Trump Proposes Requesting Saudi Arabia to Boost US Investment to $1 Trillion

President Donald Trump has expressed his intention to urge the Kingdom of Saudi Arabia to raise their planned investment in the United States from $600 billion to $1 trillion.

On January 23, while participating in a virtual session at the World Economic Forum in Davos, Trump mentioned that he had encountered earlier reports concerning Saudi Arabia’s planned investments in the U.S. that exceeded $600 billion. He stated that he would request the leadership of the Middle Eastern nation to “round it out to about $1 trillion.”

“I believe they will comply because we’ve treated them well,” Trump remarked.

On January 23, the Saudi Press Agency, which is state-run, revealed that Crown Prince Mohammed bin Salman aims to “expand its investments and trade with the United States over the next four years to the tune of $600 billion and possibly more.”

A report from the White House confirmed that Trump and Bin Salman had a telephone conversation on January 22, which also covered initiatives to “enhance stability in the Middle East, strengthen regional security, and fight terrorism.”

In an interview with Bloomberg at the WEF meeting, Saudi Arabia’s finance minister, Mohammed Al-Jadaan, noted that the oil-rich nation already holds active investments exceeding $770 million in the U.S.

During the same interview, Al-Jadaan addressed Saudi Arabia’s initiatives aimed at diversifying its economy beyond just energy.

Trump mentioned in his speech that he would also be requesting Saudi Arabia and OPEC to lower oil prices.

“They need to reduce it,” Trump stated. “I’m honestly surprised they didn’t do that prior to the election. It didn’t show much appreciation.”

Trump further added that a decrease in oil prices would “immediately” resolve the ongoing conflict between Russia and Ukraine, highlighting that OPEC and Saudi Arabia hold some responsibility for the situation.

Data from OPEC indicates that Saudi Arabia exported around $248.4 billion in petroleum products during 2023, which represented roughly 67 percent of its total export value for that year.

However, Saudi Arabia is not the leading supplier of oil imports to the United States. According to the U.S. Energy Information Agency, in 2023, Canada accounted for 52 percent of total oil imports into the U.S., followed by Mexico with 11 percent. Saudi Arabia only contributed 5 percent of the total oil imports.

The government of Saudi Arabia upholds Vision 2030, described as “a blueprint aimed at diversifying the economy, empowering citizens, fostering a dynamic environment for local and international investors, and positioning Saudi Arabia as a global leader.”

A recent annual report on the Kingdom’s progress in diversifying its economy and enhancing its international stature revealed that non-oil economic activities represented half of the nation’s gross domestic product in 2023.