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Gulf Business
14-05-2025
- Politics
- Gulf Business
Saudi Crown Prince, US President Trump sign Strategic Economic Partnership
Image: Saudi Press Agency Saudi Crown Prince Mohammed bin Salman and US President Donald Trump co-chaired the Saudi-US Summit on May 13 at the Royal Court in Al-Yamamah Palace, where both leaders signed a Strategic Economic Partnership aimed at deepening bilateral cooperation across multiple sectors, according to the Saudi Press Agency ( The summit focused on enhancing the long-standing strategic partnership between the two countries, with discussions spanning regional and global developments, security and stability, and key issues of mutual interest. During the summit, Crown Prince Mohammed and President Trump oversaw the exchange and announcement of several key agreements and memoranda between Saudi and US government entities. Among the agreements was a memorandum of understanding for energy cooperation between Saudi Arabia's Ministry of Energy and the US Department of Energy, exchanged by Saudi Energy Minister Prince Abdulaziz bin Salman and US Energy Secretary Chris Wright. A memorandum of intent on defenc modernisation was exchanged between Saudi Defense Minister Prince Khalid bin Salman and US Secretary of Defense Pete Hegseth, outlining plans to upgrade the capabilities of the Saudi Armed Forces, SPA reported. List of Saudi-US agreements Further agreements announced included: A memorandum of cooperation in mining and mineral resources between Saudi Arabia's Ministry of Industry and Mineral Resources and the US Department of Energy. A letter of intent to enhance joint cooperation on ammunition, training, maintenance, and support services for the Saudi Ministry of the National Guard. A memorandum of understanding between the Saudi Ministry of Interior's International Partnership Program and the FBI under the US Department of Justice. A letter of intent on defense health capabilities between the Saudi and US defense ministries. A memorandum of understanding for judicial cooperation between the Saudi Ministry of Justice and the US Department of Justice. An executive agreement on space cooperation between the Saudi Space Agency and NASA for collaboration on the Space Weather CubeSat aboard the Artemis II Mission. A Customs Mutual Assistance Agreement and a Protocol of Amendment to the Saudi-US Air Transport Agreement. A memorandum of understanding on medical research between the Saudi National Institute of Health Research and the US National Institute of Allergy and Infectious Diseases. Two collaboration agreements between the Royal Commission for AlUla and the Smithsonian Institution, covering the National Zoo and Conservation Biology Institute, and the National Museum of Asian Read:
Al Arabiya
13-05-2025
- Business
- Al Arabiya
US and Saudi Arabia sign major defense, economic agreements
Saudi Crown Prince Mohammed bin Salman and US President Donald Trump signed Tuesday the Strategic Economic Partnership Document between both countries. The leaders also signed a defense cooperation agreement on the modernization of the capabilities of the Saudi armed forces, along with an agreement between the Saudi Space Agency and NASA. Additionally, Saudi Arabia and the US signed an agreement for cooperation in the field of energy. For more news on Saudi Arabia, visit our dedicated page. Eight US presidents have considered Saudi Arabia a trusted strategic partner and a pivotal hub for discussing regional and international issues—Nixon, Jimmy Carter, George HW Bush, Clinton, George W. Bush, Barack Obama, Trump (in two terms), and Biden. All of them visited Saudi Arabia. These visits were not mere diplomatic protocol, but opportunities to enhance cooperation with Riyadh and affirm the Kingdom's prominent role on the global stage. U.S. direct investments in Saudi Arabia reached approximately $15.3 billion in 2024, with 28 factories owned by American investors in partnership with Saudi investors located in the Saudi Authority for Industrial Cities and Technology Zones. Additionally, there are US investments in the Royal Commission cities of Jubail and Yanbu, including a $78 billion investment in Sadara Chemical Company in Jubail, a $22.5 billion investment in the Saudi Polymers Company, and a $19.6 billion investment in the Jubail Petrochemical Company (KEMYA). The volume of trade between Saudi Arabia and the United States reached $32 billion in 2024, with Saudi Arabia exporting goods and products worth $13 billion to the US, and importing goods worth $19 billion. Saudi Arabia and the United States signed a strategic cooperation agreement in the field of outer space exploration and peaceful use, aiming to enhance bilateral cooperation in areas such as space science, exploration, aerospace, education, and earth sciences. This agreement enables the Saudi Space Agency to collaborate with the US NASA agency.
