Saudi Arabia's Economy Minister Faisal Al-Ibrahim said on Friday that the kingdom had announced $600 billion in expanded investment and trade with the United States, which includes both investment and public and private procurement. However, Riyadh did not promise to lower oil prices.
The news came a day earlier from the state news agency, which confirmed the kingdom's intention to increase its economic relations with the US over the next four years, and the announced amount could even be exceeded.
"This figure reflects the strong relationship between the two countries," Al-Ibrahim said at the World Economic Forum in Davos. He added that Saudi Arabia's total spending under the "Vision 2030" initiative by the end of the decade would be 12 times that amount.
When asked if Saudi Arabia would lower oil prices - after President Donald Trump said in Davos that he would push the kingdom and OPEC to do so - Al-Ibrahim stressed that Riyadh was focused on the long-term stability of the oil market.
"The position of the kingdom and OPEC is to ensure long-term stability in the market to ensure sufficient supply for growing demand," he said, noting that this includes U.S. demand and for artificial intelligence.
"Vision 2030" is an ambitious program launched in 2016 that aims to transform the Saudi economy by reducing its dependence on oil, creating new industries and creating jobs.
Al-Ibrahim also announced that World Economic Forum events will be held regularly in Saudi Arabia starting in the spring of 2026, following the successful hosting of a meeting last year.