On Tuesday, U.S. President Donald Trump embarked on a tour of affluent Gulf states, starting with a visit to Saudi Arabia. His primary objective is the pursuit of trillions of dollars in investments, overshadowing pressing security concerns such as the ongoing conflict in Gaza and Iran’s nuclear ambitions.
As he stepped off Air Force One, Trump raised his fist in a gesture of camaraderie. He was warmly welcomed by Crown Prince Mohammed bin Salman at the airport in Riyadh. Accompanying him was a notable entourage of business leaders, including billionaire Elon Musk.
Following his visit to Riyadh, where the Saudi-US Investment Forum is taking place, Trump is scheduled to travel to Qatar on Wednesday and then to the United Arab Emirates on Thursday. However, he has not arranged a visit to Israel, a choice that has sparked enquiries regarding the position of the close ally within Washington’s hierarchy of priorities.
“Energy continues to be a fundamental aspect of our partnership, but the range of investments and business prospects in the kingdom has significantly increased,” stated Saudi Investment Minister Khalid al-Falih during the forum’s opening remarks.
“As a result, when Saudis and Americans collaborate, positive outcomes frequently emerge; indeed, significant achievements often follow such joint ventures,” he stated prior to Trump’s arrival.
Trump aims to attract trillions of dollars in investments from Gulf oil producers. Saudi Arabia committed to a $600 billion investment, yet Trump has expressed a desire for $1 trillion from the kingdom, which remains a key strategic ally for Washington.
The Saudi-US Investment Forum kicked off with a visually striking video featuring soaring eagles and falcons, symbolising the deep-rooted history shared between the United States and Saudi Arabia.
In a grand hall, prominent figures gathered at the forefront: Larry Fink, the CEO of BlackRock, Stephen A. Schwarzman, the head of Blackstone, Treasury Secretary Scott Bessent, and Saudi Finance Minister Mohammed Al Jadaan, alongside Falih.
During a recent forum panel, Fink revealed that he has made over 65 trips to Saudi Arabia in the past two decades. The kingdom, which initially followed his lead during his early visits, is now asserting its influence and diversifying its economy beyond its reliance on oil, he stated.
Musk engaged in a brief conversation with both Trump and the crown prince, commonly referred to as MbS, during a reception held at a palace for the U.S. president.
Saudi Arabia’s Crown Prince Mohammed bin Salman is steering the nation towards economic diversification through an ambitious reform initiative known as Vision 2030. This plan features large-scale projects, including NEOM, a visionary city that will span an area comparable to that of Belgium.
The kingdom is compelled to reassess some of its grand aspirations due to the pressures of increasing costs and declining oil prices.
Former President Trump is set to host a lunch with Saudi Crown Prince Mohammed bin Salman, which will feature prominent American business leaders such as Elon Musk, the CEO of Tesla and SpaceX, and Sam Altman, the head of OpenAI.
