Saudi pledges $600B for US trade boom as MbS and Trump reconnect

Saudi Arabian Crown Prince Mohammed bin Salman has told US President Donald Trump that the kingdom wants to put $600 billion into expanded investment and trade with the United States over the next four years.

In a phone call between the two leaders, the crown prince said the Trump administration's expected reforms could create "unprecedented economic prosperity", the Saudi State news agency said on Thursday.

Bin Salman congratulated Trump on his return to the White House, and passed on congratulations from his father, King Salman, during the phone call, according to a Foreign Ministry statement.

The report did not detail the source of the $600 billion, whether it would be public or private spending nor how the money would be deployed.

The investment "could increase further if additional opportunities arise", the agency quoted Bin Salman as telling Trump.

Strong partnerships

Trump fostered close ties with Gulf states including Saudi Arabia during his first term. The country invested $2 billion in a firm formed by Jared Kushner, Trump's son-in-law and former aide, after Trump left office.

Trump said following his inauguration on Monday that he would consider making Saudi Arabia his first destination for a foreign visit if Riyadh agreed to buy $500 billion worth of American products, similar to what he did in his first term.

"I did it with Saudi Arabia last time because they agreed to buy $450 billion worth of our product. I said I'll do it but you have to buy American product, and they agreed to do that," Trump said, referring to his 2017 visit to the Kingdom.