President Donald Trump said deals worth $270 billion are being signed at a US-Saudi Arabia Investment Forum, the latest in a series of astronomical figures announced during this week’s visit to Washington by Saudi Crown Prince Mohammed bin Salman.
“We’re told that $270 billion worth of deals and sales are being signed between dozens of companies, and that’s just today,” Trump said Wednesday during his keynote address at the business meeting. “I want to thank you for bringing all those jobs and all those great opportunities to America.”.
A complete and detailed list of deals was not available, and the president had in the past touted investment promises that had not withstood scrutiny. One of the companies Trump mentioned as a signatory to an agreement is GE Aerospace, which he claimed would “deliver dozens of new engines.”
The forum comes a day after Trump honorably received Crown Prince Mohammed, also known as MBS, at the White House for a day of negotiations that culminated in a dinner with prominent executives from the technology, financial and energy sectors. That same Tuesday, The crown prince pledged to increase Saudi investments in the United States from the previously promised $600 billion to $1 trillion, although the pledge lacked details.
Wednesday’s investment forum highlights how falling oil prices and a budget deficit have forced Saudi Arabia to step up its efforts to attract foreign investment, a move that will be bolstered by close relations between Trump and MBS.
The United States plans to approve the first sales of advanced artificial intelligence chips to the Saudi company Humainaccording to sources familiar with the matter, which represents an important victory for the state company.
Humain is the linchpin of the Saudi effort to diversify the energy-rich country’s economy and become a major player in AI infrastructure and computing resources. However, the success of this effort has depended on gaining access to American chips and overcome national security concerns in Washington over Riyadh’s economic ties with China.
On Tuesday, Trump also announced that he would formally designate the kingdom as a major ally outside NATO, and the leaders agreed to a defense cooperation pact that includes the sale of the long-awaited F-35 fighter jets to Riyadh, a major concession from Washington. The United States will also give way to the formalization of talks for the creation of a Saudi civil nuclear program.
The White House on Tuesday released a fact sheet laying out a general framework for the deals, but leaders did not hold a signing ceremony and there are still few concrete details or timelines for the terms. Trump often boasts about deals with impressive figures or commitments that critics say lack details or fail to materialize.
The crown prince’s commitment to closer investment and defense ties with the United States depends largely on his good relationship with Trump. This week’s visit marks the first time MBS has set foot on American soil since the public outrage over the murder and dismemberment of columnist Jamal Khashoggi. A 2021 US intelligence report implicated him.
On Tuesday, Trump chastised a reporter in the Oval Office for asking about the assassination, claiming MBS “knew nothing” about it. Trump praised the de facto Saudi leader as a “very good friend of mine” who had done “incredible” work on human rights.
