Khalid Al-Falih, Minister of Investments of Saudi Arabia, on promoting non-oil investment, the 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 reportedly plans to sink $600 billion into new investment and trade with the US over the next four years.
The Saudi state news agency reported that during a phone call between the two leaders, bin Salman said the expected reforms from the Trump administration could create “unprecedented economic prosperity.”
The agency also said Saudi Arabia would like to use the terms, although it did not say where the $600 billion would come from, how it would be deployed or whether public or private expenditure.
Bin Salman told Trump that investment “may increase further if other opportunities arise,” the report said.
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Saudi Arabia's Crown Prince Mohammed bin Salman shakes hands with President Donald Trump at the G20 Leaders Summit in Osaka, Japan on June 29, 2019. (Reuters/File photo / Reuters Photos)
During his first term in office, President Trump developed close relations with Saudi Arabia and other Gulf states. In fact, Saudi Arabia invested $2 billion in a firm created by Trump's son-in-law and former adviser, Jared Kushner, after Trump left office.
During his inauguration on Monday, Trump said he would consider manufacturing Saudi Arabia his first destination for a foreign visit if the capital Riyadh agreed to buy $500 billion worth of American products.
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Russian President Vladimir Putin presents a gift made from a mammoth tusk to Saudi Crown Prince Mohammed bin Salman as head of the Chechen Republic Ramzan Kadyrov looks on in Riyadh, Saudi Arabia, October 14, 2019. (Reuters/File Photo / Reuters Photos)
“I did it last time with Saudi Arabia because they agreed to bury $450 billion worth of our product,” Trump said, referring to his visit to the country in 2017. “I said, 'I'll do it, but you have to buy American product,' and they went along with it.”
After winning a trip back to the Oval Office in November, Trump and several others attended a UFC fight at Madison Square Garden.
Elon Musk, Kid Rock, RFK Jr., Tulsi Gabbard, Speaker of the House of Representatives Mike Johnson and the head of Saudi Arabia's Public Investment Fund (PIF) Yasir Al-Rumayyan were present with Trump.
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The PIF is Saudi Arabia's sovereign wealth fund, which is controlled by bin Salman and managed by Al-Rumayyan.
The PIF was estimated to have around $925 billion in assets in July, according to Reuters.
Reuters contributed to this report.
