President Trump arrived in Saudi Arabia Saturday where he signed a multi-billion-dollar arms and economic deal which strengthen the U.S.-Saudi Arabian alliance on his first foreign trip.
The agreement is worth $110 billion effective immediately and a total of $350 billion over the next 10 years, in an effort to strengthen Saudi Arabia and Persian Gulf allies against threats in the region. The will include the sale of fighter jets, tanks, combat ships and anti-missile defense systems, plus create defense-sector jobs in the U.S. Plus the deal also includes additional private-sector agreements with Saudi Arabia, one of the world’s largest oil producers.
“That was a tremendous day,” Trump told reporters. “Tremendous investments in the United States.”
“Hundreds of billions of dollars of investments into the United States and jobs, jobs, jobs.” he added.
White House economic adviser Gary Gohn said to reporters traveling with the president that the deal will “invest a lot of money in the U.S. and have a lot of U.S. companies invest and build things over here.”
“They’re going to hire U.S. companies … a bunch of infrastructure related things,” Cohn continued, adding that the deal means “big dollars.”
Saudi Aramco will sign initial accords and joint-venture agreements valued at about $50 billion with companies including General Electric Co., Schlumberger Ltd. and Halliburton Co., Chief Executive Officer Amin Nasser told reporters in Riyadh. These companies are “trying to expand their footprint in the kingdom by expanding trade between the two sides,” he said.
“Many of us sitting on the table are overseeing substantial investments in the United States,” Energy Minister Khalid Al-Falih said. “Sabic has a big platform with the acquisition of GE Plastics which they continue to build on.” Other deals will be announced today, he said.
Al-Falih was speaking as part of a panel at the inaugural Saudi-U.S. CEO Forum, which also included Saudi billionaire Lubna Olayan and Finance Minister Mohammed Al-Jadaan. The forum opened as Trump started a visit in Saudi Arabia, the world’s biggest crude exporter, on his first overseas trip as president.
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