RIYADH: Saudi-US deals worth at least $380 billion were struck on Saturday during the historic visit to Riyadh by US President Donald Trump, officials said.
King Salman and Trump held high-level talks in the Saudi capital, where they co-signed the Saudi-US 鈥淛oint Strategic Vision Declaration,鈥� as a series of defense, business and technology deals were agreed in the Saudi capital.
Saudi Foreign Minister Adel Al-Jubeir said that Trump鈥檚 visit marks 鈥渢he beginning of a turning point鈥� in relations with the Arab world.
Speaking at a press conference held with his US counterpart Rex Tillerson in Riyadh on Saturday, Al-Jubeir said that the strategic partnership agreement by King Salman and Trump would develop into a strong strategic partnership.
鈥淭he two countries have signed a series of agreements, both by private, commercial entities and inter-governmental, including on investment and infrastructure,鈥� said Al-Jubeir.
鈥淭he value of the deals exceeds $380 billion; they will be executed over the next 10 years and will provide many opportunities both for the Kingdom and for the United States.鈥�
Tillerson said that over 20 licenses were issued to large US companies helping direct investment between the two countries, which will result in the creation of thousands of jobs for Americans, an increase the purchase of US goods, equipment and technologies, and also benefit 抖阴短视频.
Defense played a key element in the myriad deals announced in Riyadh on Saturday.
抖阴短视频 and the US signed arms deals worth approximately $110 billion, the White House announced on Saturday.
Several other multi-billion-dollar deals were sealed at the inaugural Saudi-US CEO Forum, also held on Saturday.
They included a landmark $6 billion defense and armament agreement under a 鈥渓etter of intent鈥� to assemble 150 Lockheed Martin Black Hawk helicopters.
The agreement, which was revealed during the forum, is expected to support around 450 jobs in the Kingdom.
鈥淎t Lockheed Martin, we are proud to be part of this historic announcement that will strengthen the relationship between the United States and the Kingdom of 抖阴短视频,鈥� said Marillyn A. Hewson, chairman, president and CEO of Lockheed Martin Corporation.
鈥淲e are especially proud of how our broad portfolio of advanced global security products and technologies will enhance national security in 抖阴短视频, strengthen the cause of peace in the region, and provide the foundation for job creation and economic prosperity in the US and in the Kingdom. The agreements will directly contribute to His Majesty鈥檚 Vision 2030 by opening the door for thousands of highly skilled jobs in new economic sectors.鈥�
Energy 鈥� one of 抖阴短视频鈥檚 strongest sectors 鈥� witnessed a number of announcements with a combined $22 billion worth of new deals signed during the forum by Saudi and American executives in the oil and gas industry.
A major funding boost for the largest oil refinery in the US was among a number of announcements in refining and petrochemicals signed on Saturday at the forum.
Amin Nasser, president and CEO of Saudi Aramco, said: 鈥淭oday we are investing in long-term job creation and the future of the refining industry in the United States, and we are delivering on Vision 2030 to expand the US-Saudi partnership.
鈥淭he message is clear: the longstanding bonds between our two countries are reinforced by both the value and scale of today鈥檚 agreement.鈥�
Following his participation in the forum, Nasser also announced several agreements with suppliers including Jacobs, Honeywell and McDermott.