Saudi Arabia Greets Trump With Billions of Dollars of Deals

  • Aramco agrees MoUs, joint ventures with GE, Halliburton
  • Saudi wealth fund PIF invests in Blackstone fund, Softbank

Saudi Arabia welcomed U.S. President Donald Trump with agreements for deals worth tens of billions of dollars on Saturday as he embarked on his first state visit to the kingdom, which is undertaking unprecedented economic reforms.

The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, is contributing $20 billion in an infrastructure investment fund with Blackstone Group LP. The fund will eventually double in size “from other investors,” according to a statement. Saudi Aramco said it signed 16 accords with 11 companies valued at about $50 billion. One initial deal — worth $15 billion — was signed with General Electric Co. The U.S. and Saudi Defense Ministry also negotiated a package of about $110 billion, according to a White House transcript on Friday.

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