US, Saudi Arabia deepen ties with $300 billion deal, eyes on $1 trillion goal

Saudi Arabia’s Crown Prince Mohammed bin Salman has announced that the US and Saudi Arabia signed bilateral agreements valued at $300 billion.

He made these remarks during the Saudi-American Forum in Riyadh, Caliber.Az reports via Russian media.

The agreements mark a significant step forward in the growing economic partnership between the two nations.

Speaking at the forum, the Crown Prince revealed that the total value of current investment commitments between the two countries has reached $600 billion. Of that, $300 billion has already been formalised through contracts and agreements, many of which were signed during the visit of US President Donald Trump to Saudi Arabia.

"In the coming months, we will move to the second phase—finalising the remaining deals to bring the total investment commitments to $1 trillion," Prince Mohammed said.

Earlier, the US and Saudi Arabia signed a strategic partnership agreement aimed at bolstering economic ties between the two nations.

The agreement represents a significant step in strengthening the long-standing relationship between the US and Saudi Arabia, with an emphasis on expanding trade, investment, and collaborative efforts in various sectors.

The partnership is expected to unlock new opportunities for both countries, particularly in areas such as technology, energy, and infrastructure. In addition to the economic agreement, the two countries also signed a defence cooperation pact. This agreement is designed to modernise Saudi Arabia's armed forces, enhancing the kingdom’s defence capabilities and ensuring continued security cooperation between the US and Saudi Arabia. 

By Naila Huseynova