SAUDI ARABIA’S crown prince said today the kingdom wants to invest $600 billion (£491bn) in the United States over the next four years.

The comments from Crown Prince Mohammed bin Salman, reported early today by the Saudi Press Agency, came in a phone call with President Donald Trump.

“The crown prince affirmed the kingdom’s intention to broaden its investments and trade with the United States over the next four years, to the tune of $600 billion, and potentially beyond that,” the report said.

The report did not elaborate on the nature of the investments.

The US in recent years has increasingly pulled away from relying on Saudi oil exports, the bedrock of their relationship for decades. 

Saudi sovereign wealth funds have taken large stakes in US businesses and sports teams.

Saudi Arabia does, however, rely predominantly on US-made weapons and defence systems, which could be a part of the investment.

There was no immediate report from the White House on the call. 

The crown prince, de facto ruler of the oil-rich kingdom, also spoke with US Secretary of State Marco Rubio.

Mr Trump maintained close relations with Saudi Arabia, even after Prince Mohammed was implicated in the 2018 killing and dismemberment of Washington Post columnist Jamal Khashoggi in Istanbul. 

The $600 billion pledge, which dwarfs the gross domestic product of many nations, also comes as the kingdom faces budgetary pressures of its own. Global oil prices remain depressed years after the height of the coronavirus pandemic, affecting the kingdom’s revenues.

Meanwhile, Prince Mohammed also wants to continue his $500 billion (£409 bn) project at NEOM, a new city in Saudi Arabia’s western desert on the Red Sea. 

It will also need to build tens of billions of dollars’ worth of new stadiums and infrastructure ahead of hosting the 2034 World Cup.