Khalid Al-Falih, minister of investment of Saudi Arabia, on boosting non-oil investments, Middle Eastern conflict and President Donald Trump’s relationship with Saudi Arabia.
Saudi Arabia’s Crown Prince Mohammed bin Salman told President Donald Trump the kingdom plans to sink $600 billion into new investments and trade with the U.S. over the next four years, according to reports.
The Saudi State news agency reported that, during 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, though it did not say where the $600 billion would come from, how it would be deployed and if it would be public or private spending.
Bin Salman told Trump the investment “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 at the G20 leaders summit in Osaka, Japan, June 29, 2019. (Reuters/File photo / Reuters Photos)
During his first term, President Trump built close ties with Saudi Arabia and other Gulf states. In fact, Saudi Arabia invested $2 billion in a firm created by Trump’s son-in-law and former aide, Jared Kushner, after Trump had left office.
During his inauguration Monday, Trump said he would consider making Saudi Arabia his first destination for a foreign visit if the capital city of Riyadh agreed to purchase $500 billion in American products.
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Russian President Vladimir Putin presents a gift made 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, Oct. 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 product,” Trump said in reference to his 2017 visit to the country. “I said, ‘I’ll do it, but you have to buy American product,’ and they agreed to that.”
After winning his way back to the Oval Office in November, Trump and several others attended a UFC fight at Madison Square Garden.
Those in attendance with Trump included Elon Musk, Kid Rock, RFK Jr., Tulsi Gabbard, House Speaker Mike Johnson and the head of Saudi Arabia’s Public Investment Fund (PIF), Yasir Al-Rumayyan.
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The PIF is the sovereign wealth fund of Saudi Arabia, which is controlled by bin Salman and governed by Al-Rumayyan.
According to Reuters, the PIF was estimated to have about $925 billion in assets in July.
Reuters contributed to this report.
