Saudi Arabia, Us Agencies Reach $Fifty Five Billion In Deals

Story highlights Saudi Arabia has reached agreements with US defense, manufacturing and oil and gas companiesThe deals are at least in part aimed at garnering good will with TrumpRiyadh, Saudi Arabia (CNN) Saudi Arabia announced more than $55 billion in deals with US companies Saturday, coinciding with President Donald Trump’s arrival here for a two-day visit.
The series of deals also includes a $12 billion investment in a US oil refinery from Motiva Enterprises, a subsidiary of Aramco, Saudi Arabia’s national oil and gas company.
The Saudis announced they had reached preliminary agreements with US defense companies, industrial manufacturers and oil and gas companies following a Saudi-US CEO Forum in Riyadh that will help Saudis make progress on their Vision 2030 plan to modernize and diversify the country’s economy.
The deals were paraded before Trump and Saudi Arabia’s King Salman bin Abdulaziz Al-Saud in a public ceremony at the Royal Court, with the American CEOs walking to the middle of a cavernous room to exchange leather-bound folios marking the agreements with various Saudi ministers.
The deals are at least in part aimed at garnering good will with Trump, who has focused on delivering a boost to companies in those three industries, giving him a multibillion-dollar package to champion as he returns to the United States.

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