 450 billion dollars of our products,” Mr. Trump told reporters in the Oval Office. “If Saudi Arabia wanted to buy another $450 or $500 – we’ll increase that to account for inflation – I think I’d probably go for it.”
The 2017 visit to the kingdom sparked a year-long boycott of Qatar by four Arab countries, including the kingdom.
Mr. Trump maintained close relations with Saudi Arabia, even after the fall of Prince Mohammed. involved in 2018 murder and dismemberment by Washington Post columnist Jamal Khashoggi in Istanbul. The kingdom had also been discussing a broader deal for years with the Biden administration recognize Israel in exchange for U.S. defense protections and other support.
The $600 billion commitment, which dwarfs many countries’ gross domestic product, also comes as the kingdom faces its own budgetary pressures. Global oil prices remain depressed years after the peak of the coronavirus pandemic, affecting the kingdom’s revenues.
Meanwhile, Prince Mohammed also wants to continue his $500 billion project at NEOM, a new city in Saudi Arabia’s Western Desert on the Red Sea. It will also need to build new stadiums and infrastructure worth tens of billions of dollars before hosting the 2034 FIFA World Cup.