SAUDI Economy Minister Faisal Alibrahim said on Friday (Jan 24) that the kingdom’s US$600 billion expanded package with the US includes investments as well as procurement from the public and private sectors.
Alibrahim’s comments were the first public remarks by a Saudi official after US President Donald Trump said the kingdom’s “investment” should be rounded up to US$1 trillion.
Saudi Arabia’s state news agency said on Thursday that the crown prince had affirmed the kingdom’s intention to broaden its investments and trade with the US over the next four years, in the amount of US$600 billion, and potentially beyond that.
“This number represents investments, procurement, public and private sector, and it’s just a mirror reflection of the strong relationship,” Alibrahim said on a panel at the World Economic Forum in Davos when asked if the kingdom would increase the figure to US$1 trillion, as Trump suggested.
It had been reported “that Saudi Arabia will be investing at least US$600 billion in America,” Trump said on Thursday. “But I’ll be asking the crown prince – who’s a fantastic guy – to round it out to around US$1 trillion.”
US exports of goods to Saudi Arabia were significantly higher in value than Saudi foreign direct investment in the US in recent years, government data showed.
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Asked if Saudi Arabia would reduce the price of oil – after Trump also said he would tell the kingdom and producer group Opec to do so – Alibrahim said Riyadh was focused on long-term oil market stability.
Oil prices fell following Trump’s remarks on Thursday, though they partly rebounded on Friday.
“The kingdom’s position, Opec’s position, is all about long-term market stability to make sure that there’s enough supply for the growing demand,” including from the US and for artificial intelligence, Alibrahim said.
He also said a World Economic Forum gathering will regularly be held in Saudi Arabia starting in the spring of 2026, after it hosted a meeting last year. REUTERS
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