Deals with billions of dollars between Saudi and American companies with Trump's visit

Deals with billions of dollars between Saudi and American companies with Trump's visit

Arab and international Since 2017-05-20 at 16:49 (Baghdad time)

Follow up - Mawazine News
US and Saudi companies signed deals worth tens of billions of dollars on Saturday during a visit by President Donald Trump as Riyadh seeks to develop its oil-based economy.
The Saudi energy minister has announced the signing of deals worth more than 200 billion dollars, while some deals are old and others memorandums of understanding may not crystallize
The announcements highlight Saudi Arabia's desire to diversify its economy and come after a series of similar deals in Asia, where deals include various sectors of health care for oil and weapons
Saudi Aramco said it had signed $ 50 billion worth of deals with US firms. Energy Minister Khaled al-Faleh said total deals with all companies exceeded $ 200 billion, many of which were aimed at localizing the manufacture of products that were being imported.
Businessmen from both sides highlighted the success of the talks, which gave rise to a degree of boast in large numbers. Some of these deals have already been announced by some, and others are memorandums of understanding that require further negotiations to take shape.
But deals show Saudi Arabia's thirst for foreign capital and technology as it seeks to reduce its reliance on oil exports. Low oil prices in the last two years have slowed the economy and weighed heavily on the government.
"We want foreign companies to consider Saudi Arabia as a platform for export to other markets," Faleh told the conference.
Saudi Arabia's King Salman made an Asian tour in March where the Saudi delegation, accompanied by similar agreements, signed tens of billions of dollars, including deals worth up to $ 65 billion in China.
Senior Saudi economic policymakers, such as the finance minister and head of the main sovereign wealth fund, reviewed investment opportunities in Saudi Arabia during a conference attended by dozens of US executives today.
Saudi officials have said they aim to set up new simplified rules for foreign direct investment in 12 months.
Among the deals signed today, General Electric said it had reached agreements worth $ 15 billion, including goods and services from the same company about $ 7 billion. Agreements covered various areas of electricity to health care, oil, gas and mining.
Jacobo Engineering is planning a joint venture with Saudi Aramco to manage projects in the kingdom and McDermott International will transfer some of its shipbuilding facilities from Dubai to a new shipbuilding complex to be built by Aramco in Saudi Arabia.
Saudi Arabia, one of the world's largest arms buyers, is keen to develop a local weapons industry rather than relying on imports, and so many deals have been concentrated in the military industries.
Lockheed Martin said it would support the final assembly of an estimated 150 Blackhawks S-70 multi-mission helicopters in Saudi Arabia.
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