Saudi Arabia wants to increase US investments to $600 billion

Crown prince to Trump: Saudi Arabia wants to increase US investments to $600 billion in his second term.

RIYADH: The Saudi Press Agency said early Thursday that Saudi Arabia plans to increase its investment and commerce with the United States to at least $600 billion over the next four years.

In a phone call late Wednesday, Saudi Crown Prince Mohammed bin Salman informed US President Donald Trump of the Kingdom's strategy, according to the report.

The crown prince was quoted by SPA as stating that the Kingdom aims to take advantage of chances for collaboration and investment in light of Trump's promise to implement extensive reforms in the greatest economy in the world.

The projected investments were not described in depth in the report.

Along with strengthening bilateral collaboration to fight terrorism, the two presidents also talked about how their nations can work together to advance peace, security and stability in the Middle East.

Trump promised to revive American economic might and reputation when he took office on Monday.

During his first term, Trump travelled to the Kingdom for the first time and the two nations inked many business deals totalling over $400 billion.

A portion of the "armaments will be manufactured in Saudi Arabia, so it will generate jobs in America and Saudi Arabia, good trade in general, good benefits for both countries and also good economic growth," the crown prince stated in 2018. It will also improve our security.

Trump ran on a platform of "America First," which aims to put the American people and economy first.

To create "a robust and reinvigorated trade policy that boosts investment and productivity, increases our Nation's industrial and technological advantages and defends our economic and national security," he signed an executive order on Monday.

King Salman and Prince Mohammed congratulated Trump on his return to the White House and the Saudi leaders welcomed the American people continued success and advancement.

Trump thanked the monarch and crown prince for their congratulations and emphasised that he is eager to collaborate with them on any project that would benefit both countries.

In 2017, Trump was welcomed in the Kingdom and joined the king and crown prince at several occasions in Riyadh. The highest civilian award in the Kingdom, the Collar of Abdulaziz Al Saud was given to the US president by King Salman.

Prior to the state supper that the monarch hosted for Trum the two participated in a customary battle dance.

As part of a larger effort to address the underlying roots of extremism and halt the funding of terrorism, the two also established the Global Centre for Combating Extremist Ideology.