President Donald Trump landed in Riyadh on Tuesday with a purple carpet waiting for him and a $600 billion promise coming from Saudi Arabia.
The country’s Investment Minister Khalid Al-Falih said the kingdom will pour that amount into the US economy over the next four years. He made the statement at the Saudi-US Investment Forum while Trump met with Crown Prince Mohammed bin Salman at the Saudi Royal Court.
The forum was held at the King Abdulaziz International Conference Center, with senior figures from both countries in attendance. The investment plan, according to Khalid, ties directly to Mohammed’s goals under Vision 2030.
Khalid said, “This initiative comes within the framework of achieving the aspirations of Crown Prince and Prime Minister Mohammed bin Salman.” The relationship between the two countries, he added, goes back almost a century, and this investment is just part of building on that.
Trump arrives with Elon Musk, Sammy Altman, and Jensen Huang
Trump didn’t show up alone. He brought along his current best friend Elon Musk, Elon’s archenemy Sammy Altman, and Nvidia’s brilliant CEO Jensen Huang, all of whom met with Mohammed before the forum began. They shook hands and joined the investment talks.
Trump stood for both the US and Saudi anthems at the court, which had trumpets blaring as the purple carpet rolled out. That carpet color was introduced in 2021, with the Saudis saying lavender represents generosity and wildflowers.
During the meeting, Trump leaned into his usual informal tone. He introduced Elon as his “buddy,” called the gathering an “honor,” and said of the Crown Prince, “I really believe we like each other a lot.” He added that Mohammed was “very wise, wise beyond his years.”
The visit included comments about job creation, with Trump saying the deals on the table could lead to “probably two million jobs” back home, though he didn’t explain what industries would be involved.
Trump said, “They are going to walk away with a lot of cheques or a lot of things that you are going to provide.” He didn’t specify the deals or timing. He did say he enjoys seeing Mohammed and that “they have known each other very well.”
Khalid Al-Falih lays out full Saudi investment plan
Khalid praised the strength of the delegations present, pointing out that the size and caliber showed how serious both governments were. He reminded the audience that the long-term alliance began in 1945 with a meeting between King Abdul Aziz and Franklin Roosevelt. He said the relationship had always been based on energy demand, Saudi ambition, and American tech.
He noted that the partnership had led to the creation of Saudi Aramco, one of the world’s most powerful companies. And while oil remains important, he said the real focus now is economic expansion across sectors. Khalid listed areas like mining, construction, hospitality, tourism, AI, renewable energy, data storage, and cloud computing.
He claimed that these new projects were helped by the stability of Saudi Aramco’s policies. He said the government’s effort to steady the market had helped bring down inflation and reduce financial instability. He also pointed out that Saudi’s credit rating had gone up despite international volatility, thanks to the kingdom’s large cash reserves and minimal economic fluctuations.
Khalid said, “The Kingdom has the lowest rate of economic volatility and fluctuations,” and emphasized how these factors have drawn investors. He added that the Saudi stock market is now among the ten biggest and fastest-growing globally. On top of that, he said the venture capital industry in the country is taking off fast.
He also presented the annual Vision 2030 report, saying the government is successfully reaching its goals of building a non-oil economy. He said new investment opportunities are already growing, especially in banking, biotech, and tech. “Investment and business opportunities in the Kingdom have expanded significantly under Vision 2030,” Khalid told the crowd.
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