Saudi $600 billion package deal with US consists of investments, procurement, minister says

DAVOS, Switzerland (Reuters) -Saudi Economic system Minister Faisal Alibrahim stated on Friday that the dominion’s $600 billion expanded package deal with the USA consists of investments in addition to procurement from the private and non-private sectors.

Alibrahim’s feedback had been the primary public remarks by a Saudi official after U.S. President Donald Trump stated the dominion’s “funding” needs to be rounded as much as $1 trillion.

Saudi Arabia’s state information company stated on Thursday that the crown prince had affirmed the dominion’s intention to broaden its investments and commerce with the USA over the subsequent 4 years, within the quantity of $600 billion, and probably past that.

“This quantity represents investments, procurement, private and non-private sector, and it is only a mirror reflection of the robust relationship,” Alibrahim stated on a panel on the World Financial Discussion board in Davos when requested if the dominion would enhance the determine to $1 trillion, as Trump urged.

It had been reported “that Saudi Arabia will likely be investing not less than $600 billion in America,” Trump stated on Thursday. “However I will be asking the crown prince – who’s a incredible man – to spherical it out to round $1 trillion.”

U.S. exports of products to Saudi Arabia had been considerably increased in worth than Saudi international direct funding within the U.S. lately, authorities knowledge confirmed.

Requested if Saudi Arabia would cut back the worth of oil – after Trump additionally stated he would inform the dominion and producer group OPEC to take action – Alibrahim stated Riyadh was targeted on long-term oil market stability.

Oil costs fell following Trump’s remarks on Thursday, although they partly rebounded on Friday. [O/R]

“The dominion’s place, OPEC’s place, is all about long-term market stability to guarantee that there’s sufficient provide for the rising demand,” together with from the U.S. and for synthetic intelligence, Alibrahim stated.

He additionally stated a World Financial Discussion board gathering will recurrently be held in Saudi Arabia beginning within the spring of 2026, after it hosted a gathering final 12 months.