WASHINGTON—President Donald Trump on Nov. 19 touted $270 billion in new business deals signed between the United States and Saudi Arabia in energy, artificial intelligence, finance, and aerospace.
Speaking at the U.S.–Saudi Investment Forum at the Kennedy Center in Washington, held during Saudi Crown Prince Mohammed bin Salman’s formal visit this week, Trump attributed the surge in investments to his economic policies.
“We’re told that $270 billion in agreements and sales are being signed between dozens of companies, and that’s just happening today,” Trump said. “That’s big stuff.”
The projects cover liquefied natural gas (LNG), financial services, advanced materials manufacturing, and procurement of materials and services, according to the company.
The contract also includes a comprehensive maintenance, repair, and overhaul program, as well as spare engines.
Speaking at the forum, Nvidia’s CEO, Jensen Huang, said his company is working with Saudi Arabia to build supercomputers.
“The partnership between our two nations is among the most consequential in the entire world,” Trump said at the investment forum.
“And together, the crown prince and I are making our alliance stronger and more powerful than it’s ever been before.”
Both countries also signed the U.S.-Saudi Strategic Defense Agreement.
Trump has approved a defense sale package, including the future sale of F-35 fighter jets and nearly 300 U.S.-made tanks, according to the fact sheet.
“We’re going to be selling Saudi Arabia some of the greatest military equipment ever built,” Trump said.
However, the sale of F-35s requires congressional approval.
During his speech, Trump referred to the congressional approval process, joking that it would take about 24 hours since he had already approved the sales.
“We’re working on getting that approved very quickly,” Trump said. “You’re in good shape—very good shape.”
During the meeting in the Oval Office, bin Salman echoed Trump’s praise of the United States as the “hottest country on the planet.”
He unveiled plans to increase investment commitments in the United States from $600 billion to $1 trillion in emerging technologies, artificial intelligence, data centers, and magnets.
Trump said his administration is considering approving the sale of some advanced U.S. chip technologies to Saudi Arabia.
At the White House meeting, Secretary of State Marco Rubio stated that the administration is working on the details of export licenses, which will be part of the broader agreement between the two countries.
The crown prince expressed interest in joining the Abraham Accords to normalize relations between the kingdom and Israel.
However, he also emphasized the importance of having a “clear path” toward a two-state solution for Israel and Palestine.
