Saudi and US companies announced deals related to artificial intelligence and energy on Wednesday, a day after Crown Prince Mohammed bin Salman boosted the kingdom's investment commitment into the US to $1 trillion.
The announcements, made during the Saudi-US Investment Forum, come as US President Donald Trump and Prince Mohammed spoke of deepening ties related to investment, security and technology.
“The partnership between our two nations is among the most consequential in the entire world, and together, the Crown Prince and I are making an alliance stronger and more powerful than it's ever been before,” Mr Trump said in remarks at the Kennedy Centre.
The business forum was attended by crowds of business executives including the heads of Aramco, Nvidia, Qualcomm, General Dynamics and Pfizer. Mr Trump said $270 billion in deals between dozens of companies would be signed at the forum.
Prince Mohammed announced on Tuesday that the kingdom would invest $1 trillion in the US, up from its previous $600 billion commitment. He did not provide details or a timeline. He also said he expects Saudi Arabia to spend $50 billion on chips in the “near term”.
The US and Saudi Arabia also signed a strategic AI partnership that will include the supply of advanced semiconductors. US companies need government approval to export chips to Saudi Arabia.
Regional experts have questioned how Saudi Arabia will be able to afford the $1 trillion commitment as it focuses on domestic investments. The kingdom is also running a current account and fiscal deficit, and is also facing softening oil prices amid the unwinding of production cuts by Opec+.
Humain deals
Among the announcements made on Wednesday was the formation of a joint venture involving the Public Investment Fund-backed
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