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BBC News
20-05-2025
- Business
- BBC News
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 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 UAE also awarded Mr Trump the country's highest civilian honour, the Order of 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. 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 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 $142bn defence deal grabbed a lot of the attention as it was described by the White House as the largest arms deal there remains some doubt as to whether those investment figures are his first term in office from 2017 to 2021, Trump had announced that Saudi Arabia had agreed to $450bn in deals with the actual trade and investment flows amounted to less than $300bn between 2017 to 2020, according to data compiled by the Arab Gulf States 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 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 of the Qatari agreements that was confirmed was Qatar Airways purchasing up to 210 passenger jets for $96bn from the beleaguered American aircraft 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 Gulf deals will be sold as proof that his economic playbook is 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."
Bloomberg
17-05-2025
- Politics
- Bloomberg
Saudi Arabia Plays Trump Card in US-China Dance
A 1945 meeting between President Franklin D. Roosevelt and King Abdulaziz Al Saud might be regarded as something of interest only to modern-history buffs. But this week, images of that pivotal tête-à-tête between the US and Saudi leaders circulated in news and social media as President Donald Trump visited the Middle East. While Trump's tour — his first major overseas trip since taking office for the second time — was consequential, it would be a challenge to put it on par with Roosevelt's rendezvous with Ibn Saud on the cruiser USS Quincy, after which the Americans provided for Saudi security and the Saudis provided oil. But Riyadh, and other governments in the region, had every interest in playing up Trump's visit as momentous. It's part of a broader strategy of balancing between the US and China.
Asharq Al-Awsat
16-05-2025
- Business
- Asharq Al-Awsat
Trump: Nobody Will Be Able to Break Relationship with Saudi Arabia
US President Donald Trump underscored on Wednesday his 'very strong' relationship with the Saudi leadership. Speaking from Doha, he said: 'Our relationship now is very strong with Saudi Arabia. Nobody is going to be bothering that relationship.' 'Nobody will be able to break that relationship because of my relationship with the crown prince and the family. The relationship is really strong,' he added. Trump concluded on Thursday a 'historic' visit to the Middle East that he had kicked off in Saudi Arabia on Tuesday. He met with Prince Mohammed bin Salman, Saudi Crown Prince and Prime Minister, on Tuesday and they both oversaw the signing of numerous agreements between their countries. They also took part in the Saudi-US Investment Forum during which Trump hailed the Crown Prince as 'very wise', expressing his admiration for him. 'I really believe we like each other a lot,' he added. He also praised the Crown Prince for his hard work in transforming Saudi Arabia into a global power, joking: 'Do you sleep at night? How do you sleep?' Crown Prince Mohammed, who was seated across from him the front row, could be seen replying: 'I try'. Trump touted what he described as a 'golden age' in the relationship between their countries. Earlier on Tuesday, Crown Prince Mohammed and Trump signed an economic strategic partnership agreement and oversaw the signing of several agreements covering energy, defense and technology. On Wednesday, they chaired the Gulf Cooperation Council-US Summit in Riyadh. Saudi Arabia was Trump's first overseas visit since his reelection. He also chose the Kingdom as his first foreign visit during his first term in office. Saudi political analyst Mubarak al-Ati told Asharq Al-Awsat that Trump's remarks underscore Saudi-US ties that date back 92 years. They also underline the personal relationship with Crown Prince Mohammed, who managed to forge them from strength and mutual trust, he added. Trump's remarks stem from the faith in Saudi Arabia in various fields, he added. So, the American administration is keen on preserving interests and benefits with the Kingdom, he went on to say.
Arab News
15-05-2025
- Business
- Arab News
Saudi Arabia's strategic role in the new world order
President Donald Trump's declaration during the US-Saudi Investment Forum in Riyadh on Tuesday that America will lift its sanctions on Syria was not merely a change in American foreign policy — it was a signal of the geopolitical evolution currently underway in the Middle East and beyond. The fact that such a consequential announcement came not from Washington, Brussels or the UN headquarters in New York but from the Saudi capital underscores Riyadh's growing influence in shaping global outcomes. The forum itself has grown into a pivotal platform where transformative regional and international decisions are unveiled. Its significance lies not just in the participation of high-profile leaders, but in what it symbolizes: the emergence of Saudi Arabia as a diplomatic power center — no longer defined solely by its economic wealth or religious importance, but increasingly by its political foresight, strategic initiatives and ability to convene power brokers across ideological and geopolitical divides. Crown Prince Mohammed bin Salman, whose leadership continues to redefine the role of the Kingdom in regional and global affairs, played a central role in facilitating the Syria sanctions breakthrough. Joined virtually by Turkish President Recep Tayyip Erdogan, the crown prince oversaw talks that reflect a new regionalism — one that prioritizes practical cooperation, long-term stability and a departure from the failed policies of the post-Arab Spring era. In a world increasingly moving away from unilateralism, the Saudi-led model of inclusive dialogue and shared regional responsibility offers a compelling blueprint for conflict resolution and reintegration. The implications for Syria are profound. After more than a decade of conflict, foreign intervention, economic collapse and humanitarian catastrophe, this announcement represents the first credible step toward normalcy. The US' lifting of sanctions — long a symbol of international isolation — opens a path for reconstruction, investment and diplomatic engagement. Crucially, it signals to the Syrian people that the world is willing to support a new chapter — if their leadership embraces genuine change. The Saudi-led model of inclusive dialogue and shared regional responsibility offers a compelling blueprint Hani Hazaimeh For too long, Syria has served as a battleground for proxy wars and ideological showdowns, often at the expense of its citizens. Now, under a new leadership framework, the country stands at a pivotal juncture. Reintegration into the regional system and the global community will depend on the new Syrian government's ability to meet expectations — chiefly, to uphold human rights, ensure inclusive governance and rebuild a state that serves its people rather than represses them. This is not a carte blanche but an opportunity — facilitated by Riyadh — to demonstrate a commitment to a new political and social contract. Saudi Arabia's involvement is not incidental — it is foundational. Over the past few years, the Kingdom has emerged as a quiet but powerful broker of peace. From hosting Sudanese peace negotiations to leading Arab League reconciliation efforts and supporting global humanitarian causes, Saudi diplomacy has transitioned from behind-the-scenes influence to front-line leadership. The Syria initiative is yet another manifestation of this shift. Furthermore, Saudi Arabia's strategic balancing between global powers — maintaining close ties with the US while expanding its partnerships with China, Russia and other emerging economies — has given it a unique edge. It is able to speak to all sides, understand their strategic imperatives and mediate with credibility. This equidistant diplomacy allows Saudi Arabia to act as a trusted interlocutor in conflict zones that often defy resolution through traditional channels. The economic dimension of this realignment is equally critical. The lifting of sanctions on Syria, especially in coordination with a regional power like Saudi Arabia, sends a clear signal to investors, institutions and international agencies: Syria is now potentially open for business, under new conditions. Saudi Arabia, through its sovereign funds and public-private partnerships, may play a leading role in Syria's reconstruction. More importantly, it can ensure that such investments are tied to benchmarks of stability, transparency and development — a vision that aligns with both regional security and Vision 2030's broader ambitions. Vision 2030, often seen through the lens of internal reform, must also be recognized as a geopolitical doctrine. It projects Saudi Arabia not merely as a regional leader but as a global partner — capable of hosting G20 summits, leading digital transformation efforts through the Saudi Authority for Data and Artificial Intelligence, and now influencing postconflict transitions in one of the most devastated countries in the region. The convergence of technology, diplomacy and economic diversification gives Riyadh unmatched leverage in the evolving global order. Vision 2030, often seen through the lens of internal reform, must also be recognized as a geopolitical doctrine Hani Hazaimeh Trump's decision to make this announcement in Riyadh reflects a broader truth: the center of gravity in global diplomacy is shifting. The Middle East, long regarded as a source of instability, is now producing solutions — driven by regional actors that are stepping into leadership vacuums. Saudi Arabia, with its financial power, cultural reach and increasingly sophisticated statecraft, is not just reacting to global changes — it is initiating them. For Syria, the path forward remains fraught with challenges. Internal political reconciliation, the return of refugees, rebuilding infrastructure and addressing a traumatized society will take time and vision. But with regional support — particularly from a partner as committed and capable as Saudi Arabia — the possibility of renewal is real. Riyadh's facilitation of Syria's diplomatic rehabilitation marks a pivotal test for the future of the region: can Arab states reclaim agency over their affairs and shape a future that prioritizes people over power, stability over chaos and cooperation over confrontation? Saudi Arabia's leadership today is not about dominance — it is about direction. The Kingdom is setting the tone for what the Middle East can become in the 21st century: a hub of innovation, diplomacy and responsible power. And in doing so, it is not just transforming its own identity but reshaping the narrative of an entire region. History may record the lifting of US sanctions on Syria as a turning point. But even more importantly, it will remember where it happened — and who made it possible.
The National
15-05-2025
- Business
- The National
White House rules out Trump visit to Turkey after Abu Dhabi
May 13: Meetings in Riyadh May 14: Leaves Riyadh and travels to Doha May 15: Departs Doha and travels to Abu Dhabi May 16: Leaves Abu Dhabi Riyadh Mr Trump began his landmark Gulf tour in Riyadh, where he was received by Saudi Crown Prince and Prime Minister Mohammed bin Salman. His schedule includes a bilateral meeting with the crown prince, participation in a US-Saudi investment forum at the King Abdul Aziz International Conference Centre, and a speech at the same venue. Mr Trump is also expected to tour a major construction site and the historic Diriyah district, a Unesco World Heritage Site. The following day, he will greet US embassy personnel, take part in a GCC leaders' summit and join them for a family photo before departing for Qatar. Doha Upon arrival in Qatar, Mr Trump will be received by Emir Tamim bin Hamad Al Thani for an official welcome and bilateral meeting, followed by a state dinner at Lusail Palace. The next morning, his agenda includes a breakfast with Qatari and US business leaders and a visit to Al Udeid Air Base, where he will receive a military briefing and meet with American troops. The Qatar stop is expected to highlight both economic cooperation and defense ties before Trump heads to the final leg of his tour in the UAE. Abu Dhabi In the UAE capital, President Trump will tour the iconic Sheikh Zayed Grand Mosque before attending a formal greeting, bilateral talks and a state dinner hosted by UAE President Sheikh Mohamed at Qasr Al Watan. On Friday, he is scheduled to meet US embassy staff, participate in a US-UAE business event and visit the Abrahamic Family House on Saadiyat Island, a symbol of interfaith dialogue. He will then depart for Washington, DC, on Friday. President Donald Trump upended more than a decade of US foreign policy on Syria when he said he would lift sanctions against Damascus, a game-changing move that dramatically alters the nation's economic and diplomatic position. The Trump administration had until now insisted that any sanctions relief would be determined by the pace of reforms in Syria, after the Hayat Tahrir Al Sham rebel group overthrew the regime of Bashar Al Assad in December. But Mr Trump cast that deliberative process aside as he visited Saudi Arabia, saying he would lift all sanctions at the request of Crown Prince Mohammed bin Salman and that it is now Syria's 'time to shine'. 'Oh, what I do for the Crown Prince,' Mr Trump said at Tuesday's US-Saudi Investment Forum, where delegates loudly applauded his announcement. He also said he made the decision after discussions with Turkish President Recep Tayyip Erdogan, whose government has pushed for the sanctions to be lifted. Further underscoring Mr Trump's new approach, he said he planned to meet Syrian leader Ahmad Al Shara in Saudi Arabia on Wednesday. The meeting is especially remarkable given that Mr Al Shara remains the member of a US-designated terrorist organisation because of past ties to Al Qaeda. The White House and State Department provided no time for when sanctions would be lifted. The US has a complex mix of sanctions, terrorist designations and export controls against Syria aimed at choking off its banking, export and other sectors during the country's civil war, although some of the oldest measures predate the outbreak of violence in 2011. Aaron Zelin, the Gloria and Ken Levy Fellow at the Washington Institute for Near East Policy, predicted there would be some quick sanction cuts, allowing for an infusion of cash and investments, most likely from Gulf states. 'There still remains a lot of questions, even if Trump made this declarative statement,' Mr Zelin told The National. He described the developments as a 'net positive' for Syria, in a sentiment echoed widely. Syrians took to the streets and celebrated into the night in Damascus and elsewhere after Mr Trump's announcement. Read more
