Saudi Arabia is preparing to cement ties with President Donald Trump by committing to unprecedented investments in the U.S.
The kingdom’s sovereign wealth fund is set to announce plans to deploy as much as $40 billion into U.S. infrastructure, according to people familiar with the matter. The investment may be unveiled as early as next week to coincide with Trump’s visit to the kingdom, said the people, asking not to be identified as the information is private. No final decisions have been made and the announcement may still be delayed, they said.
Saudi Arabia is eager to reset relations with the new U.S. administration after feeling shunned by President Barack Obama, who crafted the 2015 nuclear deal with their Shiite rival Iran. The kingdom claimed a “historic turning point” in bilateral relations after President Trump met Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman in the White House earlier this year.