Donald Trump news: US President announces $927 billion investment deal with Saudi Arabia in Riyadh

US President Donald Trump has announced a near trillion-dollar deal with Saudi Arabia that will see investments in energy security, defence, technology and critical minerals.

Speaking from Riyadh, Mr Trump said the US-Saudi relationship had been the “bedrock of security and prosperity” since 1945, when then US President Franklin Roosevelt met with then Saudi King Abdulaziz.

“Exactly eight years ago this month, I stood in this very room and looked forward to a future in which the nations of this region would drive out the forces of terrorism and extremism … and take your place among the proudest, most prosperous, most successful nations anywhere in the world as leaders of a modern and rising Middle East,” Mr Trump said.

The deal includes a $US600 billion ($927 billion) commitment from Saudi Arabia in energy security, defence, technology and critical minerals.

The deal is formed with commitments from companies including Saudi Arabian DataVolt, Google, Oracle, Salesforce, AMD, Uber, Hill International, Jacobs, Parsons, AECOM, GE Vernova, Boeing, AviLease, Shamekh Soluions, and LLC, just to name a few.

Within the agreement is a near $US142 billion defence sale component which will see the US provide Saudi Arabia with “state-of-the-art war fighting equipment and services from over a dozen US defence firms,” the White House said.

“The $US600 billion in Saudi investment in the United States builds on President Trump’s record in 2017 of securing billions in commercial deals and agreements with Saudi Arabia for the defence, energy, technology, and infrastructure sectors,” the White House continued.

Mr Trump opened his four-day Middle East trip by paying a visit to Saudi Arabia’s de facto ruler, Crown Prince Mohammed bin Salman, for talks on US efforts to dismantle Iran’s nuclear program, end the war in Gaza, hold down oil prices and more.

Prince Mohammed warmly greeted Trump on Tuesday as he stepped off Air Force One and kicked off his Middle East tour.

The two leaders then retreated to a grand hall at the Riyadh airport for a coffee ceremony.

Mr Bin Salman, who spoke before Mr Trump at the investment conference, said the aim is to raise the US-Saudi partnership to $US1 trillion across the military, security, economic and technological sectors.

During the lavish investment forum, the Crown Prince was beaming as Mr Trump expressed his admiration for Mr Bin Salman.

“Before our eyes, a new generation of leaders is transcending the ancient conflicts and tired divisions of the past, and forging a future where the Middle East is defined by commerce, not chaos; where it exports technology, not terrorism; and where people of different nations, religions, and creeds are building cities together — not bombing each other out of existence,” Mr Trump said.

“This great transformation has not come from Western interventionists … giving you lectures on how to live or how to govern your own affairs.

“No, the gleaming marvels of Riyadh and Abu Dhabi were not created by the so-called ‘nation-builders,’ ‘neo-cons,’ or ‘liberal non-profits,’ like those who spent trillions failing to develop Kabul and Baghdad, so many other cities. Instead, the birth of a modern Middle East has been brought about by the people of the region themselves … developing your own sovereign countries, pursuing your own unique visions, and charting your own destinies.

“After so many decades of conflict, finally it is within our grasp to reach the future that generations before us could only dream about — a land of peace, safety, harmony, opportunity, innovation, and achievement right here in the Middle East.”

Mr Trump posted an image along side Crown Prince Mohammed bin Salman after announcing the mega-deal.