Trump Starts Gulf Visit Seeking Big Economic Deals
Storyline:World
RIYADH, May 13 (Reuters) – U.S. President Donald Trump arrived in Saudi Arabia on Tuesday on a four-day visit to the wealthy Gulf region, focusing more on economic deals than pressing regional security matters ranging from war in Gaza to talks over Iran’s nuclear program.
With a who’s who of powerful American business leaders in tow, Trump is visiting Riyadh, site of a Saudi-US Investment Forum, before going to Qatar on Wednesday and the United Arab Emirates on Thursday. He has not scheduled a stop in Israel, a decision that has raised questions about where Israel stands in Washington’s priorities.
The Saudi-US investment forum began with a video showing soaring eagles and falcons and celebrating the long history between the United States and the kingdom.
At the front of a palatial hall sat Larry Fink, the CEO of Blackrock, Stephen A. Schwartzman, CEO of Blackstone, Treasury Secretary Scott Bessent, and Saudi Finance Minister Mohammed Al Jadaan and Falih.
Speaking at a forum panel as Trump touched down in Riyadh, Fink said he had traveled to Saudi Arabia more than 65 times over 20 years. He said the kingdom had been a follower when he first started visiting but was now “taking control” and broadening its economy out of its oil base.
After landing, Trump punched the air when he caught sight of Crown Prince Mohammed bin Salman, also known as MbS, before shaking hands with the de facto leader.
MbS has focused on weaning the kingdom’s economy off hydrocarbon dependence in a major reform programme dubbed Vision 2030 that includes “Giga-projects” such as NEOM, a futuristic city the size of Belgium.
The kingdom has had to scale back some of its lofty ambitions as rising costs and falling oil prices weigh.