Saudi Arabia will invest up to $1 trillion in the United States, Crown Prince Mohammed bin Salman told US President Donald Trump during their meeting at the White House on Tuesday.
"I believe, Mr President, in today and tomorrow, we can announce that we are going to increase that $600 billion to almost $1 trillion for investment, real investment, and real opportunity," the prince said as he appeared with Trump in front of reporters at the Oval Office.
"Now, you’re saying to me now that the $600 billion will be $1 trillion?" Trump said, to which the Saudi royal replied: "Definitely."
Earlier, Trump had welcomed Crown Prince to the White House, making his first White House visit in more than seven years.
He was greeted with a lavish display of pomp and ceremony presided over by Trump on the South Lawn.
Talks between the two leaders are expected to advance security ties, civil nuclear cooperation, and multibillion-dollar business deals with the kingdom. But there will likely be no major breakthrough on Saudi Arabia normalising ties with Israel, despite pressure from Trump for such a landmark move.
The meeting underscores a key relationship — between the world’s biggest economy and the top oil exporter — that Trump has made a high priority in his second term.
The warm welcome for bin Salman in Washington is the latest sign that relations have recovered from the deep strain.
During a day of White House diplomacy, bin Salman will hold talks with Trump in the Oval Office, have lunch in the Cabinet Room and attend a formal black-tie dinner in the evening, giving it many of the trappings of a state visit. US and Saudi flags festooned lamp posts in front of the White House.
Trump expects to build on a $600 billion Saudi investment pledge made during his visit to the kingdom in May, which will include the announcement of dozens of targeted projects, a senior US administration official said.
The US and Saudi Arabia were ready to strike deals on Tuesday for defence sales, enhanced cooperation on civil nuclear energy and a multibillion-dollar investment in US artificial intelligence infrastructure, the official said on condition of anonymity.
Trump told reporters on Monday, "We'll be selling" F-35s to Saudi, which has requested to buy 48 of the advanced aircraft.
This would be the first US sale of the fighter jets to Saudi Arabia and mark a significant policy shift. The deal could alter the military balance in the Middle East and test Washington's definition of maintaining what the US has termed Israel's "qualitative military edge." Until now, Israel has been the only country in the Middle East to have the F-35.
Beyond military equipment, the Saudi leader is seeking new security guarantees. Most experts expect Trump to issue an executive order creating the kind of defence pact he recently gave to Qatar, but still short of the congressionally ratified NATO-style treaty the Saudis initially sought.