Saudi economy minister says $600 bln package with US includes investments, procurement

Saudi Economy Minister Faisal Alibrahim said on Friday that the $600 billion of expanded investment and trade with the United States mentioned by Saudi Crown Prince Mohammed bin Salman includes investments as well as procurement from the public and private sectors.

The state news agency said on Thursday that the crown prince had affirmed the kingdom's intention to broaden its investments and trade with the United States over the next four years, in the amount of $600 billion, and potentially beyond that.

"This number represents investments, procurement, public and private sector, and it's just a mirror reflection of the strong relationship," Alibrahim said on a panel at the World Economic Forum in Davos when asked if the kingdom would increase the figure to $1 trillion, as U.S. President Donald Trump suggested to the forum on Thursday.

"What we'll spend in the economy from the start of Vision 2030 to 2030 is 12 times that number," Alibrahim said.

Asked if Saudi Arabia would reduce the price of oil - after Trump told Davos he would tell the kingdom and OPEC to do so - he said Riyadh was focused on long-term oil market stability.

Oil prices fell following Trump's remarks on Thursday.

Vision 2030 is an ambitious agenda launched in 2016 aimed at overhauling the Saudi economy to cut reliance on hydrocarbons, create jobs and build new industries.

"The kingdom's position, OPEC's position, is all about long-term market stability to make sure that there's enough supply for the growing demand," including from the U.S. and for artificial intelligence, he said.

Reuters