Donald Trump, Blackrock and Citi CEOs head to Saudi Arabia as Kingdom seeks massive US deals

U.S. President Donald Trump is expected to visit Saudi Arabia next week along with a high-powered delegation of American business leaders, including BlackRock CEO Larry Fink, Citigroup’s Jane Fraser, Amazon executives, and top tech industry figures. 

The visit, part of Trump’s first scheduled trip abroad since returning to power, will also include stops in Qatar and the United Arab Emirates, according to a Bloomberg report.

Trump is reportedly expected to press oil- and gas-rich Gulf nations to increase investments in the U.S. and purchase more American goods. His delegation includes Blackstone’s Steve Schwarzman, Franklin Templeton’s Jenny Johnson, Alphabet’s Ruth Porat, IBM’s Arvind Krishna, and Qualcomm CEO Cristiano Amon. 

The leaders are scheduled to attend the Saudi-U.S. Investment Forum on May 13 in Riyadh, which coincides with Trump’s arrival in the kingdom and a planned meeting with Crown Prince Mohammed bin Salman.

The conference will address sectors such as energy, artificial intelligence, advanced manufacturing, and finance. It will also feature White House AI and crypto czar David Sacks, along with key Saudi stakeholders including Aramco CEO Amin Nasser and the ministers of energy, investment, and finance.

Trump has reportedly sought $1 trillion in increased trade and investment from Saudi Arabia and a similar amount from the UAE. However, the visit comes as oil prices have slumped in recent weeks — a downturn partly attributed to the impact of Trump’s tariff policies on global economic activity. With high domestic spending commitments, Saudi Arabia is ramping up borrowing and accelerating its Vision 2030 economic diversification program.

The kingdom is also pursuing closer defense cooperation and U.S. security guarantees as it positions itself as the Gulf’s dominant business hub. Saudi Arabia aims to draw over $100 billion in foreign direct investment annually by 2030 — nearly five times last year’s total.