Saudi, US announce $200bn joint investment programme

Saudi Arabia and the US have announced plans to strength cooperation in a number of sectors with a new joint investment programme potentially worth more than $200bn over the next four years.

The plans were announced yesterday during a US visit by Saudi Deputy Crown Prince Mohammed bin Salman and a day after he met with US President Donald Trump.

Read: Saudi deputy crown prince, Trump meeting a “turning point”, says Saudi adviser

In a press statement, the White House said the sum, which includes direct and indirect investments, would involve unique initiatives in energy, industry, infrastructure, and technology.

It added that President Trump also supported US investments in Saudi Arabia and the facilitation of bilateral trade.

The plans could create as many as one million direct American jobs during the period and jobs in Saudi Arabia, according to the statement.

“The Deputy Crown Prince reviewed Saudi Arabia’s Vision 2030 program for the President and agreed to put in place specific bilateral programs to help both countries benefit from new opportunities created by the kingdom’s implementation of those new economic plans,” it said.

The announcement came as deals worth a potential $65bn were signed between Saudi Arabia and US rival China during the visit of monarch King Salman.

The Saudi ruler is on a month long Asia tour to promote investment in the kingdom and boost oil sales.

Read: China, Saudi Arabia consider deals worth about $65bn