Dubai: Saudi Arabia and the United States signed deals at least $380 billion during the historic visit to Riyadh by US President Donald Trump, media reports said.
Trump and King Salman held high-level talks in the Saudi capital, where they co-signed the Saudi-US “Joint Strategic Vision Declaration,” as a series of defense, business and technology deals were agreed in the Saudi capital.
Saudi Foreign Minister Adel Al-Jubeir said that Trump’s visit marks “the beginning of a turning point” in relations with the Arab world.
Speaking during a press conference held with his US counterpart Rex Tillerson in Riyadh on Saturday, Al-Jubeir said that the strategic partnership agreement by King Salman and Trump would develop into a strong strategic partnership.
“The two countries have signed a series of agreements, both by private, commercial entities and inter-governmental, including on investment and infrastructure,” said Al-Jubeir.
“The value of the deals exceeds $380 billion; they will be executed over the next 10 years and will provide many opportunities both for the Kingdom and for the United States.”
Tillerson said that over 20 licenses were issued to large US companies helping direct investment between the two countries, which will result in the creation of thousands of jobs for Americans, an increase the purchase of US goods, equipment and technologies, and also benefit Saudi Arabia.
Saudi Arabia and the US signed arms deals worth approximately $110 billion, the White House said on Saturday.
Several other multi-billion-dollar deals were sealed at the inaugural Saudi-US CEO Forum, also held on Saturday.
They included a landmark $6 billion defense and armament agreement under a “letter of intent” to assemble 150 Lockheed Martin Black Hawk helicopters.
The agreement, which was revealed during the forum, is expected to support around 450 jobs in the Kingdom.
“At Lockheed Martin, we are proud to be part of this historic announcement that will strengthen the relationship between the United States and the Kingdom of Saudi Arabia,” said Marillyn A. Hewson, chairman, president and CEO of Lockheed Martin Corporation.
Energy — one of Saudi Arabia’s strongest sectors — witnessed a number of announcements with a combined $22 billion worth of new deals signed during the forum by Saudi and American executives in the oil and gas industry.
A major funding boost for the largest oil refinery in the US was among a number of announcements in refining and petrochemicals signed on Saturday at the forum.
Saudi Aramco-owned Motiva Enterprises announced a landmark investment in the US totaling $12 billion with a likely additional investment of $18 billion by 2023.
It is estimated the deal will create approximately 2,500 additional jobs in the short term and a further 12,000 by 2023.