Saudi Arabia, US Unveil Plans to Deepen Economic and Strategic Ties
Saudi Arabia and the United States announced efforts to strengthen economic relations and expand their growing strategic alliance through private-sector-led partnerships targeting key industries including energy, artificial intelligence, defense, tourism and advanced technologies.
The announcement was made during the Saudi-US Investment Forum, which was held on Tuesday in Riyadh.
The event drew senior ministers and officials from both sides, along with top executives from leading corporations and financial institutions in the two countries.
The forum coincided with the visit of US President Donald Trump to the Kingdom, where he was received by Crown Prince Mohammed bin Salman.
Saudi Arabia plans to boost investment ties with the US by up to $600 billion over the next four years, spanning public and private sector deals across key industries such as defense, semiconductors, transportation, space exploration and advanced technologies.
The Kingdom's private sector is expected to play a central role in driving these investments.
Washington views Riyadh as a key partner in maintaining global oil market stability and supply reliability, with Saudi Arabia being one of the world's largest crude exporters. The two countries are also working toward a landmark agreement on peaceful nuclear energy cooperation, alongside potential deals in energy, mining, and energy infrastructure.
US officials have expressed support for Saudi Arabia's Vision 2030, which aims to diversify the economy and implement sweeping social changes.
Washington also welcomed Riyadh's efforts to increase women's participation in the workforce and promote interfaith dialogue.
Saudi Arabia is among the United States' largest trading partners in the region, with bilateral trade reaching $32 billion in 2024. Saudi exports to the US stood at $13 billion, while imports from the US totaled $19 billion.
US foreign direct investment in the Kingdom reached $15.3 billion last year.
American investors are increasingly drawn to Saudi Arabia's sweeping transformation, which is unlocking new opportunities in commercial space exploration, renewable energy, healthcare, infrastructure, advanced technology and artificial intelligence.
Vision 2030 initiatives and mega-projects are also opening doors for US firms in strategic sectors such as mining, petrochemicals, manufacturing, renewable energy, tourism, financial services, healthcare and pharmaceuticals.
In his opening remarks at the Saudi-US Investment Forum in Riyadh, Saudi Investment Minister Khalid Al-Falih said Vision 2030 had opened 'unprecedented horizons' for investment, renewing his country's commitment to a strategic partnership with the United States that spans more than 90 years.
'We are living a historic moment in which we reaffirm a strategic partnership built on trust, mutual respect and shared interests,' he said.
Falih pointed to the Kingdom's stable economic policies, low debt levels, strong financial reserves and stable inflation as key pillars of its investment appeal. He also noted that Saudi Arabia hosts one of the world's fastest-growing financial markets.
'We are not merely seeking capital inflows. We are building strategic partnerships that transfer knowledge, localize technology and develop homegrown industries,' Falih said, highlighting opportunities in renewables, advanced manufacturing, biotech, tourism, logistics and supply chain development.
Saudi Finance Minister Mohammed Al-Jadaan, speaking in a joint panel with US Treasury Secretary Scott Bessent, described the scale of the Kingdom's economic transformation in recent years as 'unprecedented.'
'What we've achieved in record time is a structural transformation,' he said, noting that the share of private investment in GDP rose from under 16% to more than 23%, a significant jump for any emerging economy.
Bessent underscored the strength of economic ties between Washington and Riyadh, describing the relationship as 'historic and robust,' and highlighting its importance to US policy.
He also noted that his first official engagement in office was with his Saudi counterpart, a clear indication of how high this relationship ranks on Washington's agenda.
He added that the Trump administration is working to position the US as the world's leading investment destination by focusing on three pillars: trade liberalization, tax reduction, and deregulation.
Bessent reaffirmed that the US views Saudi Arabia as a key economic partner in the region and a promising platform for investment and collaboration across multiple sectors.
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