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US and Saudi Arabia Sign Deals worth USD 400 Billion

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On his first foreign visit, Donald Trump has signed deals worth $400 billion with Saudi Arabia encompassing sectors form defence to technology. The wave of deals has come under KSA’s aim to introduce a wave of reforms and in order to shift the economic dependence from oil to other sectors.

Saudi Aramco, national company has signed deals worth $50 billion more than 11 companies. The deals were signed with a multitude of US companies such as General Electric Co., Honeywell International Inc, Nabors International, Exxon Mobil Group and Lockheed Martin Group.

SoftBank Group Corp. and Saudi Arabia also officially entered in a commitment for the largest ever technology investment fund. The commitment secured is worth more than $93 billion led by the Japanese Company and the PIF. Abu Dhabi’s Mubadala Investments Co., Apple Inc, Qualcomm Inc, Foxconn Technology Group and Sharp Corp are also a part of these deals.

Saudi Officials during the meet stated that investments are aimed to realize Saudi Arabia’s strategy vision for developing a diversified and knowledge-based economy.

The US and the Saudi Arabian Defence ministry have negotiated a package worth an estimated amount of $110 billion. Raytheon Co., under the new defence deal, will assist Saudi setup Raytheon Arabia in Riyadh to help Saudi Arabia in the defense-related projects and technology.

The event also hosted some of the most bizarre events ranging from men only sword dance to bashing Iran’s human right situation in a country where women are not allowed to get a driving license without a guardian’s consent. Furthermore, during a meeting of more than 50 Arab states, President Trump also spoke against Islamic terrorism. The US President also lambasted Iran for their role in spreading radicalism and also inaugurated the Global Centre for Combating Terrorism in Riyadh.

Trump’s eight day trip will take him from Saudi to Israel; two countries which have no diplomatic relations. According to White House Press Release, President Trump will leave for Europe after Middle East.

Posted on: 2017-05-22T15:16:00+05:00