President Trump and Saudi Arabia’s King Salman sat side by side in a signing ceremony to formalize a series of business and defense agreements at the Royal Court in Riyadh Saturday.
The agreements include $110 billion in sales of arms and military equipment, effective immediately, and $350 billion of defense purchases over the next 10 years, the White House said.
The deal is aimed to support security in the region and to counter Iranian aggression – a direct repudiation of Obama administration’s moves toward detente with Iran.
The two leaders signed a joint vision agreement to cement the U.S.-Saudi alliance, and aides announced a private sector business agreement that, they said, will create tens of thousands of new defense industry jobs in the U.S.
The deals mean that the Saudis intend to “to invest a lot of money in the U.S. and have a lot of U.S. companies invest and build things over here,” said Gary Cohn, Trump’s chief economic advisor. “A lot of money. Big dollars.”
Trump then held a private meeting with Mohammed bin Nayef, the Crown Prince of Saudi Arabia.
“A tremendous day,” Trump said to reporters. “Tremendous investments in the United States. Hundreds of billions of dollars of investments into the United States and jobs, jobs, jobs.”