Washington: Saudi Investment Minister Khalid Al-Falih announced that agreements valued at hundreds of billions of dollars are set to be signed during the US-Saudi Investment Forum, which commenced in Washington. The announcement was made during the forum, highlighting the significant economic collaborations between the two nations.
According to Anadolu Agency, Khalid Al-Falih detailed that the forum follows a series of strategic government-to-government agreements witnessed at the White House. These agreements span various sectors, including defense, artificial intelligence, and the supply chains of minerals and critical metals. The minister emphasized the significance of Crown Prince Mohammed bin Salman's visit to Washington, which underscores the robust Saudi-US partnership and their shared economic goals.
Al-Falih mentioned an important milestone achieved during discussions on the US-Saudi strategic framework for investment acceleration. This framework aims to facilitate timely investment approvals between the two countries, further boosting economic ties. The forum is expected to launch groundbreaking business agreements worth hundreds of billions of dollars, highlighting the partnership's strength.
The investment minister noted that the US is the largest foreign investor in Saudi Arabia, with a substantial portion of international investments in the Kingdom originating from American investors. The forum, held at the Kennedy Center, attracted a diverse range of companies, many of which are anticipated to announce significant investments in Saudi Arabia.
The event will be attended by Crown Prince Mohammed bin Salman and US President Donald Trump, signaling high-level engagement between the two nations. On the eve of the forum, President Trump announced Saudi Arabia's designation as a 'major non-NATO ally' and the signing of a 'historic strategic defense agreement.' This designation provides Saudi Arabia with specific defense trade and security cooperation benefits, including joint research and development programs with the Pentagon and enhanced access to US weaponry, training, and loans.