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In a significant development following his recent inauguration, President Donald Trump engaged in a phone call with Saudi Crown Prince Mohammed bin Salman on January 23, 2025. During this conversation, the Crown Prince announced Saudi Arabia's intention to invest $600 billion in the United States over the next four years.
The announcement, shared by the state-run Saudi Press Agency, emphasizes the kingdom's desire to expand its investments and trade with the U.S. Details regarding the specific areas of investment remain unclear. This commitment comes at a time when the U.S. is shifting away from its historical reliance on Saudi oil exports, which have been pivotal in shaping bilateral relations for decades.
The Crown Prince's remarks also follow Trump's earlier statements about potentially making Saudi Arabia his first foreign destination, continuing a trend set in 2017 when his inaugural trip as president was to the kingdom. Trump has previously mentioned substantial financial agreements with Saudi Arabia, including a $450 billion deal back in 2017, and suggested that he may prioritize trips that foster economic benefits.
Saudi Arabia has been expanding its investment strategies, leaning towards U.S. businesses and defense systems, while also pursuing large-scale projects like NEOM, a futuristic city aiming for completion as part of the kingdom's Vision 2030 initiative.
As the kingdom faces financial pressures due to fluctuating global oil prices, the investment pledge stands as a crucial move to support both economies amidst various challenges.