Donald Trump welcomed US relations with Saudi Arabia on Tuesday, just hours after the White House revealed what it was worth $ 600 billion of protection and artificial intelligence deals with the kingdom.
The US president praised the kingdom and its leader De facto, the crown prince Mohamed bin Salman, on Tuesday as he began the first match of his agreement, a tournament with three places in the bay of oil.
“He’s an extraordinary man. I’ve known him a lot of time now. No one is like him,” Trump told a filled audience in Riyadh. Among the guests were Elon Musk, the richest man in the world, the private capital baron Steve Schwarzman, Nvidia Chief Jensen Huang and dozens of other US executives.
The US-Saudi relationship had been a “reach” of security and prosperity, he said. Trump added: “Today, we reaffirm the connection and take the next steps to make our relationship closest, stronger, more powerful than ever before … and that will remain in that way.”
In a press release before Trump’s speech, the White House welcomed “the engagement of Saudi Arabia of $ 600bn to invest in the US” and “economic ties that will endure for generations to come”.
Prince Mohamed said both countries will work over the coming months to increase total to 1TN $.
Deals discovered by the White House on Tuesday included a commitment from the new state -owned state -owned state -owned state company Humain, to build the Kingdom’s infrastructure using several “thousands” of Nvidia’s most advanced chips over the next five years.
This would make him one of the biggest orders of his chips from a state -owned company, underlining the degree of Prince Mohamed’s ambitions to position Saudi Arabia as a global center of him and increasing the desire of Nvidia to build “Sovran” infrastructure around the world.
The first phase of Humain’s investment will include the placement of the last 18,000 Nvidia “Blackwell” servers, Chipmaker said. Based on the price of a single Nvidia graphic processing unit, estimated to be between $ 30,000 and $ 40,000, the Saudi investment would range from many billions.
AMD, one of the main Nvidia competitors in the Chip market, is co-investing up to $ 10BN with Huma to establish its infrastructure in the country. Nvidia shares increased more than 5 percent on Tuesday, while AMD increased 3.7 percent.
The White House also quoted on Tuesday what it was said to be a “nearly $ 142 billion” agreement to secure Riad with the best war equipment and services from a dozen US defense firms.
She added that this will include the Air Force and Spatial Skills, missile protection, maritime safety and border, modernization of land forces and improvements in communication systems.
SH.BA also referred to plans from Saudi Arabian Datavolt to invest $ 20 billion in Ai Data Centers and Energy Infrastructure in the SH.BA
However, it does not immediately provide a deadline for agreements, which also include contracts for US groups to build infrastructure projects in the kingdom.
Trump is seeking to provide agreements and promises of investment worth more than $ 1 on his Bay trip, which will also include stops in Qatar and the United Arab Emirates.
The traditional US allies are among the largest buyers of American weapons, boast of Sovereign wealth funds that collectively manage more than $ 3tn and everyone has declared their ambitions to invest a lot in him.
Many of the most powerful US technology executives were also in Riyadh, including Musk, Huang and Sam Altman of Openai while Saudi Arabia hosted a shiny investment forum. Leading financiers including Blackstone Schwarzman, Blackrock’s Larry Fink and Jane Fraser of Citigroup also participated.
American technology companies are increasingly looking for breast, which administers some of the world’s largest and most active funds in the world, to raise capital investments and seduce.
Gulf States, meanwhile, see it as a critical part of their plans to diversify their economies away from oil and develop new industries, hoping to use their abundant energy resources and the financial muscles of their sovereign funds.
It comes while the Trump administration last week removed a rule of the Biden era under which Saudi Arabia, along with dozens of other countries, including India and Singapore, would have faced restrictions on their most powerful chips designed by the US
Riyadh launched Humain, which will be chaired by Prince Mohamed and owned by the Public Investment Fund, the $ 940 billion sovereign fund, to run his strategy and investment in the sector the day before Trump arrived.
Prince Mohamed has maintained good relations with Trump, and his son -in -law Jared Kushner, since the president’s first term. Just days after Trump’s inauguration in January, he made Saudi Arabia to invest $ 600 billion in the SH.BA over the next four years – the same amount that was announced on Tuesday.
The United Arab Emirates followed a similar gesture, pledging in March to invest 1.4tn $ over the next 10 years. He is also seeking to be established as a major center and he has made a strategic decision to invest in American technology.
Analysts ask how breast states will be able to establish such a large scale of capital at the time declared, especially Saudi Arabia after gathering at lower oil prices, an extended budget deficit and the massive rate of its internal projects.
Trump will fly to Qatar on Wednesday, with Doha is expected to make her promise to invest hundreds of billions of dollars in the JBA
The president’s journey is in the overshadows of a controversy caused by his decision to accept a $ 400 million dwarf by Qatar to temporarily replace the Air Force.
Qatar’s gift is likely to be the largest of a foreign state or entity for a US president in the latest history and has attracted criticism from Trump’s supporters as well as opponents.
Trump’s journey comes at a time when the Middle East is still enduring the consequences of the 19 months of conflict caused by the Hamas attack on October 7, 2023 and Israeli’s vengeful offensive in Gaza.
So far, few public mention of the region’s crises has been made as Trump focuses on investment agreements.
Additional reporting from Michael ACTON to San Francisco
