Trump is planning his first foreign visit to the Kingdom in return for the whopping investment offer
Riyadh, Saudi Arabia: Amid buzz over the Petrodollar exit and the lack of other trade deals between Israel, the US, and Saudi Arabia, the Kingdom’s Crown Prince Mohammed bin Salman on Wednesday told US President Donald Trump that he plans to invest a whopping $600 billion in expanded investment and trade with America over the next four years.
According to a report by a Saudi news agency, the investment could increase further if it gets additional opportunities. However, the Crown Prince has not given details regarding the source of the investment, whether it would be public or private spending, or how the money would be deployed.
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On Tuesday, the Saudi foreign minister had expressed happiness over the Gaza ceasefire, which the kingdom had earlier pointed out that no joint Israel-US-Saudi deal would be possible without a ceasefire in place. The report quoted the Crown Prince telling the new US president that his administration’s expected reforms could create “unprecedented economic prosperity.”
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Notably, President Trump, after taking charge on Monday, had said that he would consider his first destination for a foreign visit to Saudi Arabia if Riyadh agrees to buy $500 billion worth of American products. Interestingly, Trump had made his first visit to Saudi Arabia with an assurance from the Kingdom to buy $450 billion worth of US products in 2017 after assuming charge. “I did it with Saudi Arabia last time because they agreed to buy $450 billion worth of our product. I said I’ll do it, but you have to buy American products, and they agreed to do that,” the news agency quoted Trump. During his previous term in office, Trump developed close ties with Gulf states, including Saudi Arabia.
The reports regarding the alleged Saudi refusal to renew the petrodollar deal had sparked concern regarding the future value of US currencies in the global financial market. The entry of Saudi Arabia to BRICS and the bloc’s new currency had ignited debates.
