Trump demands $1 trillion investment and a reduction in oil prices from Saudi Arabia

24 January 2025, 06:22

President Donald Trump (C) receives the Order of Abdulaziz al-Saud medal from Saudi Arabia's King Salman bin Abdulaziz al-Saud
President Donald Trump (C) receives the Order of Abdulaziz al-Saud medal from Saudi Arabia's King Salman bin Abdulaziz al-Saud. Picture: Getty

By Henry Moore

President Donald Trump has demanded Saudi Arabia invest $1 trillion in the United States and lower oil prices.

Listen to this article

Loading audio...

The newly inaugurated president’s comments come after the Saudi crown prince said his kingdom would invest $600 million in the US over the next four years.

But Trump wants more, telling the World Economic Forum in Davos, Switzerland that if the crown prince wants him to visit Saudi Arabia investment must go up and oil prices must go down.

"But I'll be asking the Crown Prince, who's a fantastic guy, to round it out to around $1 trillion," Trump said.

"I think they'll do that because we've been very good to them."

Read more: Trump sends 1,500 troops to Mexican border with plans to up army presence to 10,000 in immigration crackdown

US President Donald Trump (C) makes his way to board Air Force One in Riyadh
US President Donald Trump (C) makes his way to board Air Force One in Riyadh. Picture: Getty

Mr Trump's 2017 trip to Saudi Arabia upended a tradition of US presidents first heading to the United Kingdom as their first trip abroad.

It also underscored his administration's close ties to the rulers of the oil-rich Gulf states as his eponymous real estate company has pursued deals across the region as well.

The comments from Crown Prince Mohammed bin Salman, reported early on Thursday by the state-run Saudi Press Agency, came in a phone call with Mr Trump.

It marked Mr Trump's first call with a foreign leader since his inauguration on Monday.

"The crown prince affirmed the kingdom's intention to broaden its investments and trade with the United States over the next four years, in the amount of 600 billion dollars, and potentially beyond that," the report said.

The readout did not elaborate on where those investments and trade could be placed.

The US in recent years has increasingly pulled away from relying on Saudi oil exports, which were once the bedrock of their relationship for decades.

Saudi sovereign wealth funds have taken large stakes in American businesses while also looking at sports as well.

Saudi Arabia does, however, rely predominantly on US-made weapons and defence systems, which could be a part of the investment.

The White House on Thursday issued a statement acknowledging the call, saying the two leaders "discussed efforts to bring stability to the Middle East, bolster regional security and combat terrorism".

"Additionally, they discussed the kingdom of Saudi Arabia's international economic ambitions over the next four years as well as trade and other opportunities to increase the mutual prosperity of the United States and the kingdom of Saudi Arabia," the statement said, without elaborating.

Trump attends his Hush Money Trial
Trump attends his Hush Money Trial. Picture: Getty

The crown prince, the de facto ruler of the oil-rich kingdom, also spoke to US secretary of state Marco Rubio early on Thursday.

On Monday after his inauguration, Mr Trump talked about possibly heading to the kingdom again as his first foreign trip, as he did in 2017.

"The first foreign trip typically has been with the UK but ... I did it with Saudi Arabia last time because they agreed to buy 450 billion dollars worth of our products," Mr Trump told journalists in the Oval Office.

"If Saudi Arabia wanted to buy another 450 billion dollars or 500 - we'll up it for all the inflation - I think I'd probably go."

On a potential trip to Saudi Arabia, White House press secretary Karoline Leavitt told journalists on Thursday: "I'm not aware of any plans at this time."

Mr Trump's 2017 visit to the kingdom set in motion a years-long boycott of Qatar by four Arab nations, including the kingdom.

Mr Trump maintained close relations with Saudi Arabia, even after Prince Mohammed was implicated in the 2018 killing and dismemberment of Washington Post columnist Jamal Khashoggi in Istanbul.

The kingdom had also been talking for years with the Biden administration about a wider deal to diplomatically recognise Israel in exchange for US defence protections and other support.

The 600 billion dollar pledge, which dwarves the gross domestic product of many nations, also comes as the kingdom faces budgetary pressures of its own.

Global oil prices remain depressed years after the height of the coronavirus pandemic, affecting the kingdom's revenues.

More Latest News

See more More Latest News

The NTSB recovers the debris of a Sikorsky UH-60 Black Hawk involved in a mid-air collision near DCA in Arlington, VA.

All major parts of DC plane and Black Hawk helicopter involved in mid-air collision recovered, investigators confirm

A Thai hostage who was freed from Hamas, Pongsak Thaenna, hugs a relative upon arrival at Suvarnabhumi International Airport

'We never gave up hope': Freed Thai hostages in tears of joy as they reunite with families after more than a year

Harry and Meghan at the opening ceremony for the Invictus Games.

Meghan and Prince Harry cheer on Team UK at Invictus Games opening ceremony

Daisy the Labrador.

Stolen dog reunited with family after seven years

Irish boxer John Cooney.

Boxer dies from a brain bleed, from injury during championship fight

'Make Europe Great Again' Rally In Madrid

'Make Europe Great Again': Far-right European political leaders praise Trump at Madrid meeting

Kanye West.

Rapper Kanye West advertises t-shirt featuring a Nazi swastika, after 'antisemitic rampage' on X

Andrew Gwynne.

Minister sacked after posting he hoped 'pensioner who didn’t vote Labour would die' in WhatsApp group

Police officers hold back protesters trying to block the road.

Two arrested as protesters clash with police outside proposed site for new Chinese ‘mega-embassy’ in London

Duke and Duchess of Sussex.

'She's terrible': Trump takes swipe at Meghan, but will not deport Prince Harry

Freed Palestinian prisoners are greeted by a crowd as they arrive in the Gaza Strip after being released from an Israeli prison following a ceasefire agreement between Hamas and Israel in Khan Younis, southern Gaza Strip.

Emotional scenes in West Bank and Gaza as Palestinians reunited with their families after release from Israeli prisons

Elsie Dot Stancombe, Alice Dasilva Aguiar and Bebe King.

'She was grateful for life': parents of Southport stabbing victims pay tribute to their children

Israeli hostage reunited with his family.

Emotional moment Israeli hostages reunite with families after being paraded on stage by Hamas

Police officers hold back protesters trying to block the road at the rally.

Protesters clash with police as thousands rally outside proposed site for new Chinese ‘mega-embassy’ in London

The father of the Huszti sisters has said he believes his daughters were "kidnapped" and "cruelly killed"

Heartbroken father of sisters found dead in River Dee believes they were 'lured to their death'

Hollyoaks star and country singer thought to be son of British couple shot dead in French villa ‘by UK gangsters’

Hollyoaks star breaks silence over death of mum found dead in French villa with her husband