US President Donald Trump arrived in Saudi Arabia today, Tuesday, at the beginning of a 4 -day tour, in which the focus will be on economic deals, as well as the security and political turmoil in the region.
Trump is visiting Riyadh first, as the Saudi -American Investment Forum will be held, then heads to Qatar tomorrow, Wednesday, then the UAE on Thursday, accompanied by a group of American business leaders, including its advisor Ilon Musk, CEO of Tesla.
Saudi -American investment forum
“Although energy is still the cornerstone of our relationship, investments and business opportunities in the Kingdom have expanded and doubled doubles,” Saudi Minister of Investment Khalid bin Abdulaziz Al -Falih said at the opening of the forum, according to the Saudi Press Agency (SPA).
“When the Saudis and Americans unite, very good things happen … and it often occurs great things when these joint projects are achieved,” he added.
https://www.youtube.com/watch?v=LPA7NCALQ2A
The forum is attending Larry Fink, CEO of Black Rock, Stephen Schwarchitan, CEO of Blackston, US Treasury Secretary Scott Besent, and Saudi Finance Minister Mohammed Al -Jadaan.
The Saudi Minister of Investment said – at the opening of the Saudi -American Investment Forum – that the world’s accelerating transformations, economic fluctuations and technical developments will contribute to re -drawing the features of the international economy, and will provide many and large opportunities to enhance and expand the base of the strategic partnership between the two countries, and stresses the importance of building strong and sustainable partnerships to achieve mutual interests, based on the strengths that the Saudi and American economies enjoy, In particular, the strengths of Saudi and American companies.
Al -Jazeera correspondent Badr Al -Rubaan – from the media center to cover the visit – said that a number of billionaire partnerships are expected to be announced after the forum’s work, indicating that the trade exchange between the two countries amounted to 32 billion dollars in 2024.
During the visit, the US President accompanies 32 businessmen and officials in American companies, according to the Al -Jazeera correspondent from Riyadh, and he found Wafdi.
It is noteworthy that President Trump visited Saudi Arabia in 2017, and during a Saudi -American summit with this visit, the two sides signed the declaration of the joint strategic vision between the two countries, and exchanged a number of economic and investment agreements with a total value of more than 280 billion dollars to contribute to the transfer of knowledge and localization of technology and building promising investments and industries, and providing hundreds of thousands of job opportunities in both countries, according to “SPA”.
Commercial partner
- The Kingdom is one of the most prominent trade partners of the United States in the region, and the volume of trade exchange between the two countries in 2024 amounted to about 32 billion dollars, as the Kingdom exported goods and products to the United States worth 13 billion dollars, compared to imports of 19 billion dollars.
- The year 2024 witnessed the export of a group of notable oil commodities, the most prominent of which are: metal products, fertilizers, organic chemical products, aluminum, its makers, plastics and their artifacts.
- While “air vehicles and parts, machinery and automatic tools and their parts, artifacts and artifacts, various chemical products, medical, visual and photographic devices” were the most prominent re -exported goods.
- The most prominent imported goods included “machinery and tools, their parts, cars and their parts, medical, visual and photographic devices, electrical equipment and equipment and their parts, and pharmacy products.”
- The balance of direct American investments in the Kingdom during 2024 amounted to about 15.3 billion dollars.
Vision 2030 programs and major projects in the Kingdom provide opportunities for American companies, especially in the strategic sectors targeted by the vision, such as mining, petrochemical, manufacturing, renewable energy, tourism, financial services, health care, and medicines.
The Kingdom – represented by the Ministry of Energy – works with the relevant authorities in the United States of America in many international platforms and initiatives related to energy and climate change, including:
- The zero neutrality forum for the producers.
- Methane’s Global Understanding Initiative.
- Cooperation in the Conference of the Parties Parties in the United Nations Framework Convention on Climate Change.
- Cooperation in the ministerial meetings of energy and climate in the G20.
Transit corridors
In September 2023, the Saudi and United States governments announced the signing of a bilateral memorandum of understanding on the establishment of the continent’s green crossing corridors that define cooperation frameworks between the two countries.
This project aims to:
- Facilitate the transmission of renewable electricity and clean hydrogen via cables and pipelines.
- Create railways.
- Enhancing energy security, and supporting clean energy development efforts.
- Developing digital economy through the linking and digital transmission of data through optical fiber cables.
- Promote trade exchange, and increase the passage of goods by connecting railways and ports.
The Kingdom aims to be one of the most important exporters of clean hydrogen, by 2030, and the two countries, within the framework of the partnership, are to develop a common vision to enhance the demand for clean hydrogen in global markets, which includes developing fair hydrogen standards and its definitions, and exchanging knowledge in terms of the work model and potentials in force in the two countries.
Business environment
The Kingdom and America signed many agreements that provided a framework for developing the business environment between the two countries, including:
- The agreement to exchange tax exemption on the income of the international operation of ships or aircraft, which took place in 2000.
- Agreement to develop trade and investment relations in 2005.
On the private sector, the American Chamber of Commerce opened its branch in the Kingdom in 2021, to keep pace with the continuous developments in the Kingdom in the business sector.
Throughout its history, the Kingdom has formed a head of American companies and American investors who have taken the Kingdom as their business headquarters for decades.
Thousands of Americans live and work in the Kingdom, benefiting from the environment of its active business and its vital society and the attractiveness of its market for competencies and talents from around the world.
