Saudi minister says
US$600bil US package
includes investments
Economy Minister Faisal Alibrahim states that trade with the US also includes procurement from public and private sectors.
The state news agency said yesterday that the crown prince had affirmed the kingdom’s intention to broaden its investments and trade with the US over the next four years, in the amount of US$600 billion, and potentially beyond that.
“This number represents investments, procurement, public and private sector, and it’s just a mirror reflection of the strong relationship,” Alibrahim said on a panel at the World Economic Forum in Davos when asked if the kingdom would increase the figure to US$1 trillion, as US President Donald Trump suggested to the forum yesterday.
“What we’ll spend in the economy from the start of Vision 2030 to 2030 is 12 times that number,” Alibrahim said.
Asked if Saudi Arabia would reduce the price of oil – after Trump told Davos he would tell the kingdom and Opec to do so – he said Riyadh was focused on long-term oil market stability.
Oil prices fell following Trump’s remarks yesterday.
Vision 2030 is an ambitious agenda launched in 2016 aimed at overhauling the Saudi economy to cut reliance on hydrocarbons, create jobs and build new industries.
“The kingdom’s position, Opec’s position, is all about long-term market stability to make sure that there’s enough supply for the growing demand,” including from the US and for artificial intelligence (AI),” he said.
Alibrahim also said a World Economic Forum gathering will regularly be held in Saudi Arabia starting in the spring of 2026, after it hosted a meeting last year.
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