“ONE TRILLION DOLLARS”… BIN SALMAN PREPARES FOR THE SECOND PHASE OF AGREEMENTS WITH THE US

“ONE TRILLION DOLLARS”… BIN SALMAN PREPARES FOR THE SECOND PHASE OF AGREEMENTS WITH THE US

Saudi Crown Prince Mohammed bin Salman announced that the Kingdom is currently working on partnership opportunities worth $600 billion, including agreements exceeding $300 billion that were announced during the Saudi-US Investment Forum. He added that in the coming months, the Kingdom will work on the second phase to complete the remaining agreements, bringing them to $1 trillion.

During his speech at the forum, bin Salman explained that economic relations between Saudi Arabia and the United States span more than 92 years, beginning with the signing of an oil exploration concession agreement in 1933 with Standard Oil of California.

He added that the Kingdom is working today to deepen this strategic partnership and transition from an economy based on natural resources to a diversified economy based on knowledge and innovation.

He explained that this partnership includes multiple fields, such as military, security, economic, and technological, and contributes to localizing industry, developing local content, and supporting the gross domestic product.

He pointed out that the United States is a major destination for the Public Investment Fund, as it accounts for approximately 40% of its global investments, reflecting confidence in the American economy and its ability to innovate, especially in the fields of technology and artificial intelligence.

He continued, noting that the number of American companies operating and investing in the Kingdom has reached 1,300, representing nearly a quarter of the total foreign investment, including 200 companies that have established their regional headquarters in the Kingdom.

The Crown Prince emphasized that Vision 2030 has achieved most of its goals and contributed to diversifying the economy and empowering the private sector, as non-oil exports rose to $82 billion in 2024, more than 2.2 million citizens were employed, the unemployment rate fell to its lowest level in history, and the presence of women in the labor market doubled.

Bin Salman stated that cooperation between the two countries is not limited to the economy, but also includes joint efforts to achieve security and peace in the region and the world.