More than $300bn worth of agreements were due to have been signed during the first day of US President Donald Trumps visit in Saudi Arabia.
Speaking at a media briefing at the Arab Islamic American Summit, Mohammed al-Sheikh, Saudi Arabias minister of state, told media that $300bn-plus worth of agreements were due to have been signed during the first day of US President Trumps visit on 20 May. Trump will attend the summit on 21 May along with Saudi and other GCC leaders.
Al-Sheikh stressed that the deals signed would not just bring products and arms to the kingdom, but also jobs for young Saudis.
Companies like Saudi Aramco and Maaden that have signed agreements they will create a number of job opportunities. Increasing local content of Saudi industries is key.
Saudi Arabias Finance Minister Mohammed al-Jadaan was also keen to highlight the kingdoms commitment to creating jobs through the plethora of deals signed during Trumps visit.
It is important to support our economy by industrial diversification and localisation, said al-Jadaan. No agreement was signed without an aim to increase local content and job creation.
The largest deal signed during the first day of Mr Trumps visit was a $109bn arms deal, confirmed by US Secretary of State Rex Tillerson during a press conference held with Adel al-Jubeir, Saudi Arabias foreign minister.
On the sidelines of the morning Saudi-US CEO forum, Saudi Aramcos CEO Amin Nasser told journalists that Saudi Aramco was going to sign $50bn worth of agreements with 11 companies on 20 May.
The US GE signed memorandum of understandings (MOUs) with clients and firms in the kingdom for projects worth a total of $15bn. The $15bn worth of agreements will include $7bn worth of GE technology and products, across numerous sectors, including oil and gas, power and healthcare. The agreements cover schemes with the Saudi Ministry of Energy, Industry and Mineral Resources, state oil company Saudi Aramco, local mining company Maaden and Dussur (formerly the Saudi Arabian Industrial Investments Company).