DUBAI, United Arab Emirates (AP) – The Saudi prince tasked with attracting foreign investment said Monday that U.S. President Donald Trump’s pro-business administration can be a good thing for the kingdom as it overhauls its economy and prepares to publicly list shares of state-owned oil giant Aramco.
Prince Saud bin Khalid al-Faisal, the acting governor of the Saudi Arabian General Investment Authority, pointed to last month’s visit to Washington by Deputy Crown Prince Mohammed bin Salman, who is second-in-line to the throne and leading a nationwide push to limit Saudi reliance on oil exports.
Prince Saud said the visit was characterized as a “reset” in the U.S.-Saudi relationship, which had cooled under the Obama administration. A White House statement after Trump’s meeting with Prince Mohammed emphasized the need to strengthen economic and commercial ties between the two countries, including embarking on joint initiatives in the energy, industry, infrastructure and technology sectors, with opportunities worth more than $200 billion.
“The new administration being a pro-business administration I think will realize that business in Saudi Arabia will create benefits in the U.S. in terms of job creation,” said Prince Saud.
“Investment is generally a win-win situation for both countries,” he said, speaking in an interview with The Associated Press on the sidelines of the Annual Investment Meeting in Dubai.