US President Donald Trump has secured $600 billion in investment commitments during a summit in Saudi Arabia, according to the White House, a key focus of his first scheduled foreign trip since returning to office.
The White House issued a press release outlining agreements it said were reached to “strengthen our energy security, defense industry, technology leadership, and access to global infrastructure and critical minerals.”
The total figure matches the number Crown Prince Mohammed bin Salman had previously promised over the next four years in enhanced trade and investment with the US.
The pact includes US defense sales valued at nearly $142 billion, providing Saudi Arabia with “state-of-the-art warfighting equipment and services from over a dozen U.S. defense firms,” the White House said.
The sales package is set to include equipment running the gamut of defense technology, from air force capabilities to maritime security as well as information and communication services, according to the statement.
Under the package, the Saudi armed forces will be able to tap into capacity-building training and support, with benefits extending to Saudi service academies and military medical services
Alphabet Inc.'s Google, Oracle Corp., Salesforce Inc., Advanced Micro Devices Inc., Uber Technologies Inc. and DataVolt will invest $80 billion “in cutting-edge transformative technologies in both countries.”
The statement came after Trump signed a series of memorandums during a state visit with Crown Prince Mohammed and before the US president was due to speak at an investment summit in Riyadh.
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