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President Donald Trump on Tuesday is delivering remarks after the White House announced Saudi Arabia's commitment to invest $600 billion in a series of deals with the United States.
Trump's participation at a U.S.-Saudi investment forum in Riyadh follows a visit with Saudi Crown Prince Mohammed bin Salman.
Among the agreements secured is a nearly $142 billion defense sales deal providing the kingdom with "state-of-the-art warfighting equipment and services from over a dozen U.S. defense firms," the White House said.
That commitment is nearly double Saudi Arabia's 2025 defense budget, which totaled $78 billion. The White House's announcement does not say when the defense deal is expected to conclude.
Bin Salman, who spoke before Trump at the investment conference, said the aim is to raise the U.S.-Saudi partnership to $1 trillion across the military, security, economic and technological sectors.
Economists point out that making good on that investment pledge will be a challenge for the kingdom, which faces sky-high costs for its own Vision 2030 investment ambitions.
Lower global oil prices and big-ticket public spending projects have brought about widening budget deficits for Riyadh.
This is developing news. Please check back for updates.
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