Trump Inks Economic Partnership Accord With Saudi Arabia

Riyadh Set To Invest Over $780b In US, Including The Allies' Largest Defence Deal

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RIYADH - US President Donald Trump signed a strategic economic agreement with Saudi Arabia on May 13 as the oil power rolled out the red carpet for him at the start of a tour of Gulf states aimed at drumming up trillions of dollars in investments.

Mr. Trump punched the air as he emerged from Air Force One to be greeted by Prince Mohammed Bin Salman, who later signed an agreement with the President which Saudi state television said covered energy, defense, mining and other areas.

The White House said Saudi Arabia was set to invest US$600 billion (S$783 billion) in the United States, including the largest defense agreement between the allies, worth nearly US$142 billion.

"I really believe we like each other a lot," Mr. Trump said during a meeting in Riyadh with the crown prince, Saudi Arabia's de facto ruler.

Mr. Trump, who is accompanied by a host of American business leaders, including billionaire Elon Musk, will go from Riyadh to Qatar on May 14 and the United Arab Emirates (UAE) on May 15.

He has not scheduled a stop in Israel, a decision that has raised questions about where the close ally stands in Washington's priorities, and the focus of the trip is on investment rather than security matters in the Middle East.

"While energy remains a cornerstone of our relationship, the investments and business opportunities in the kingdom have expanded and multiplied many, many times over," Saudi Investment Minister Khalid al-Falih said as he opened a Saudi-US Investment Forum.