A giant billboard bearing portraits of US President Donald Trump and Saudi Arabia's King Salman, is seen on a main road in Riyadh, on May 19, 2017. Trump, on his first foreign trip since taking office in January, will tell Muslim leaders of
his 'hopes for a peaceful vision of Islam' as he seeks support for the war against radical Islamists
RIYADH, Saudi Arabia — Saudi Arabia announced
more than $55 billion in deals with US companies Saturday, coinciding with President Donald Trump’s arrival here for a two-day visit.
The Saudis announced they had reached
preliminary agreements with US defense companies, industrial manufacturers and oil and gas companies following a Saudi-US CEO Forum in Riyadh that will help Saudis make progress on their Vision 2030 plan to modernize and diversify the country’s economy.
The series of deals also includes a $12 billion investment in a US oil refinery from Motiva Enterprises,
a subsidiary of Aramco, Saudi Arabia’s national oil and gas company.
The agreement with defense companies represents just a sliver of the $110 billion deal that Trump and Saudi King Salman signed moments earlier.The defense portion of the agreements on Saturday includes a
$6 billion deal for Lockheed Martin to build 150 Blackhawk helicopters in Saudi Arabia, helping the kingdom develop its defense industry, which is a key component of the country’s 2030 Vision plan. US defense company Raytheon will also establish a branch in Saudi Arabia and General Dynamics agreed “to localize design, engineering, manufacturing, and support of armored combat vehicles,” the government announced in a press release.
GE also reached a $15 billion deal to work with the Saudi kingdom on a range of projects aimed at improving the country’s power grid and energy capabilities.
Dow Chemical will also build a $100 million manufacturing plant in the country.The Saudi oil and gas industry also reached $22 billion in partnerships between Saudi Arabia and US companies that will bolster the country’s massive oil and gas industry.
http://fox6now.com/2017/05/20/saudi-arabia-us-companies-reach-55-billion-in-deals/
