You are using an older browser version. Please use a supported version for the best MSN experience.

Saudi Arabia to invest $200 billion in US, purchase arms worth $300 billion

LiveMint logoLiveMint 18-05-2017 Lalil K Jha

Washington: As President Donald Trump prepares for his first overseas trip, Saudi Arabia has announced to make a whopping $200 billion investment in the US and intends to purchase arms worth $300 billion from America, a senior administration official has said.

Saudi Arabia will be the first stop of Trump’s maiden overseas trip beginning later this week. After Saudi Arabia, he travels to Israel and follow it with a visit to Italy, where he will have an audience with Pope Francis at the Vatican. Trump will also stop at NATO headquarters in Brussels and attend a G7 summit in Italy.

“Saudis would be signing for making $200 billion of investment in the United States which would create a lot of jobs,” said a senior administration official involved in planning of the major presidential trip yesterday.

“They (Saudis) see America a place to invest their money for all the reasons. They see our economy really about to take off. They see great rule of law. They see great opportunity here. So they want to invest in US a lot which is good for us to create jobs,” the official said. “They (Saudi Arabia) also intend to purchase about $300 billion of military equipment.

They would be signing agreements for about $109 billion, which is all dollar for dollar stuff which American would have to buy alone if we were to go alone to keep the region safe,” the official said. PTI

More From LiveMint

image beaconimage beaconimage beacon