Khalid Al-Falih, Minister of Investment of Saudi Arabia, on promoting non-oil investments, the Middle East conflict and President Donald Trump’s relationship with Saudi Arabia.
Saudi Arabia’s Crown Prince Mohammed bin Salman told the president Donald Trump the kingdom plans to invest $600 billion in new investments and trade with the United States over the next four years, according to reports.
The Saudi state news agency reported that in a phone call between the two leaders, bin Salman said expected reforms from the Trump administration could create “unprecedented economic prosperity.”
The agency also said Saudi Arabia would like to capitalize on these conditions, although it did not specify where the $600 billion would come from, how it would be deployed and if it would be deployed. public or private spending.
Bin Salman told Trump that investments “could increase further if additional opportunities arise,” the report noted.
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Saudi Arabia’s Crown Prince Mohammed bin Salman shakes hands with President Donald Trump during the G20 leaders’ summit in Osaka, Japan, June 29, 2019. (Reuters/File photo / Reuters photos)
During his first term, President Trump developed close ties with Saudi Arabia and other Gulf states. In fact, Saudi Arabia invested $2 billion in a company started by Trump’s son-in-law and former aide Jared Kushner after Trump left office.
At his inauguration Monday, Trump said he would consider making Saudi Arabia its first destination for a foreign visit if the capital Riyadh agreed to buy $500 billion worth of American products.
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Russian President Vladimir Putin presents a gift of a mammoth tusk to Saudi Arabia’s Crown Prince Mohammed bin Salman, as the head of the Chechen Republic, Ramzan Kadyrov, looks on in Riyadh, Saudi Arabia, October 14, 2019 . (Reuters/File photo / Reuters photos)
“I did it with Saudi Arabia last time because they agreed to bury $450 billion worth of our products,” Trump said, referring to his visit to the country in 2017. “I I said, ‘I’ll do it, but you have to buy American products,’ and they agreed.”
After returning to the Oval Office in November, Trump and several others attended a UFC fight at Madison Square Garden.
Among those present alongside Trump were Elon Musk, Kid Rock, RFK Jr., Tulsi Gabbard, Speaker of the House of Representatives Mike Johnson and the head of Saudi Arabia’s Public Investment Fund (PIF), Yasir Al -Rumayyan.
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The PIF is Saudi Arabia’s sovereign wealth fund, controlled by bin Salman and governed by Al-Rumayyan.
According to Reuters, PIF assets were estimated at around $925 billion as of July.
Reuters contributed to this report.
