BURSTPresident Trump on Tuesday secured a $600 billion commitment from Saudi Arabia to invest in the United States along with a multibillion-dollar defense partnership following a meeting with Saudi Crown Prince Mohammed bin Salman in Riyadh.
The investment, according to a White House fact sheet, will strengthen energy security, defense, technology and access to global infrastructure and critical minerals. It includes a $142 billion defense and security deal that equips Saudi Arabia with state-of-the-art war equipment provided by dozens of U.S. firms.
The equipment includes air and missile defense and air force and space advancements.
The White House called the deal “historic and transformative for both countries” and said it brings in “a new golden era of partnership.”
Days after Trump’s inauguration, the crown prince first announced the Arab nation would invest $600 billion in the U.S. over the four years of Trump’s second term. The White House is detailing those investments following the meeting in Saudi Arabia.
As part of the deal, Saudi Arabian company DataVolt is moving forward with plans to invest $20 billion in artificial intelligence data centers and energy infrastructure in the U.S., and top companies such as Google, Oracle, Salesforce and Uber, among others, are investing $80 billion in technologies in both countries.
Also included in the deal are infrastructure projects American companies Hill International, Jacobs, Parsons, and AECOM are taking on in Saudi Arabia, including at King Salman International Airport, to total $2 billion in U.S. services exports.
Other exports will include GE Vernova’s gas turbines and energy solutions, worth $14.2 billion, and Boeing 737-8 passenger aircraft for Saudi company AviLease, worth $4.8 billion, according to the White House. Additionally, health care company Shamekh IV Solutions will invest $5.8 billion, including through a plant in Michigan to launch a high-capacity IV fluid facility.
Several sector-specific funds will be created through the investment partnership, including a $5 billion energy investment fund, $5 billion New Era Aerospace and Defense Technology Fund and $4 billion Enfield Sports Global Sports Fund.
“President Trump is the dealmaker in chief, and he has once again secured a historic deal that strengthens America’s economic dominance and global influence,” the White House fact sheet said.
The White House also argued the investment builds on the deal struck with the United Kingdom last week to include billions of dollars of increased market access to American exports.