US-Saudi Agreement and a New "Golden Era"

Saudi Crown Prince Mohammed bin Salman emphasized the deep economic ties between Saudi Arabia and the United States, spanning more than 92 years, beginning with the signing of an oil exploration concession agreement in 1933 with Standard Oil of California. In his speech at the Saudi-US Investment Forum, Prince Mohammed bin Salman said the Kingdom is working to strengthen this strategic partnership and transition from an economy reliant on natural resources to one based on knowledge and innovation.

Prince Mohammed bin Salman revealed that Saudi Arabia is currently seeking partnerships worth $600 billion, including agreements worth more than $300 billion announced during the forum.

These partnerships span multiple sectors such as defence, security, the economy, and technology, contributing to the development of local industry, boosting GDP, and supporting innovation. Prince Mohammed bin Salman noted that the United States is the primary destination for the Saudi Public Investment Fund, which allocates approximately 40% of its global investments to the US economy, reflecting confidence in the US economy's ability to innovate, especially in the fields of technology and artificial intelligence. He also stated that the number of American companies operating in Saudi Arabia has reached 1,300, representing approximately a quarter of the total foreign investment in the Kingdom, including 200 companies that have established their regional headquarters in Saudi Arabia.

The Crown Prince explained that Saudi Vision 2030 has achieved most of its goals, contributing to economic diversification and empowering the private sector. Non-oil exports rose to $82 billion in 2024, more than 2.2 million citizens were employed, while the unemployment rate fell to its lowest level in history. The participation of women in the labor market has also witnessed a significant increase.

Prince Mohammed bin Salman emphasized that cooperation between the Kingdom and the United States is not limited to the economic sphere alone, but also includes joint efforts to achieve security and peace in the region and the world.

For its part, the White House administration provided details in a statement of some of the concluded deals. The largest defence sales agreement in history between the United States and the Kingdom of Saudi Arabia was signed, valued at approximately $142 billion, to provide the Kingdom with the latest combat equipment and services from more than 12 American defence companies. The agreement includes the development of air, space, air and missile defence, maritime and coastal security, and border security capabilities, in addition to the modernization of land forces and information and communications systems. The package also includes providing training and support to build the capabilities of the Saudi armed forces, including strengthening Saudi military service academies.

The deals also include a $20 billion investment by Saudi company DataVault in artificial intelligence data centers and energy infrastructure in the United States. In addition, companies such as Google, DataVault, Oracle, Salesforce, AMD, and Uber have committed to investing $80 billion in advanced technologies in both countries.

US companies such as Hill International, Jacobs, Parsons, and Aecom will also build major infrastructure projects in the Kingdom, such as King Salman International Airport, King Salman Park, The Vault Project, and Qiddiya City, with total US services exports valued at $2 billion. Other major exports include gas turbines and power solutions from General Electric Vernova, valued at $14.2 billion, and Boeing 737-8 passenger aircraft from Aviles, valued at $4.8 billion. In the healthcare sector, Shamekh 4 Solutions will invest $5.8 billion, including a plant in Michigan to launch a high-capacity intravenous fluids facility. Investment partnerships also include several sector-specific funds, such as the $5 billion Energy Investment Fund, the $5 billion New Era Space and Defense Technology Fund, and the $4 billion Enfield Sports Global Sports Fund, further strengthening bilateral relations between the two countries.