Photo Credit: REUTERS/Brian Snyder

U.S. President Donald Trump signed a far-reaching strategic economic agreement with Saudi Arabia on Tuesday, marking a major milestone at the start of his tour of Gulf states. The deal, which includes energy, defense, and technology investments, is valued at over $600 billion—making it one of the most substantial economic partnerships between the two nations.

President Trump arrived in Riyadh to a grand welcome, greeted personally by Saudi Crown Prince Mohammed bin Salman (MbS), who later signed the agreement during a high-level meeting. Saudi state television reported that the agreement covers key sectors such as energy, mining, and defense. The White House confirmed the deal includes a nearly $142 billion arms package—the largest defense agreement between the longtime allies.

“I really believe we like each other a lot,” President Trump said during the meeting with MbS at the Royal Court. He recalled his previous visit to the kingdom in 2017 and emphasized that the new investments would generate jobs and boost the U.S. economy.

The president is accompanied by a heavyweight delegation of American business leaders including Elon Musk, Larry Fink (CEO of BlackRock), Stephen A. Schwarzman (CEO of Blackstone), and OpenAI CEO Sam Altman. U.S. Treasury Secretary Scott Bessent was also in attendance.

A Saudi-U.S. investment forum held in Riyadh showcased the kingdom’s Vision 2030 initiative, a sweeping economic diversification program spearheaded by MbS. NEOM Deputy CEO Rayan Fayez said that nearly $1 billion in Saudi investment has already flowed into frontier technologies, with a majority directed toward U.S. firms.

Saudi Investment Minister Khalid al-Falih opened the forum by noting, “Energy remains a cornerstone of our relationship, but the scope of business opportunities between our two countries has multiplied many times over.”

Trump, Musk, and MbS were seen speaking briefly during a reception at the palace, underscoring the alignment between the Saudi reform agenda and American innovation.