The administration of United States President Donald Trump says that Saudi Arabia will invest $600bn in the United States, including through technology partnerships and a weapons sales agreement worth $142bn.
The White House announced the agreement on Tuesday, during US President Donald Trump’s visit to Riyadh. According to a fact sheet released by the White House, the deals represent the largest-ever weapons sale between the two nations and signify a significant step forward in bilateral cooperation.
“The deals celebrated today are historic and transformative for both countries and represent a new golden era of partnership between the United States and Saudi Arabia,” the fact sheet reads.
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The $600 billion investment includes Saudi commitments to strengthen technology partnerships and increase economic collaboration with the US. The pact is seen as a deepening of long-standing economic and military ties that have spanned successive Republican and Democratic administrations.
Trump’s stop in Riyadh is part of his Middle East tour, his first major international trip of his second term in office. He is scheduled to visit Qatar and the United Arab Emirates later this week to further discuss regional cooperation and economic ties.
With inputs from Al Jazeera