Saudi Crown Prince Mohammed bin Salman affirmed on Tuesday that economic relations between Saudi Arabia and the United States span more than nine decades, beginning in 1933 with the signing of an oil concession agreement with Standard Oil of California.

Speaking at the Saudi-U.S. Investment Forum, the Crown Prince outlined a bold economic vision anchored in strategic partnership, innovation, and diversification.

“We are currently working on partnership opportunities worth $600 billion, including over $300 billion in agreements announced during this forum,” he said. “In the coming months, we will move into the second phase to finalize the remaining agreements, bringing the total to $1 trillion.”

The Crown Prince and former U.S. President Donald Trump also signed the Strategic Economic Partnership Document, reinforcing bilateral cooperation across critical sectors including defense, technology, security, and energy.

Prince Mohammed stressed that the Kingdom’s economic transformation is aimed at reducing dependence on natural resources and building a knowledge- and innovation-driven economy. “This partnership contributes to localizing industry, developing local content, and supporting the gross domestic product,” he added.

The United States remains a key investment destination for the Saudi Public Investment Fund (PIF), which allocates nearly 40% of its global investments to American markets. The Crown Prince highlighted this as a sign of strong confidence in the U.S. economy, especially in areas like technology and artificial intelligence.

He also noted that 1,300 American companies are now operating in Saudi Arabia, representing nearly a quarter of all foreign investments. Among them, 200 companies have established their regional headquarters in the Kingdom.

Touching on the progress of Vision 2030, Prince Mohammed shared key milestones: non-oil exports surged to $82 billion in 2024, over 2.2 million citizens were employed, unemployment reached a historic low, and women’s participation in the labor force doubled.

The Crown Prince concluded by stating that Saudi-U.S. cooperation extends beyond economic realms, encompassing mutual efforts to foster regional and global security and peace.