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Trump Secures $600 Billion Saudi Investment Pledge on Gulf Tour
US President Donald Trump and Saudi Crown Prince and Prime Minister Mohammed Bin Salman shake hands during a Memorandum of Understanding (MOU) signing ceremony at the Royal Court in Riyadh, Saudi Arabia, May 13, 2025. Photo: REUTERS/Brian Snyder
US President Donald Trump secured a $600 billion commitment from Saudi Arabia on Tuesday to invest in the United States after the oil power accorded him a gala welcome at the start of a tour of Gulf states.
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 in Riyadh on energy, defense, mining, and other areas.
The US agreed to sell Saudi Arabia an arms package worth nearly $142 billion, according to a White House fact sheet that called it “the largest defense cooperation agreement” Washington has ever done.
The agreement covers deals with more than a dozen US defense companies in areas including air and missile defense, air force and space advancement, maritime security and communications, the fact sheet said.
“Today we hope for investment opportunities worth $600 billion, including deals worth $300 billion that were signed during this forum,” the Saudi crown prince said in a speech during a US-Saudi Investment Forum session held in Riyadh on the occasion of Trump‘s visit.
“We will work in the coming months on the second phase to complete deals and raise it to $1 trillion,” he said.
Saudi Arabia is one of the largest customers for US arms.
Reuters reported in April the US was poised to offer the kingdom an arms package worth well over $100 billion.
“I really believe we like each other a lot,” Trump said during a meeting with the crown prince, Saudi Arabia’s de facto ruler.
The US and Saudi Arabia had discussed Riyadh’s potential purchase of Lockheed F-35 jets, two sources briefed on discussions told Reuters, referring to a military aircraft that the kingdom is long thought to have been interested in.
It was not immediately clear whether those aircraft were covered in the deal announced on Tuesday.
Trump, who was accompanied by US business leaders including billionaire Elon Musk, will go on from Riyadh to Qatar on Wednesday and the United Arab Emirates on Thursday.
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 told the investment forum.
“As a result … when Saudis and Americans join forces very good things happen, more often than not great things happen when those joint ventures happen,” he said before Trump‘s arrival.
Trump told the investment forum that relations with Saudi Arabia will be even stronger.
He was shown speaking with Riyadh’s sovereign wealth fund governor Yaser al-Rumayyan, Aramco CEO Amin Nasser, and Falih as he toured a hall that showed off models for the kingdom’s flashy, multi-billion-dollar development projects.
Trump called the Saudi crown prince a friend and said they have a good relationship, according to a pool report from the Wall Street Journal, adding that Saudi investment would help create jobs in the US.
BIG INVESTMENTS
Business leaders at the investment forum included Larry Fink, the CEO of asset management firm BlackRock; Stephen A. Schwartzman, CEO of asset manager Blackstone; and Treasury Secretary Scott Bessent.
Musk chatted briefly with both Trump and the crown prince, who is otherwise known as MbS, during a palace reception for the US president. And joining Trump for a lunch with MbS were top US businessmen including Musk, the Tesla and SpaceX chief, and OpenAI CEO Sam Altman.
MbS has focused on diversifying the Saudi economy in a major reform programme dubbed Vision 2030 that includes “Giga-projects” such as NEOM, a futuristic city the size of Belgium. Oil generated 62 percent of Saudi government revenue last year.
The kingdom has scaled back some of its ambitions as rising costs and falling oil prices weigh.
Saudi Arabia and the US have maintained strong ties for decades based on an ironclad arrangement in which the kingdom delivers oil and the superpower provides security in exchange.
Trump left Israel off his schedule although he wants Israeli Prime Minister Benjamin Netanyahu to agree to a new ceasefire deal in the 19-month-old Gaza war.
Israel’s military operations against Hamas in Gaza and Hezbollah in Lebanon, and its assassinations of the two Iran-backed terrorist groups’ leaders, have at the same time given Trump more leverage by weakening Tehran and its regional allies.
US and Iranian negotiators met in Oman at the weekend to discuss a potential deal to curb Tehran’s nuclear program. Trump has threatened military action against Iran if diplomacy fails.
Trump told the investment forum he wants to offer Iran a new and better path toward a more helpful future. If no new nuclear deal is reached, he said, Tehran will face maximum pressure.
Trump‘s Middle East envoy, Steve Witkoff, said last week he expected progress imminently on expanding accords brokered by Trump in his 2017-21 first term under which Arab states including the UAE, Bahrain, and Morocco recognized Israel.
Trump said it was his “fervent hope” that Saudi Arabia would soon sign its own normalization agreement with Israel, adding, “But you’ll do it in your own time.”
Still, Netanyahu’s opposition to a permanent stop to the war in Gaza or to the creation of a Palestinian state makes progress on similar talks with the Saudis unlikely, sources told Reuters.
The post Trump Secures $600 Billion Saudi Investment Pledge on Gulf Tour first appeared on Algemeiner.com.
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Putin Speaks to Trump, Condemns Israel’s Strikes on Iran, Kremlin Says
Russian President Vladimir Putin and Iranian President Masoud Pezeshkian meet in Moscow, Russia, Jan. 17, 2025. Photo: REUTERS/Evgenia Novozhenina
Russian President Vladimir Putin spoke to US President Donald Trump for 50 minutes on Saturday, condemning the Israeli military operation against Iran and expressing concern about the risks of escalation, the Kremlin said.
“Vladimir Putin condemned Israel’s military operation against Iran and expressed serious concern about a possible escalation of the conflict, which would have unpredictable consequences for the entire situation in the Middle East,” Kremlin aide Yuri Ushakov told reporters.
Trump, for his part, described events in the Middle East as “very alarming,” according to Ushakov. But the two leaders said they do not rule out a return to the negotiating track on Iran’s nuclear program, Ushakov said.
On Ukraine, Putin told the US leader that Russia was ready to continue negotiations with the Ukrainians after June 22, according to state news agency RIA.
Trump reiterated his interest in a speedy resolution to the conflict, the Kremlin aide said.
Putin also congratulated Trump on his 79th birthday.
The post Putin Speaks to Trump, Condemns Israel’s Strikes on Iran, Kremlin Says first appeared on Algemeiner.com.
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Sunday’s US-Iran Nuclear Talks Cancelled, Oman Says
FILE PHOTO: Oman’s Foreign Minister Sayyid Badr bin Hamad bin Hamood Albusaidi attends a meeting with Russia’s Foreign Minister Sergei Lavrov in Moscow, Russia July 11, 2023. Photo: Natalia Kolesnikova/Pool via REUTERS/File Photo
The latest round of US-Iran nuclear talks scheduled for Sunday in Muscat will not take place, Omani Foreign Minister Badr Albusaidi said on X on Saturday. Oman has been mediating the talks.
Albusaidi’s statement came a day after Israel launched a sweeping air offensive against Iran, killing commanders and scientists and bombing nuclear sites in a stated bid to stop it building an atomic weapon.
A senior official of US President Donald Trump’s administration, speaking on condition of anonymity, confirmed Sunday’s talks had been cancelled.
Washington, however, remained committed to the negotiations and hoped “the Iranians will come to the table soon,” the official said.
The post Sunday’s US-Iran Nuclear Talks Cancelled, Oman Says first appeared on Algemeiner.com.
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Iran Says Talks with US ‘Meaningless’ After Israel Attack, But Yet to Decide on Attending
USA and Iranian flags are seen in this illustration taken, Sept. 8, 2022. Photo: REUTERS/Dado Ruvic/Illustration
Iran said the dialogue with the US over Tehran’s nuclear program is “meaningless” after Israel’s biggest-ever military strike against its longstanding enemy, but said it is yet to decide on whether to attend planned talks on Sunday.
“The other side (the US) acted in a way that makes dialogue meaningless. You cannot claim to negotiate and at the same time divide work by allowing the Zionist regime (Israel) to target Iran’s territory,” state media on Saturday quoted foreign ministry spokesperson Esmaeil Baghaei as saying.
“It is still unclear what decision we will make on Sunday in this regard,” Baghaei was quoted as saying.
He said Israel “succeeded in influencing” the diplomatic process and the Israeli attack would not have happened without Washington’s permission, accusing Washington of supporting the attack.
Iran earlier accused the US of being complicit in Israel’s attacks, but Washington denied the allegation and told Tehran at the United Nations Security Council that it would be “wise” to negotiate over its nuclear program.
The sixth round of US-Iran nuclear talks was set to be held on Sunday in Muscat, but it was unclear whether it would go ahead after the Israeli strikes.
Iran denies that its uranium enrichment program is for anything other than civilian purposes, rejecting Israeli allegations that it is secretly developing nuclear weapons.
US President Donald Trump told Reuters that he and his team had known the Israeli attacks were coming but they still saw room for an accord.
The post Iran Says Talks with US ‘Meaningless’ After Israel Attack, But Yet to Decide on Attending first appeared on Algemeiner.com.
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