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U.S., Saudi Arabia Expect Deals, Investments Worth $300 Billion
Some of the announcements reaffirmed previous commitments or involved incremental steps in projects that companies had already signaled they would pursue
President Donald Trump receives the Order of Abdulaziz al-Saud medal from Saudi Arabia's King Salman bin Abdulaziz Al Saud during a welcome ceremony at the Saudi Royal Court in Riyadh, Saudi Arabia, on Saturday.
PHOTO: SAUDI PRESS AGENCY HANDOUT/EUROPEAN PRESSPHOTO AGENCY
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Updated May 22, 2017 3:01 am ET
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RIYADH, Saudi Arabia—Saudi Arabia and the U.S. are expected to agree to business deals and potential investments valued at $300 billion during U.S. President Donald Trump’s visit, solidifying the U.S.-Saudi commercial relationship as the kingdom’s economy opens.
The deals, ranging from defense to health care, coincided with the arrival Saturday of Mr. Trump in the capital, Riyadh. Mr. Trump, a real-estate developer turned politician, has sought to make business deals and job creation a central feature of his presidency and U.S.-Saudi ties.
“Tremendous investments in the United States,” said Mr. Trump, commenting on the business deals as he met with Saudi officials on Saturday. “Hundreds of billions of dollars of investments into the United States and jobs, jobs, jobs,” he said.
On Saturday, General Electric Co. announced agreements in Saudi Arabia, including a partnership with the country’s ministry of energy and a government program to develop industries for joint ventures, valued at an estimated $12 billion in sectors such as power generation, aviation, digitization technologies, mining, oil and gas.
Some of the announcements reaffirmed previous commitments or involved incremental steps in projects that companies had already signaled they would pursue. Exxon Mobil Corp. and Saudi Basic Industries Corp., for example, announced in April that they had chosen a site to build a $10 billion petrochemical plant near Corpus Christi, Texas.
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