Khalid Al-Falih, Saudi Minister of Investment, talks about boosting non-oil investments, conflict in the Middle East, and President Donald Trump’s relationship with Saudi Arabia.
Saudi Crown Prince Mohammed bin Salman told the president Donald Trump The Kingdom plans to pump $600 billion into new investments and trade with the United States over the next four years, according to reports.
The official Saudi Press Agency reported that during a phone call between the two leaders, bin Salman said that the reforms expected from the Trump administration could create “unprecedented economic prosperity.”
The agency also said that Saudi Arabia wants to benefit from these conditions, but did not say where the $600 billion would come from, how and whether it would be distributed. Public or private spending.
The report indicated that Bin Salman told Trump that investment “could increase further if additional opportunities arise.”
Trump was spotted sitting with the head of the Saudi Public Investment Fund at a UFC match
Saudi Crown Prince Mohammed bin Salman shakes hands with President Donald Trump at the G20 Leaders Summit in Osaka, Japan, June 29, 2019. (Reuters/Archive Photo/Reuters Photos)
During his first term, President Trump built close relationships with Saudi Arabia and other Gulf states. In fact, Saudi Arabia invested $2 billion in a company created by Trump’s son-in-law and former aide, Jared Kushner, after Trump left office.
During his inauguration on Monday, Trump said he would consider making that happen Kingdom of Saudi Arabia His first destination for a foreign visit if the capital, Riyadh, agrees to purchase American products worth $500 billion.
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Russian President Vladimir Putin presents a gift made from a mammoth tusk to Saudi Crown Prince Mohammed bin Salman as the President of the Chechen Republic, Ramzan Kadyrov, looks on in Riyadh, Saudi Arabia, October 14, 2019. (Reuters/Archive Photo/Reuters Photos)
“I did that with Saudi Arabia last time because they agreed to bury $450 billion worth of our products,” Trump said, referring to his visit to the Kingdom in 2017. “I said, ‘I will do it, but you have to buy an American product,’ and they agreed to that.”
After returning to the Oval Office in November, Trump and several others attended a UFC fight at Madison Square Garden.
Among those attending with Trump were Elon Musk, Kid Rock, RFK Jr., Tulsi Gabbard, House Speaker Mike Johnson, and the head of the Saudi Public Investment Fund, Yasser Al-Rumayyan.
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The Public Investment Fund is the sovereign wealth fund of Saudi Arabia, controlled by Bin Salman and governed by Al-Rumayyan.
According to Reuters, it is estimated that the assets of the Public Investment Fund amounted to about $925 billion in July.
Reuters contributed to this report.
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