$400 billion in opportunities, armaments and investment opportunities between Saudi Arabia and US: Saudi crown prince

Saudi Crown Prince says he loves working with the US president and that a lot has been achieved in the Middle East due to their partnership. (AFP/File)
Updated 06 October 2018
0

$400 billion in opportunities, armaments and investment opportunities between Saudi Arabia and US: Saudi crown prince

  • We believe that all the armaments we have from the United States of America are paid for, it’s not free armament: crown prince
  • We have huge investments between both countries. We have good improvement in our trade – a lot of achievements, so this is really great: MBS

JEDDAH: Saudi Arabia’s crown prince said relations with the US are still strong despite comments by Donald Trump that the Kingdom must pay for American military support.
Crown Prince Mohammed bin Salman said: “Actually we will pay nothing for our security.” The Kingdom pays for all its military equipment from the US, he said:  “We believe that all the armaments we have from the United States of America are paid for, it’s not free armament.”
Since the beginning of Saudi-US relations “we’ve bought everything with money,” the crown prince told a group of Bloomberg reporters on Wednesday.
Saudi Arabia changed its military spending strategy after Donald Trump was elected president in 2016, with 60% of spending with the US over a decade, the prince said.
“That’s why we’ve created the $400 billion in opportunities, armaments and investment opportunities, and other trade opportunities,” which Prince Mohammed said was a good achievement for both countries.
The various deals, which were signed in 2017 when President Trump made Saudi Arabia his first overseas visit, means that “part of these armaments will be manufactured in Saudi Arabia, so it will create jobs in America and Saudi Arabia, good trade, good benefits for both countries and also good economic growth. Plus, it will help our security,” he said.
“I love working with him. I really like working with him and we have achieved a lot in the Middle East, especially against extremism, extremist ideologies, terrorism and Daesh,” said the crown prince.
President Trump and King Salman launched a global counter terror center in Riyadh during his visit to the country.
Prince Mohammed visited Washington in March where the president hailed the links between the two allies. “The relationship is probably the strongest it’s ever been,” Trump said at a joint press conference.
“We have huge investments between both countries. We have good improvement in our trade – a lot of achievements, so this is really great,” the prince said on Wednesday.
The US-Saudi efforts, along with global partners, have pushed back extremists and terrorists and countered Iran’s “negative moves in the Middle East in a good way,” he told the publication.
On the topic of controlling oil prices, the crown prince said the Kingdom has never “decided that this is the right or wrong oil price. The oil price depends on trade – consumer and supplier – and they decide the oil price based on trade and supply and demand. 
What we are committed in Saudi Arabia is to make sure there is no shortage of supply. So we work with our allies in OPEC and also non-OPEC countries to be sure that we have a sustainable supply of oil and there is no shortage and that there is good demand, that it will not create problems for the consumers and their plans and development,” he said.
Prince Mohammed confirmed that Trump did make a request to Saudi Arabia and OPEC to replace whatever may be lost of supply from Iran. “And that happened.  Because recently, Iran reduced their exports by 700,000 barrels a day, if I’m not mistaken. And Saudi Arabia and OPEC and non-OPEC countries, they’ve produced 1.5 million barrels a day. So we export as much as 2 barrels for any barrel that disappeared from Iran recently. So we did our job and more. We believe the higher price that we have in the last month, it’s not because of Iran. It’s mostly because of things happening in Canada, and Mexico, Libya, Venezuela and other countries that moved the price a little bit higher. But Iran, definitely no. Because they reduced 700,000 barrels and we’ve exported more than 1.5 million barrels a day,” the crown prince said.
When asked about diplomatic issues with Germany and Canada and how that differed from what Trump said, the prince replied: “It’s totally different. Canada, they gave an order to Saudi Arabia on an internal issue. It’s not an opinion of Canada about Saudi Arabia as much as they are giving an order to a different country. So we believe this is a totally different issue. Trump is speaking to his own people inside the United States of America about an issue.”


Saudi crown prince signs raft of cooperation agreements with China

Crown Prince Mohammed bin Salman signs an agreement between the Kingdom and China in Beijing on Friday. (SPA)
Updated 23 February 2019
0

Saudi crown prince signs raft of cooperation agreements with China

  • the crown prince headed the Saudi delegation at the third session of the China-Saudi Arabia High-Level Joint Committee

BEIJING: Crown Prince Mohammed bin Salman on Friday met with Chinese Vice Premier Han Zheng to discuss ways of further developing relations between the Kingdom and China.

The meeting took place in the grand surroundings of the Great Hall of the People in the Chinese capital Beijing. After their talks, the crown prince headed the Saudi delegation at the third session of the China-Saudi Arabia High-Level Joint Committee which he co-chaired with Zheng.

Delegates at the meeting discussed moves to strengthen cooperation between the two countries on trade, investment, energy, culture and technology, as well as the coordination of political and security matters. The committee also reviewed plans for greater integration between China’s Belt and Road development strategy and the Saudi Vision 2030 reform program.

After agreeing on the minutes of the meeting, the Saudi royal and Zheng took part in the signing of a range of agreements, memorandums of understanding (MoU), investment projects and bilateral cooperation accords between the Kingdom and China:

The cooperation agreement in maritime transport between the Chinese and Saudi governments, signed by Saudi Minister of Commerce and Investment Majid Al-Qassabi and Chinese Minister of Transport Li Xiaopeng.

MoU between the Kingdom’s Ministry of Energy, Industry and Mineral Resources and the National Development and Reform Commission in China, signed by Saudi Energy Minister Khalid Al-Falih and Ning Jizhe, vice chairman of the National Development and Reform Commission.

MoU between the Chinese Ministry of Commerce and Saudi Ministry of Commerce and Investment to form a working group to facilitate trade, signed by Abdul Rahman Al-Harbi, the Kingdom’s deputy minister of commerce and investment, and Qian Keming, Chinese vice minister of commerce.

Loan agreement between the Saudi Fund for Development (SFD) and the Chinese Ministry of Finance to build and equip three hospitals in Yanbian city in Jilin Province, signed by Saudi Minister of State for Foreign Affairs Adel Al-Jubeir and the Chinese deputy finance minister.

Rehabilitation

Loan agreement between the SFD and Chinese Ministry of Finance to reconstruct and rehabilitate areas affected by earthquakes in Sichuan Province, signed by Al-Jubeir and the Chinese deputy finance minister.

Agreement between the Saudi Ministry of Interior and the Chinese Ministry of Public Security to cooperate in fighting cybercrime, signed Nasser Al-Dawood, undersecretary of the Saudi Ministry of Interior, and China’s deputy minister for public security.

MoU between the Public Investment Fund (PIF) of Saudi Arabia and China’s National Committee for energy to invest in renewable energy, signed by PIF head Yasir Al-Rumayyan, and the committee’s vice chairman.

Minutes of the meeting about cooperating in combating terrorism between the Saudi Presidency of State Security and Chinese Ministry of Public Security, signed by Lt. Gen. Abdullah Al-Qarni, deputy director-general of General Investigation for the Kingdom, and the Chinese minister.

MoU between the Saudi Authority for Intellectual Property and the Chinese National Committee for Intellectual Property Rights, signed by Dr. Abdul Aziz Al-Swailem, the authority’s executive chairman, and committee chairman Xin Xiangyu.

MoU to participate in investing in renewable energy projects, signed by the chairman of ACWA Power, Mohammed Abunayyan, and president of the Silk Road Fund, Wang Yanzhi.

Cooperation agreement for Saudi Aramco to acquire 9 percent of Chinese project Zhejiang Petrochemical, signed by Saudi Aramco CEO Amin Nasser and Xung Wi, mayor of Zhushan.

Agreement between Saudi Aramco with NORINCO Group and Panjin Sincen to develop a fully integrated refining and petrochemical complex, located in the city of Panjin in China’s Liaoning province, signed by Nasser and Tang Yijun, governor of Liaoning province and chairman of NORINCO.