The United States and Saudi Arabia have sealed a weapons deal worth $350 billion to boost security, economy and job creation in both countries. Even though the total worth the deal is $350 billion over 10 years, the projects amounting to $110 billion will be implemented within the next few months and will be operational immediately. According to White House sources, the deal is a significant milestone in the building of security relationships between the two countries.
The CEO's of US-based companies walked to the middle of a gorgeous room inside the Royal Courts to exchange leather-bound folios with the related agreements and handed over to them to the respective Saudi ministers.
In addition to Trump, Saudi Arabia's King Salman bin Abdulaziz Al-Saud along with the dignitaries and officials were also present during the ceremony.
In a statement released to the press, President Trump hailed the deals and termed them as tremendous investments. He also added that the agreements will bring investment to the tune of billions of dollars coupled with jobs.
Helicopter deal will tighten security
To provide a big boost to defense, the US will build 150 Blackhawk helicopters in Saudi Arabia as per a $6 billion deal with Lockheed Martin. In a bid to ramp up energy sector, GE has sealed a $15 billion deal with the Saudi on a wide range of projects.
Commenting on the development, Lockheed Martin, the largest defense contractor based in the US said that the $350 billion deal spanning ten years would have a direct impact on the Vision 2030 plan outlined by the Saudi Arabia.
Boost to energy sector
Among other deals, Motiva Enterprises will invest $12 billion in a US oil refinery. Interestingly, Motiva is a subsidiary of Aramco, which is a national Oil And Gas company located in Saudi Arabia. The primary purpose of the deals is to revolutionize, modernize and diversify the economy of the country and also to fulfill the ambitious Vision 2030 package of the present Saudi king.
Soon after assuming office, Trump has outlined his agenda to establish goodwill relationships with foreign countries especially Saudi Arabia. The series of deals will not only give a huge boost to the companies involved in the related industries but also create plenty of jobs.
During his visit, Trump will also discuss the measures taken by the US to combat ISIS and terrorism globally during his first five-nation trip after assuming office as the President.
According to an official Saudi spokesperson, they have made tremendous progress in the establishment of strategic deals with US defense, oil and gas companies including several manufacturing industries. The developments gained momentum after a Saudi-US CEO Forum met in Riyadh ahead of the signing ceremony.
In addition to Saudi Arabia, Trump and his team will also visit Vatican, Israel, Sicily, and Belgium.
