Saudi signs $400bn deals with US to create 750,000 jobs

Agreements worth more than $400bn have been signed between Saudi Arabia and the United States during the visit of Crown Prince Mohammed bin Salman, according to local media.

The deals cover 10 key sectors including defence and oil, and are expected to create as many as 750,000 jobs across the two countries, reported Saudi Gazette.

Some 46 deals were signed, with 13 in oil and gas sector, six in the defence sector, and another six in the technology sector. There were seven memoranda of understanding in the health sector, four in manufacturing, and three each in mining and petrochemicals. A further two were in investment, with one each in the aviation and energy sectors.

Defence accounted for $128bn of the agreements, with Saudi Military Industries Corporation and Aviation Information Technology Company (SAVITT) reported to have signed five MoUs worth $18.5bn with US giants such as Boeing, Lockheed Martin, Raytheon and General Dynamics.

The investment sector saw $150bn of deals, with $72bn in the petrochemical sector, and oil and gas responsible for $54bn.

The MoU in the aviation sector is for buying 16 wide-body aircraft, according to reports, with values ranging between $2bn and $5bn. Another $5bn is going to the technology sector, $6bn in mining, $3bn in health, $12bn in energy, and $400m in manufacturing.

As well as the Saudi Government, the deals are said to have included major companies such as Saudi Aramco, Saudi Electricity Company,S audi Arabian Mining Company (Maaden), Safnat, Microsoft, Honeywell, GE, and others.

Crown Prince Muhammad is in the midst of a three-week official visit to the US to meet with government officials and business leaders, including President Donald Trump. The trip is his first to the US since being designated successor of his father, King Salman bin Abdulaziz.