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Welcome Qatar
22-05-2025
- Business
- Welcome Qatar
Did Trump really strike Gulf deals worth $2tn?
Did Trump really strike Gulf deals worth $2tn? 1 day ago Share Save Sameer Hashmi Business reporter Reporting fromJeddah Getty Images Donald Trump waves with one hand as Saudi Crown Prince Mohammed bin Salman stands behind himGetty Images Trump started the four-day visit in Saudi Arabia where deals worth $600bn were announced Flying home from his Gulf trip last week, President Donald Trump told reporters 'that was a great four days, historic four days'. Visiting Saudi Arabia, Qatar and the United Arab Emirates (UAE), he added in this trademark swagger that 'the jobs and money coming into our countries, there has never been anything like it'. Trump claimed that he was able to secure deals totalling more than $2tn (£1.5tn) for the US, but do the numbers add up? The trip itself was an extravaganza, with the three Gulf states pulling out all the stops. Escorts of fighter jets, extravagant welcoming ceremonies, a thundering 21-gun salute, a fleet of Tesla Cybertrucks, royal camels, Arabian horses, and sword dancers were all part of the pageantry. The UAE also awarded Mr Trump the country's highest civilian honour, the Order of Zayed. The visit's optics were striking; the region's richest petrostates flaunted their opulence, revealing just how much of that fortune they were ready to deploy to strengthen ties with the US while advancing their own economic goals. Ros Atkins on… Trump's deals in the Gulf Trump heads to Saudi Arabia eyeing more investment in US What did Trump's speech in Saudi Arabia reveal? Before embarking on the trip, President Trump, who touts himself as a 'dealmaker in chief' was clear that the main objective of the trip was to land investments worth billions of dollars. On the face of it, he succeeded. In Saudi Arabia, Crown Prince Mohammed bin Salman reiterated a pledge to invest $600bn in US-Saudi partnerships. There were a plethora of deals announced as part of this, encompassing arms, artificial intelligence (AI), healthcare, infrastructure projects and science collaborations, and various security ties and initiatives. The $142bn defence deal grabbed a lot of the attention as it was described by the White House as the largest arms deal ever. However, there remains some doubt as to whether those investment figures are realistic. During his first term in office from 2017 to 2021, Trump had announced that Saudi Arabia had agreed to $450bn in deals with the US. But actual trade and investment flows amounted to less than $300bn between 2017 to 2020, according to data compiled by the Arab Gulf States Institute. The report was authored by Tim Callen, the former International Monetary Fund (IMF) mission chief to Saudi Arabia, and now a visiting fellow at the Arab Gulf States Institute. 'The proof with all of these [new] deals will be in the pudding,' says Mr Callen. The BBC contacted the White House for comment. Getty Images Trump walking through a guard of honour with Saudi Crown Prince Mohammed bin Salman upon landing in RiyadhGetty Images President Trump was given a welcome fit for royalty In Qatar, Trump announced an 'economic exchange' worth at least $1.2tn. However, in the fact sheet released by the White House deals worth only $243.5bn between the two countries were mentioned. One of the Qatari agreements that was confirmed was Qatar Airways purchasing up to 210 passenger jets for $96bn from the beleaguered American aircraft manufacturer Boeing. The White House said the deal would support 154,000 jobs in the US each year of their production, totalling one million jobs over the deal's lifecycle. Meanwhile, the UAE inked an agreement to construct the world's largest AI campus outside the US, reportedly granting it access to 500,000 cutting edge microchips from US giant Nvidia, starting next year. This project sits within the UAE's broader pledge to invest $1.4tn in the US over the next decade. As well as the challenge of delivering what is promised, another potential obstacle to these figures being realised are oil prices. Oil prices tumbled to a four-year low in April amid growing concerns that Trump's tariffs could dampen global economic growth. The decline was further fuelled by the group of oil producing nations, Opec+, announcing plans to increase output. For Saudi Arabia, the fall in global oil prices since the start of the year has further strained its finances, increasing pressure to either raise debt or cut spending to sustain its development goals. Last month, the IMF cut the forecast for the world's largest oil exporter's GDP growth in 2025 to 3% from its previous estimate of 3.3%. 'It's going to be very hard for Saudi to come up with that sort of money [the $600bn announced] in the current oil price environment,' Mr Callen adds. Other analysts note that a lot of the agreements signed during the trip were non-binding memorandums of understanding, which are less formal than contracts, and do not always translate into actual transactions. And some of the deals included in the agreement were announced earlier. Saudi oil firm Aramco, for instance, announced 34 agreements with US companies valued at up to $90bn. However, most were non-binding memorandums of understanding without specified monetary commitments. And its agreement to purchase 1.2 million tonnes of liquified natural gas annually for 20 years from US firm NextDecade was also included in the list of new deals, despite it first being announced months ago. Getty Images A Qatar Airways Boeing aircraftGetty Images One of the deals announced on the trip was Qatar Airways buying 210 new aircraft from Boeing Yet the massive investments mark a continuation of the shift in the US-Gulf relationship away from oil-for-security to stronger economic partnerships rooted in bilateral investments. Bader Al Saif, an assistant professor at Kuwait University and an associate fellow at think tank Chatham House, says that the deals indicate that US and the Gulf states are 'planning the future together and that was a significant change for the relationship'. He adds that the AI deals with the UAE and Saudi Arabia were central to this as 'they clearly demonstrate that they are trying to see how to build the new global order and the new way of doing things together'. This emphasis on AI underscores the growing strategic importance of the technology to US diplomacy. Trump was accompanied on the trip by Sam Altman, the boss of OpenAI, Nvidia's Jensen Huang, and Elon Musk, who owns Grok AI. And on the eve of the visit, the White House scrapped tough Biden-era restrictions on exports of the advanced US semiconductors required to best run AI systems. The rules had divided the world into tiers, with some countries enjoying broad access to its high-end chips, and others being denied them altogether. About 120 countries, including the Gulf nations, were grouped in the middle, facing strict caps on the number of semiconductors they could import. This had frustrated countries such as Saudi Arabia, who have ambitions to become high-tech economies as they transition away from oil. Both Saudi and the UAE are racing to build large-scale AI data centres, while Abu Dhabi, the UAE's capital, aims to become a global AI hub. The UAE has made visible efforts to reassure Washington – deepening partnerships with US tech firms, curbing ties with Chinese companies, and aligning more closely with American national security interests. Mr Al-Saif says that the UAE is 'betting on the Americans when it comes to AI'. 'We have seen that the technological turn in the 90s came from the US anyway.' Getty Images Trump walking with the Emir of Qatar Tamim bin Hamad al Thani Getty Images After Saudi Arabia Trump travelled to Qatar where $1.2tn of deals were announced Both camps are hailing the visit as a triumph. For the Gulf, and especially Saudi Arabia, it resets a partnership that frayed under Biden, and underscores their ambition to act as heavyweight players on the world stage. For Trump, touting 'trillions' in new investment offers a timely boost – his tariff hikes have dented global trade and pushed US output into its first quarterly dip in three years. These Gulf deals will be sold as proof that his economic playbook is working. At the end of the trip, Mr Trump worried that whoever succeeds him in the White House would claim credit for the deals once they come to completion. 'I'll be sitting home, who the hell knows where I'll be, and I'll say, 'I did that,'' he said. 'Somebody's going to be taking the credit for this. You remember, press,' he said, pointing to himself, 'this guy did it.'
Yahoo
20-05-2025
- Business
- Yahoo
Did Trump really strike Gulf deals worth $2tn?
Flying home from his Gulf trip last week, President Donald Trump told reporters "that was a great four days, historic four days". Visiting Saudi Arabia, Qatar and the United Arab Emirates (UAE), he added in this trademark swagger that "the jobs and money coming into our countries, there has never been anything like it". Trump claimed that he was able to secure deals totalling more than $2tn (£1.5tn) for the US, but do the numbers add up? The trip itself was an extravaganza, with the three Gulf states pulling out all the stops. Escorts of fighter jets, extravagant welcoming ceremonies, a thundering 21-gun salute, a fleet of Tesla Cybertrucks, royal camels, Arabian horses, and sword dancers were all part of the pageantry. The UAE also awarded Mr Trump the country's highest civilian honour, the Order of Zayed. The visit's optics were striking; the region's richest petrostates flaunted their opulence, revealing just how much of that fortune they were ready to deploy to strengthen ties with the US while advancing their own economic goals. Ros Atkins on... Trump's deals in the Gulf Trump heads to Saudi Arabia eyeing more investment in US What did Trump's speech in Saudi Arabia reveal? Before embarking on the trip, President Trump, who touts himself as a "dealmaker in chief" was clear that the main objective of the trip was to land investments worth billions of dollars. On the face of it, he succeeded. In Saudi Arabia, Crown Prince Mohammed bin Salman reiterated a pledge to invest $600bn in US-Saudi partnerships. There were a plethora of deals announced as part of this, encompassing arms, artificial intelligence (AI), healthcare, infrastructure projects and science collaborations, and various security ties and initiatives. The $142bn defence deal grabbed a lot of the attention as it was described by the White House as the largest arms deal ever. However, there remains some doubt as to whether those investment figures are realistic. During his first term in office from 2017 to 2021, Trump had announced that Saudi Arabia had agreed to $450bn in deals with the US. But actual trade and investment flows amounted to less than $300bn between 2017 to 2020, according to data compiled by the Arab Gulf States Institute. The report was authored by Tim Callen, the former International Monetary Fund (IMF) mission chief to Saudi Arabia, and now a visiting fellow at the Arab Gulf States Institute. "The proof with all of these [new] deals will be in the pudding," says Mr Callen. The BBC contacted the White House for comment. In Qatar, Trump announced an "economic exchange" worth at least $1.2tn. However, in the fact sheet released by the White House deals worth only $243.5bn between the two countries were mentioned. One of the Qatari agreements that was confirmed was Qatar Airways purchasing up to 210 passenger jets for $96bn from the beleaguered American aircraft manufacturer. The White House said the deal would support 154,000 jobs in the US each year of their production, totalling one million jobs over the deal's lifecycle. Meanwhile, the UAE inked an agreement to construct the world's largest AI campus outside the US, reportedly granting it access to 500,000 cutting edge microchips from US giant Nvidia, starting next year. This project sits within the UAE's broader pledge to invest $1.4tn in the US over the next decade. As well as the challenge of delivering what is promised, another potential obstacle to these figures being realised are oil prices. Oil prices tumbled to a four-year low in April amid growing concerns that Trump's tariffs could dampen global economic growth. The decline was further fuelled by the group of oil producing nations, Opec+, announcing plans to increase output. For Saudi Arabia, the fall in global oil prices since the start of the year has further strained its finances, increasing pressure to either raise debt or cut spending to sustain its development goals. Last month, the IMF cut the forecast for the world's largest oil exporter's GDP growth in 2025 to 3% from its previous estimate of 3.3%. "It's going to be very hard for Saudi to come up with that sort of money [the $600bn announced] in the current oil price environment," Mr Callen adds. Other analysts note that a lot of the agreements signed during the trip were non-binding memorandums of understanding, which are less formal than contracts, and do not always translate into actual transactions. And some of the deals included in the agreement were announced earlier. Saudi oil firm Aramco, for instance, announced 34 agreements with US companies valued at up to $90bn. However, most were non-binding memorandums of understanding without specified monetary commitments. And its agreement to purchase 1.2 million tonnes of liquified natural gas annually for 20 years from US firm NextDecade was also included in the list of new deals, despite it first being announced months ago. Yet the massive investments mark a continuation of the shift in the US-Gulf relationship away from oil-for-security to stronger economic partnerships rooted in bilateral investments. Bader Al Saif, an assistant professor at Kuwait University and an associate fellow at think tank Chatham House, says that the deals indicate that US and the Gulf states are "planning the future together and that was a significant change for the relationship". He adds that the AI deals with the UAE and Saudi Arabia were central to this as "they clearly demonstrate that they are trying to see how to build the new global order and the new way of doing things together". This emphasis on AI underscores the growing strategic importance of the technology to US diplomacy. Trump was accompanied on the trip by Sam Altman, the boss of OpenAI, Nvidia's Jensen Huang, and Elon Musk, who owns Grok AI. And on the eve of the visit, the White House scrapped tough Biden-era restrictions on exports of the advanced US semiconductors required to best run AI systems. The rules had divided the world into tiers, with some countries enjoying broad access to its high-end chips, and others being denied them altogether. About 120 countries, including the Gulf nations, were grouped in the middle, facing strict caps on the number of semiconductors they could import. This had frustrated countries such as Saudi Arabia, who have ambitions to become high-tech economies as they transition away from oil. Both Saudi and the UAE are racing to build large-scale AI data centres, while Abu Dhabi, the UAE's capital, aims to become a global AI hub. The UAE has made visible efforts to reassure Washington – deepening partnerships with US tech firms, curbing ties with Chinese companies, and aligning more closely with American national security interests. Mr Al-Saif says that the UAE is "betting on the Americans when it comes to AI". "We have seen that the technological turn in the 90s came from the US anyway." Both camps are hailing the visit as a triumph. For the Gulf, and especially Saudi Arabia, it resets a partnership that frayed under Biden, and underscores their ambition to act as heavyweight players on the world stage. For Trump, touting "trillions" in new investment offers a timely boost - his tariff hikes have dented global trade and pushed US output into its first quarterly dip in three years. These Gulf deals will be sold as proof that his economic playbook is working. At the end of the trip, Mr Trump worried that whoever succeeds him in the White House would claim credit for the deals once they come to completion. "I'll be sitting home, who the hell knows where I'll be, and I'll say, 'I did that,'" he said. "Somebody's going to be taking the credit for this. You remember, press," he said, pointing to himself, "this guy did it." The world's most dangerous country for trade unionists Letting off steam: How Dominica's volcanoes will boost its green energy Is the US finally on track to build a high-speed rail network? Deported gang members get second chance at call centre
Time of India
16-05-2025
- Entertainment
- Time of India
Camels, Hair-flipping Woman, Order Of Zayed & More
U.S. President Donald Trump received a lavish welcome as he landed in Abu Dhabi and headed to meet his counterpart Mohammed bin Zayed Al Nahyan. Trump was given a guard of honour which included camels, a traditional Emirati 'Al-Ayyala' dance. Video of the hair-flipping woman during the dance and Trump walking past them has now gone viral. Later, Trump attended a state dinner before which he was awarded the 'Order of Zayed.' Watch for more details.#TrumpInAbuDhabi #SheikhZayedGrandMosque #USUAEDiplomacy #AlAyyalaDance #OrderOfZayed #abudhabi #uae #welcome #grand #lavish #award #Honour #mohammedbinzayedalnahyan
The National
16-05-2025
- Business
- The National
Trump's Gulf tour marks reset in ties and long-term US engagement
US President Donald Trump wrapped up a high-stakes tour of the Gulf on Friday, marking what regional observers view as a significant reset in relations between Washington and key Arab allies. His four-day trip, which took him to the UAE, Saudi Arabia and Qatar, laid the foundation for a new chapter in American engagement with the region, with outcomes likely to endure well beyond Mr Trump's time in office. The US leader secured $2 trillion worth of commercial deals and investment pledges for the US, the White House said, with a focus on sectors including aviation, artificial intelligence, technology, defence and energy. His historic visit was also heavy on symbolism and substance. From Riyadh to Doha and Abu Dhabi, Gulf leaders welcomed Mr Trump with elaborate displays of ceremony. In Riyadh, Saudi Crown Prince Mohammed bin Salman broke royal protocol by personally greeting the President on the tarmac. In Doha, Mr Trump's motorcade was flanked by red Tesla Cybertrucks and riders on horseback. And in Abu Dhabi, President Mohamed bin Zayed awarded him the Order of Zayed, the country's highest civilian honour. These gestures were seen as messages of friendship, mutual respect and renewed strategic alignment, echoing in every stop. It was the President's first official foreign visit since returning to office, and it was designed to reassure allies that Washington remains deeply invested in their security and prosperity. While unified in their desire for stronger ties with the US, each Gulf state offered a different angle to the visit. Saudi Arabia presented itself as the geopolitical heavyweight; the UAE highlighted innovation, trade and connectivity; while Qatar focused on defence co-operation and regional security. Throughout the trip, Mr Trump emphasised his vision for a more peaceful and stable Middle East. 'After so many decades of conflict, finally it is within our grasp to reach the future that generations before us could only dream about, a land of peace, safety, harmony, opportunity, innovation and achievement, right here in the Middle East,' he said in an address to the Saudi-US Investment Forum at the King Abdulaziz International Conference Centre in Riyadh, on Tuesday. In a major foreign policy shift, Mr Trump announced in the same speech the lifting of US sanctions on Syria. While the move offers clear benefits for Damascus, it also marks a potential political win for the President, aligning with his broader vision of promoting regional stability. Lifting the sanctions − which had effectively severed Syria from the global financial system − will pave the way for greater engagement by humanitarian organisations, while also easing the flow of foreign investment and trade as the country begins to rebuild, following the overthrow of the Assad regime in December. This move followed a meeting between Mr Trump and Syria's President Ahmad Al Shara − the first encounter between US and Syrian heads of state in a quarter of a century. The US leader mentioned Lebanon as well. He said the country has been victimised by Hezbollah and its sponsor, Iran, but he expressed optimism about the new leadership in Beirut, calling it 'the first real chance in decades for a more productive partnership with the United States'. 'We're going to see if we can really help them out and let them get over that very high grid,' added Mr Trump. On Iran, speaking in Doha, Mr Trump said a nuclear deal was 'close'. Washington and Tehran have held four rounds of nuclear talks since April, all mediated by Oman. The negotiations aim to prevent Tehran from acquiring nuclear weapons. 'A lot of people want me to go the other route – they say knock it out,' said Mr Trump. He would instead choose the diplomatic route, he added. Still, some of Mr Trump's regional goals remained out of reach. Despite his desire to expand the Abraham Accords, Saudi Arabia had previously made clear that establishing relations with Israel remained 'off the table' in the absence of an irreversible path to Palestinian statehood. The war in Gaza continues to complicate any progress in this. Analysts say Israeli Prime Minister Benjamin Netanyahu continues to link military action to his political survival. However, US, Qatari and Egyptian mediators are pressing ahead with efforts to try to end the Israel-Gaza war. As Air Force One departed the region, Mr Trump's tour had achieved its objective of opening new channels of co-operation and potentially setting the tone for the remainder of the administration. But questions remain about whether it has truly rebuilt trust. During Mr Trump's first term, many in the Gulf were left disappointed when the US did not respond militarily to the 2019 drone and missile attack on Saudi oil facilities – widely blamed on Iran. Despite the severity of the strike, which temporarily knocked out half of the kingdom's oil output, Mr Trump opted for sanctions over strikes. This time, the President's message was clear: the US is committed to its Gulf allies for the long term. But he remains, in the eyes of many, unpredictable. Scepticism also lingers, according to experts, over whether the ambitious promises made during the tour will fully materialise.
Gulf Today
16-05-2025
- Politics
- Gulf Today
Sheikh Mohamed Bin Zayed honours Trump with UAE's highest decoration ‘Order of Zayed'
UAE President His Highness Sheikh Mohamed Bin Zayed Al Nahyan honoured US President Donald Trump with the UAE's highest decoration 'Order of Zayed' in Abu Dhabi on Thursday. Photographs released by news agencies showed Trump receiving the Order of Zayed, the UAE's highest civil decoration named after the first president of the UAE, Sheikh Zayed Bin Sultan Al Nahyan, from his counterpart Sheikh Mohamed Bin Zayed at Qasr Al-Watan in Abu Dhabi. The UAE is the third leg of Trump's visit to the region, which has already taken him to Saudi Arabia and Qatar. The "Order of Zayed" is awarded in recognition of their efforts to strengthen friendship and bilateral cooperation between the UAE and their respective countries at all levels. The "Order of Zayed," awarded to head of states by order of the President of the UAE, is designed in the form of a necklace with a pendant in the center emblazoned with the name "Zayed," the founder of the United Arab Emirates. The medal is crafted from pure gold and studded with precious stones. It consists of a ring engraved with the UAE flag, a ring engraved with the country's official emblem, and 14 rings engraved with the country's most important historical landmarks. The medal bears the name of an immortal global humanitarian figure, the late Sheikh Zayed Bin Sultan Al Nahyan. He is respected and loved by the peoples of the world for his legacy of values that strengthened bridges of friendship, cooperation, and peace with various countries. A number of sister and friendly countries have received the medal.
