President Trump secured a $600 billion investment commitment from Saudi Arabia that aims to strengthen the military and economic ties between the two nations.
The deals aim at strengthening U.S. energy security, the defense industry and technology leadership and expanding access to global infrastructure and critical minerals, according to the White House.
The agreements include a nearly $142 billion defense sales agreement that will provide Saudi Arabia with warfighting equipment and services from over a dozen U.S. firms, which the White House called “the largest defense sales agreement in history.”
The White House said the deals signed are “historic and transformative for both countries and represent a new golden era of partnership.”
Saudi Crown Prince Mohammed bin Salman said the deal included investments up to $600 billion, with more than $300 billion in opportunities signed during the president’s visit.
“In the coming months, we will work on the second phase to finalize the remaining agreement to raise them to $1 trillion,” he said, according to a translation of his remarks.
SEE ALSO: Trump gets warm welcome in Saudi Arabia, first stop of Middle East trip
Saudi Arabia was the first stop in the president’s Middle East trip. He is also set to visit Qatar and the United Arab Emirates this week.
Democrats and other Trump critics scoffed at the president’s deal-making in the Middle East, including Sen. Bernard Sanders, a democratic socialist from Vermont.
“This week: a meeting of global oligarchs! Representing American oligarchy: Trump & Musk. Representing Middle Eastern oligarchy: billionaire leaders of Saudi Arabia, Qatar & UAE,” he wrote on social media. “The top 1% globally owns more wealth than the bottom 95%. But it’s not enough. They want it all.”
The president was well received in Saudi Arabia, where he was greeted by the crown prince and feted at a state dinner.
Saudi Investment Minister Khalid al-Falih said, “When Saudis and Americans join forces, very good things happen — more often than not, great things happen.”
The crown prince in January said the kingdom wanted to invest $600 billion in the U.S. over the next four years. Mr. Trump said Tuesday that the investment could turn into a $1 trillion, though it was unclear if he was speaking in jest.
The deal signed Tuesday included the Saudi Arabian company DataVolt investing $20 billion in artificial intelligence data centers and energy infrastructures in the U.S.
Google, Oracle, Salesforce, AMD and Uber are investing $80 billion in technologies for both countries.
American companies Hill International, Jacobs, Parsons and AECOM are building infrastructure projects in Saudi Arabia that total $2 billion in U.S. service exports.
Other exports include GE Vernova’s gas turbines and energy solutions and Boeing 737-8 passenger aircraft for Saudi company AviLease, worth $14.2 billion and $4.8 billion, respectively.
The Saudi health care company Shamekh IV Solutions will invest $5.8 billion in the U.S., including a plant in Michigan to launch a high-capacity IV fluid facility.
The energy sector will see a $5 billion investment fund, a $5 billion New Era Aerospace and Defense Technology Fund and a $4 billion Enfield Sports Global Sports Fund.
Mr. Trump and the crown prince signed the strategic economic partnership agreement in Riyadh on Tuesday.
The two leaders then watched as several officials from America and Saudi Arabia signed agreements and memoranda.
The agreements include energy cooperation, a letter of intent for future defense capabilities, a memorandum of understanding on mineral resources, helping modernize the Saudi armed forces, judicial cooperation, a memorandum of understanding with the Justice Department, and cooperation on space and infectious diseases, among others.
• Mallory Wilson can be reached at mwilson@washingtontimes.com.
Please read our comment policy before commenting.