Saudi Arabia signed Agreement To Invest $110 Billion in US Along with $350 Billion over Next Decade
President Trump signed a $110 billion arms deal with Saudi Arabia on Saturday, the initial day of his first foreign trip since taking office.
The agreement commits Saudi Arabia to buying military equipment from U.S. and to hiring American companies to build such equipment in Saudi Arabia, according to Gary Cohn, the president's chief economic adviser.
"That was a tremendous day. Tremendous investments in the United States," Trump said. "Hundreds of billions of dollars of investments into the United States and jobs, jobs, jobs," he said.
The agreement commits Saudi Arabia to buying military equipment from the U.S. and to hiring American companies to build such equipment in Saudi Arabia, according to Gary Cohn, the president's chief economic adviser. The deal includes tanks and helicopters for border security, ships for coastal security, intelligence-gathering aircraft, a missile-defense radar system and cybersecurity tools, according to the State Department.
In a joint press appearance on Saturday with the Saudi foreign minister, Secretary of State Rex Tillerson praised the pact as a "historic moment in U.S.-Saudi relations." He also expressed an openness to talks with Iran.
The Trump administration has been working to finalize the deal over the past several months. White House press secretary Sean Spicer called the deal "huge news for U.S. companies and American workers who will benefit" in a tweet on Saturday morning.
"This package of defense equipment and services supports the long-term security of Saudi Arabia and the Gulf region in the face of malign Iranian influence and Iranian related threats. Additionally, it bolsters the Kingdom's ability to provide for its own security and continue contributing to counterterrorism operations across the region, reducing the burden on U.S. military forces," the State Department said in a statement.
The arms deal includes military sales to Saudi Arabia of $110 billion immediately and $350 billion total over the next decade, according to a White House official. The two countries also agreed to a joint vision statement, private-sector agreements and defense cooperation agreements.