Saudi Arabia's $600 Billion Trade Expansion with US Gains Momentum

Saudi Arabia's Economy Minister Faisal Alibrahim discussed a $600 billion trade and investment expansion with the US at the World Economic Forum. This initiative reflects a deepening relationship and is part of Saudi Arabia's Vision 2030, aimed at reducing oil dependency and fostering economic growth.

Saudi Arabia's Economy Minister, Faisal Alibrahim, revealed significant plans to enhance investment and trade relations with the United States, amounting to $600 billion over the next four years. These developments were shared during the World Economic Forum in Davos, emphasizing a strengthened partnership.

Alibrahim highlighted that the investment encompasses both public and private sectors and aligns with Saudi Arabia's ambitious Vision 2030, designed to diversify the economy away from oil dependency by fostering new industries and job creation. The initiative mirrors the robust ties between the two nations.

Responding to U.S. President Donald Trump's suggestion of increasing the figure to $1 trillion, Alibrahim clarified that Saudi Arabia focuses on long-term oil market stability. The Kingdom aims to ensure adequate supply for rising global demand, including advancements like artificial intelligence. The forum will also host regular gatherings in Saudi Arabia beginning in 2026.

(With inputs from agencies.)