'Saudi Arabia to invest $600 bn': White House says as US, SA sign $142 bn defence deal 

US President Donald Trump signed a major economic agreement with Saudi Arabia on Tuesday, marking the beginning of a Gulf tour aimed at securing trillions of dollars in investments. The strategic pact, which covers sectors such as energy, defence, and mining, was signed in the presence of Saudi Crown Prince Mohammed bin Salman, who warmly welcomed Trump upon his arrival, news agency Reuters reported.

Trump raised his fist as he disembarked from Air Force One, where he was greeted by Prince Mohammed. According to Saudi state television, the agreement encompasses various areas of cooperation. The White House confirmed that Saudi Arabia intends to invest $600 billion in the United States, including a historic defense deal valued at nearly $142 billion — the largest of its kind between the two nations.

"The United States and Saudi Arabia signed the largest defence sales agreement in history -- nearly $142 billion, providing Saudi Arabia with state-of-the-art warfighting equipment," the White House said in a statement.

During a meeting with the crown prince in Riyadh, Trump expressed his positive sentiment, stating, "I really believe we like each other a lot."

The agreement encompasses significant defense exports and industry-specific investment funds. As stated in the official White House factsheet, the pact includes a $5 billion energy investment fund, a $5 billion "New Era" aerospace and defense technology fund, and a $4 billion Enfield Sports global sports fund.

US President Donald Trump will be visiting Qatar, Saudi Arabia, and the United Arab Emirates as part of his first overseas diplomatic trip since beginning his second term.

Trump, accompanied by several US business leaders, including tech mogul Elon Musk, will continue his tour with stops in Qatar on Wednesday and the United Arab Emirates on Thursday. Notably, Trump has opted not to visit Israel during this trip, raising questions about the focus of US priorities in the region. The trip centers more on securing investments than addressing security concerns in the Middle East.

During a meeting at the Royal Court, President Trump referred to the Saudi crown prince as a close friend and emphasized their strong relationship, as reported in a pool report by the Wall Street Journal.

Reflecting on his visit to the kingdom in 2017, Trump highlighted the potential for Saudi investments to stimulate job growth in the United States. In a lighthearted manner, he mentioned that the initial $600 billion investment pledge from Saudi Arabia could even reach USD 1 trillion, echoing a figure he has previously mentioned in his efforts to attract investments from a key strategic partner.

The Saudi-US investment forum held in Riyadh during Trump's visit brought together prominent figures such as Larry Fink, CEO of BlackRock, Stephen A. Schwartzman, CEO of Blackstone, and Treasury Secretary Scott Bessent to explore opportunities for substantial investments.