US and Saudi Arabia Are Good Business Partners
With the aim to modernize and diversify its economy, Saudi Arabia announced more than $320 billion in deals with US companies.
Saudi Foreign Minister Adel al-Jubeir said the agreements were valued at more than $380 billion.
The tremendous deal between the two countries included investments in defense, oil, infrastructure, and industrial manufacturing.
To boost the defense industry, US and Saudi Arabia signed a nearly $110 billion defense package. Raytheon Co. will collaborate with Saudi Arabia Military Industries on defense-related projects and technology development.
Aside from that, the Saudi oil and gas industry also agreed on $22 billion in partnerships between Saudi Arabia and US companies that will boost the country’s massive oil and gas industry.
American companies GE and Dow Chemical also made a massive deal with Saudi Arabia. GE reached a preliminary $15 billion deal to work with the country on a several projects to enhance the country’s power grid and energy capabilities. Dow Chemical is set to build a $100 million manufacturing plant there.
Donald Trump arrived in Saudi Arabia’s capital Saturday with a lavish welcome from the Arab Kingdom. His visit in the kingdom was the first stop on his five-city foreign trip. Leaders and representatives from 54 Arab and Muslim countries will also be present during his two-day stay in the kingdom. In addition, Trump is also set to visit Israel and Europe in the following days.
Victories for Both Countries
The massive deal will benefit both countries. The recent deal is considered a big push for the Saudi’s Vision 2030 plan geared to an ambitious aim to boost and modernize its economy.
Similarly, President Trump hailed the deal as “tremendous investments in the United States.”
“That was a tremendous day. Tremendous investments in the United States. Hundreds of billions of dollars of investments into the United States and jobs, jobs, jobs,” Trump said.
US-Saudi Arabia Relationship
US-Saudi Arabia relations go beyond one or two countries and one or two efforts. Both countries work ogether in military planning; in enhancing renewable energy supplies; in energy stability and security; counterterrorism; critical infrastructure protection; trade and investment; science and technology; enhancing and dealing with and addressing the medical attention to health pandemics; agriculture and food security; and education and student exchanges.
The deep relationship between the two countries has extended now for more than 70 years.