US & Saudi Arabia Forge New Ties with Major Investment Deals

Saudi and U.S. officials highlighted billions in new investments and growing ties on Wednesday, coinciding with Saudi Crown Prince Mohammed bin Salman’s first visit to Washington since 2018.

Next to Trump at the White House, bin Salman pledged to raise his country’s U.S. investment to $1 trillion from $600 billion, made during Trump’s 2018 visit, but offered no details.

On Wednesday, Trump urged bin Salman to aim higher, asking, “Could you make it $1.5 trillion?” 

Trump and bin Salman celebrated $270 billion in signed agreements, including planned Nvidia  AI chip purchases by a Saudi AI firm.

HUMAIN and Elon Musk’s xAI will jointly develop data centres in Saudi Arabia, including a 500-megawatt facility.MP Materials will build a rare earths refinery with U.S. and Saudi partners.

Saudi Aramco signed over $30 billion in deals with U.S. companies.

Bin Salman mingled with top corporate executives, a day after Trump reintroduced him to Washington with praise.

His 2018 visit to the U.S. followed the killing of critic Jamal Khashoggi, which U.S. intelligence links to bin Salman, though he denies ordering the operation.

Elon Musk predicted that AI could make work optional within 10 to 20 years, while Jensen Huang stated that AI will transform the job market.

A $1 trillion U.S. investment is unlikely for Saudi Arabia due to domestic spending on ambitious projects, including megacities and World Cup stadiums.

However, Saudi Arabia’s land and energy resources are vital for AI infrastructure.

Trump, who has business ties with Saudi Arabia, tried to distance himself from any conflicts of interest, saying he’s not involved in his family’s business.

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In May, the U.S. and Saudi Arabia announced billions in investments, including defence and AI, several of which were finalised this week.