Saudi Arabia, US to develop $200 bln investment program

US President Donald Trump has expressed support for developing a new US-Saudi program that will invest over $200 billion in energy, industry, infrastructure and technology over the next four years.

The program will be undertaken by joint US-Saudi working groups, the White House said in a statement, after Trump met with Deputy Crown Prince Mohammed bin Salman on Tuesday.

Prince Mohammed, who is heading the kingdom’s council tasked with diversifying the economy, is also leading plans to sell up to 5 percent of state oil giant Saudi Aramco in what is expected to be the world's biggest initial public offering (IPO).

During the meeting, the Saudi prince and Trump discussed boosting trade ties, promoting investment, and expanding cooperation in the energy sector between both countries.

“Expanded economic cooperation could create as many as one million direct American jobs within the next four years, millions of indirect American jobs, as well as jobs in Saudi Arabia,” the White House said.

Trump expressed support of US investments in Saudi Arabia, and affirmed plans to continue bilateral relations in the energy arena, in order to enhance global economic growth and limit supply disruption and market volatility.

Both leaders also pledged to explore cooperation across political, military, security, economic, cultural, and social dimensions.

Moreover, they agreed on the “importance of confronting Iran's destabilizing regional activities,” the statement said.