Khalid Al-Falih, Minister of Investments of Saudi Arabia, on encouraging non-oil investment, the Middle East conflict and President Donald Trump’s relationship with Saudi Arabia.
Saudi Arabia’s Crown Prince Mohammed bin Salman told the president Donald Trump the kingdom plans to invest $600 billion in new investment and trade with the US over the next four years, according to reports.
The Saudi state news agency reported that, during a telephone conversation between the two leaders, bin Salman said the reforms expected by the Trump administration could create “unprecedented economic prosperity.”
The agency also said Saudi Arabia would like to take advantage of these conditions, although it did not say where the $600 billion would come from, how it would be distributed or whether it would be public or private consumption.
Bin Salman told Trump that the investment “could be increased further if additional opportunities arise,” according to the report.
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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, President Trump built close ties 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 it Saudi Arabia his first destination for a foreign visit if the capital Riyadh agrees to buy $500 billion in US goods.
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Russian President Vladimir Putin presents a mammoth tusk gift to Saudi Crown Prince Mohammed bin Salman as Chechen Republic head Ramzan Kadyrov looks on in Riyadh, Saudi Arabia, October 14, 2019. (Reuters/File Photo/Reuters Photos)
“I did it with Saudi Arabia last time 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 agreed to it.
After fighting his way back into the Oval Office in November, Trump and several others attended a UFC fight at Madison Square Garden.
Among those present with Trump were 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.
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PIF is Saudi Arabia’s sovereign wealth fund, which is controlled by bin Salman and managed by Al-Rumayyan.
According to Reuters, the PIF was estimated to have about $925 billion in assets in July.
Reuters contributed to this report.
