During U.S. President Donald Trump’s Gulf tour, Saudi Aramco announced 34 preliminary agreements with major U.S. companies, potentially totaling up to $90 billion. These deals aim to strengthen Saudi Arabia’s Vision 2030 initiative, focusing on diversifying the economy beyond oil through industrial growth, technology, and foreign investment.
Key Agreements Include:
- Energy Sector: Partnerships with NextDecade and Sempra in liquefied natural gas (LNG) projects, and a $3.4 billion commitment to expand Aramco’s Motiva refinery in Texas.
Technology and AI: Collaborations with Nvidia for AI and robotics infrastructure, and Qualcomm for enhanced industrial networks.
Digital and Environmental Initiatives: Engagements with Amazon Web Services (AWS) to advance digital transformation and environmental projects.
Financial Services: Agreements with firms like PIMCO, State Street, Wellington, and a notable joint investment fund, ‘Fund of One’, with BlackRock, Goldman Sachs, and Morgan Stanley.
These agreements represent Aramco’s largest single-day U.S. announcements and reflect a strategic move to solidify economic and industrial collaborations with the United States.
Source: Reuters
