Crown Prince Mohammed bin Salman announced that Saudi Arabia will increase its investment in the United States from $600 billion to $1 trillion.
He also said that the $1 trillion commitment is part of the government's long-term strategy to further diversify the country's economy and reduce its dependence on oil revenues.
US President Donald Trump thanked the Crown Prince for agreeing to channel $600 billion in investment in the US.
This is the first visit by a Saudi Arabian leader to the US in more than 7 years.
The Crown Prince arrived at the White House yesterday for bilateral talks with Trump that are expected to lead to the signing of several important agreements.
Crown Prince Mohammed's arrival was greeted with a ceremonial welcome, including jets flying in a V formation over the White House airspace, a cannon salute and the US Marine Corps Band playing the official anthem.
Trump greeted the Crown Prince on the South Portico before the two walked into the iconic building.
The two leaders are expected to sign several bilateral agreements, including the sale of F-35 stealth fighter jets, as well as business agreements and others.
The investment is also expected to cover high-tech sectors such as artificial intelligence (AI) and semiconductor components, in line with Saudi Arabia's Vision 2030 aspirations.
