Saudi Arabia floats $600 billion in investment in the United States

Dubai, the United Arab Emirates (AP) Crown Prince of the Saudi Arabs, said the kingdom wants to invest $600 billion in the United States over the next four years, the comments coming after President Donald Trump put a price tag on returning to the Kingdom as its first foreign journey.

Trumps 2017 Saudi Arabia trip upended a tradition of US presidents heading first to the UK as their first foreign trip. He also stressed that his administrations have close ties with leaders of the oil-rich Gulf states, as his eponymous real estate company also has deals across the region.

Crown Prince Mohammed bin Salman's comments, reported early Thursday by the state-run Saudi Press Agency, came in a phone call with Trump. It was the first call to override a foreign leader since his inauguration on Monday.

The crown prince affirmed the Kingdom's intention to expand investment and trade with the United States over the next four years, to the tune of $600 billion, and potentially beyond, according to the report.

The reading did not explain where these investments and trade could be placed. In recent years, the United States has increasingly moved away from accounting for Saudi oil exports, which was once the bedrock of its relationship for decades. Saudi sovereign wealth funds have taken large stakes in American companies while watching sports as well.

Saudi Arabia, however, is mainly focused on American-made weapons and defense systems, which could be part of the investment.

The White House released a statement acknowledging the call, saying the two leaders discussed efforts to bring stability to the Middle East, strengthen regional security and combat terrorism.

Additionally, they discussed the Kingdom of Saudi Arabs' international economic ambitions over the next four years as well as trade and other opportunities to increase the mutual prosperity of the United States and the Kingdom of Saudi Arabia, according to the statement , without elaborating.

The crown prince, the de facto ruler of the oil-rich kingdom, also spoke with U.S. Secretary of State Marco Rubio early Thursday.

On Monday, after his inauguration, Trump spoke of possibly returning to the kingdom as his first foreign trip, as he did in 2017.

The first trip abroad has usually been with the UK, but… I did it with Saudi Arabia last time because they agreed to buy $450 billion of our products, Trump told reporters in the Oval Office. If Saudi Arabia wanted to buy $450 billion or $500 more for all the inflation, I think I probably will.

On a potential trip to Saudi Arabia, White House press secretary Karoline Leavitt told reporters Thursday: I'm not aware of any plans at this time.

Trumps 2017 visit to the Kingdom sparked a years-long boycott of Qatar by four Arab nations, including the Kingdom.

Trump has maintained close relations with Saudi Arabia, even after Prince Mohammed was implicated in the 2018 murder and dismemberment of Washington Post columnist Jamal Khashoggi in Istanbul. The kingdom had also been talking for years with the Biden administration about a broader deal to diplomatically recognize Israel in exchange for U.S. defense protections and other support.

The $600 billion commitment, which dwarfs many nations' gross domestic product, also comes as the kingdom faces budgetary pressures. Global oil prices remain depressed years after the height of the coronavirus pandemic, affecting the Kingdoms' revenues.

Meanwhile, Prince Mohammed also wants to continue his $500 billion project at NEOM, a new city in Saudi Arabia's Western Desert on the Red Sea. It will also need to build tens of billions of dollars of new stadiums and infrastructure before hosting the 2034 FIFA World Cup.

But Trump, speaking to the World Economic Forum in Davos later Thursday, suggested he might be able to bring in even more returns on the Saudi investment.

I'm going to ask the crown prince, who is a fantastic guy, to top it off at about $1 trillion, Trump said through a video game. I think they will do that because we have been very good to them.

___

Associated Press writer Michelle Price in Washington contributed to this report.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos