Saudi Arabia is willing to expand its investments and trade with the US by $600 billion “and potentially beyond that” in the next four years, the kingdom’s Crown Prince Mohammed bin Salman has told US President Donald Trump.
In a call with Mr Trump, the Crown Prince “noted the US administration’s ability to create unprecedented economic prosperity and opportunity through anticipated reforms”, the Saudi Press Agency reported on Thursday.
“The kingdom seeks to participate in these opportunities for partnership and investment,” it added. It did not reveal specific details about how the amount will be invested.
Prince Mohammed and Mr Trump, who share close ties, discussed ways to enhance bilateral ties in various areas, promote peace, security and stability in the Middle East, and combat terrorism, SPA said.
Saudi Arabia’s leaders maintained close ties with the US under Mr Trump’s first stint in the White House. The US leader has several business interests in the region and also chose the kingdom for his first official visit as president in 2017.
Saudi Arabia’s “market is thriving, you have a country that is pro-growth”, Eric Trump said at the time.
Meanwhile, the US President is also seeking to attract more investment in his country from the Gulf. This month, the UAE’s Damac Properties made a $20 billion investment in the US to build data centres, Mr Trump said.
Damac said the centres with a capacity of two gigawatts would be built over the next four years. The first phase will focus on eight US states in the southern and Midwest regions, acquiring land banks, existing data centres and other platforms.
Hussain Sajwani, founder and chairman of the Dubai-based developer, also said it could increase its investment under the right market conditions.
