Saudi Arabia set to invest $600 billion in the USA; deal includes defence and technology
Donald Trump received a $600 billion investment promise from the Kingdom of Saudi Arabia on his first official visit as president of the United States.
New Delhi (India) May 14: In Riyadh on Tuesday, Saudi Crown Prince Mohammed bin Salman and Donald Trump signed an agreement for economic cooperation. The deal was revealed during Trump's key trip to Saudi Arabia. The agreement covers industries from mining and energy to technology, infrastructure, and defence.
"I really believe we like each other a lot," Trump said during a meeting with the crown prince.
Trump will continue his journey from Riyadh to Qatar on Wednesday and the United Arab Emirates on Thursday, accompanied by a number of prominent people from the US business community, including Elon Musk.
With significant investments in energy, modern technology, infrastructure, healthcare, defence, and international sports, the announcement represents the biggest group of commercial agreements between the US and Saudi Arabia ever registered.
The White House called the package as "transformative," saying it will strengthen bilateral connections "that will endure for generations to come" and promote innovation, job creation, and growth throughout the United States.
According to the White House, Saudi Arabia will make the largest defence sales deal and invest USD 600 billion in the US.
In order to improve service colleges, strengthen military medical facilities, and increase the capability of the Saudi armed forces, the deal also contains a significant training component.
To strengthen the stability of the U.S. supply chain, Shamekh IV Solutions, LLC plans to spend $5.8 billion in the healthcare industry, including the establishment of a high-capacity IV fluid production facility in Michigan.
Tech companies from the US and Saudi Arabia, such as Google, Oracle, Salesforce, AMD, Uber, and DataVolt, are investing a total of $80 billion on transformative technologies in both nations.
Bilateral cooperation in education, culture, and research is strengthened by the agreement. A contract had been achieved by NASA and the Saudi Space Agency to include a Saudi CubeSat into the Artemis II lunar test mission. Strong connections between Saudi Arabia and the US have been maintained for decades on the basis of an unbreakable deal in which the kingdom supplies oil and the superpower provides security in exchange. The Smithsonian Institution also concluded agreements for cultural exchanges and animal conservation projects.
The announcement represents a broad range of commercial pacts between the United States and Saudi Arabia.
Aadrika Tayal
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