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US President Trump visited Saudi Arabia last weekend with two apparent aims – to send a political message to Iran (see p11 ), particularly given that his following visit was to Israel, and to reinvigorate the US-Saudi long term economic relationship.
The long list of deals signed during the visit chimes with Deputy Crown Prince Muhammad's ‘Vision 2030,’ which aims to diversify the Saudi economy away from oil, and his visits to the US to gauge options for a potential New York listing for state oil giant Aramco (see p13 ).
The total value of the agreements for which cost estimates were announced is over $78bn, including almost $54bn in oil sector deals (see table). The largest number of agreements was in the Saudi upstream, amounting to almost $24bn, but the standout deal was downstream, although not in Saudi Arabia – a $30bn two-stage investment by Aramco in its US Motiva refining and marketing subsidiary. (CONTINUED - 764 WORDS)
DATA INSIDE THIS ARTICLE
|table||Saudi-Us Sign $78.45Bn* Deals During President Trump'S Visit To Riyadh|