In today’s Saudi Arabia, convention centres resemble palaces. 

The King Abdul Aziz International Conference Centre was built in 1999 but inside it feels like Versailles.

Some might call it kitsch, but it’s a startling reflection of how far this country has come – the growth of a nation from desert bedouins to a vastly wealthy regional powerbroker in just one generation.

Trump latest: President signs huge arms deal with Saudi Arabia

At a bar overnight, over mocktails and a shisha, I listened to one young Saudi man tell me how his family had watched this transformation.

His father, now in his 60s, had lived the change – a child born in a desert tent, an upbringing in a dusty town, his 30s as a mujahideen fighting the Soviets in Afghanistan, his 40s in a deeply conservative Riyadh and now his 60s watching, wide-eyed, the change supercharged in recent years.

The last few years’ acceleration of change is best reflected in the social transformation. Women, unveiled, can now drive. Here, make no mistake, that’s a profound leap forward.

Through a ‘western’ lens, there’s a way to go – homosexuality is illegal here. That, and the murder of Saudi journalist Jamal Khashoggi, are no longer openly discussed here.

Bluntly, political and economic expedience have moved world leaders and business leaders beyond all that.

Read more:
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The guest list of delegates at the convention centre for the Saudi-US Investment Forum reads like a who’s who of America’s best business brains.

Signing a flurry of different deals worth about $600bn (£451bn) of inward investment from Saudi to the US – which actually only represent intentions or ‘memorandums of understanding’ at this stage – the White House said: “The deals… represent a new golden era of partnership between the United States and Saudi Arabia.

“From day one, President Trump‘s America First Trade and Investment Policy has put the American economy, the American worker, and our national security first.”

That’s the answer when curious voters in faraway America wonder what this is all about.

With opulence and extravagance, this is about a two-way investment and opportunity.

There are defence deals – the largest defence sales agreement in history, at nearly $142bn (£106bn) – tech deals, and energy deals.

Underlying it all is the expectation of diplomatic cooperation, investment to further the geopolitical strategies for both countries on key global challenges.

In the convention centre’s gold-clad corridors, outside the plenary hall, there are reminders of the history of this relationship.

There is a ‘gallery of memories’ – the American presidents with the Saudi kings – stretching back to the historic 1945 meeting between Franklin D Roosevelt and King Saud on board the USS Quincy. That laid the foundation for the relationship we now see.

Curiously, the only president missing is Barack Obama. Sources suggested to me that this was a ‘mistake’. A convenient one, maybe.

It’s no secret that the US-Saudi relationship was at its most strained during his presidency. Obama’s absence would give Trump a chuckle.

Today, the relationship feels tighter than ever. There is a mutual respect between the president and Saudi Crown Prince Mohammed bin Salman – Trump chose Saudi Arabia as his first foreign trip in his last presidency, and he’s done so again.

But there are differences this time. Both men are more powerful, more self-assured, and of course the region has changed.

Follow the World

Listen to The World with Richard Engel and Yalda Hakim every Wednesday

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There are huge challenges like Gaza, but the two men see big opportunities too. A deal with Iran, a new Syria, and Gulf countries that are global players.

It’s money, money, money here in Riyadh. Will that translate to a better, more prosperous and peaceful world? That’s the question.

In today’s Saudi Arabia, convention centres resemble palaces. 

The King Abdul Aziz International Conference Centre was built in 1999 but inside it feels like Versailles.

Some might call it kitsch, but it’s a startling reflection of how far this country has come – the growth of a nation from desert bedouins to a vastly wealthy regional powerbroker in just one generation.

Trump latest: President signs huge arms deal with Saudi Arabia

At a bar overnight, over mocktails and a shisha, I listened to one young Saudi man tell me how his family had watched this transformation.

His father, now in his 60s, had lived the change – a child born in a desert tent, an upbringing in a dusty town, his 30s as a mujahideen fighting the Soviets in Afghanistan, his 40s in a deeply conservative Riyadh and now his 60s watching, wide-eyed, the change supercharged in recent years.

The last few years’ acceleration of change is best reflected in the social transformation. Women, unveiled, can now drive. Here, make no mistake, that’s a profound leap forward.

Through a ‘western’ lens, there’s a way to go – homosexuality is illegal here. That, and the murder of Saudi journalist Jamal Khashoggi, are no longer openly discussed here.

Bluntly, political and economic expedience have moved world leaders and business leaders beyond all that.

Read more:
Why Trump’s idea of using a Qatari jet has faced criticism
Trump ‘thinking’ of going to proposed Zelenskyy-Putin peace talks

The guest list of delegates at the convention centre for the Saudi-US Investment Forum reads like a who’s who of America’s best business brains.

Signing a flurry of different deals worth about $600bn (£451bn) of inward investment from Saudi to the US – which actually only represent intentions or ‘memorandums of understanding’ at this stage – the White House said: “The deals… represent a new golden era of partnership between the United States and Saudi Arabia.

“From day one, President Trump‘s America First Trade and Investment Policy has put the American economy, the American worker, and our national security first.”

That’s the answer when curious voters in faraway America wonder what this is all about.

With opulence and extravagance, this is about a two-way investment and opportunity.

There are defence deals – the largest defence sales agreement in history, at nearly $142bn (£106bn) – tech deals, and energy deals.

Underlying it all is the expectation of diplomatic cooperation, investment to further the geopolitical strategies for both countries on key global challenges.

In the convention centre’s gold-clad corridors, outside the plenary hall, there are reminders of the history of this relationship.

There is a ‘gallery of memories’ – the American presidents with the Saudi kings – stretching back to the historic 1945 meeting between Franklin D Roosevelt and King Saud on board the USS Quincy. That laid the foundation for the relationship we now see.

Curiously, the only president missing is Barack Obama. Sources suggested to me that this was a ‘mistake’. A convenient one, maybe.

It’s no secret that the US-Saudi relationship was at its most strained during his presidency. Obama’s absence would give Trump a chuckle.

Today, the relationship feels tighter than ever. There is a mutual respect between the president and Saudi Crown Prince Mohammed bin Salman – Trump chose Saudi Arabia as his first foreign trip in his last presidency, and he’s done so again.

But there are differences this time. Both men are more powerful, more self-assured, and of course the region has changed.

Follow the World

Listen to The World with Richard Engel and Yalda Hakim every Wednesday

Tap to follow

There are huge challenges like Gaza, but the two men see big opportunities too. A deal with Iran, a new Syria, and Gulf countries that are global players.

It’s money, money, money here in Riyadh. Will that translate to a better, more prosperous and peaceful world? That’s the question.

Donald Trump has often said that his “favourite word” is “tariff”. Surely “deal” would come a close second.

The president‘s new term in the White House has been dominated by a protectionist agenda aimed at restoring America’s domestic manufacturing base and jobs.

His primary objective is cutting America’s trade deficit – by which the country imports more in value terms, than it exports.

That gap, the largest for any country in the world, stands at about $1.1trn (£830bn) annually.

Follow the World

Listen to The World with Richard Engel and Yalda Hakim every Wednesday

Tap to follow

The threat of, and later, the implementation of stop-start tariffs has flung the global trade order into chaos, with some companies and traditional trading partners taking the opportunity of a “deal”, when able to.

Mr Trump has claimed that his work to date is worth $10trn (£7.5trn) to the US economy but experts have said the values are likely to be much lower and almost impossible to quantify.

Here, we outline some of the big deals to have been claimed so far in a bid to achieve Mr Trump’s economic and trade goals.

Stargate

A boost to AI infrastructure in the US was announced by the president on his first full day back in the White House.

The OpenAI-led venture, mostly funded by Japan’s Softbank, will see up to $500bn (£375bn) spent on data centres up to 2029.

It has been widely reported this week that progress has stalled, however, due to US trade tariffs.

Apple

The iPhone maker announced in February its largest ever spending commitment, of more than $500bn (£375bn) over four years.

Along with AI data centres, the company has pledged to build an “advanced” factory in Texas under Mr Trump’s push for US manufacturing growth.

Nvidia

The world’s most valuable chipmaker revealed in April that it was to invest $500bn (£375bn) in the US over four years.

The company, which makes the majority of its chips in Taiwan currently, said it was to spend the bulk of the money on domestic AI servers. Two manufacturing plants – in Arizona and Texas – will also be expanded under the plans.

US-UK trade deal

More of a truce than a comprehensive trade deal – and almost impossible to put a value on given the disruption to date – but this was the first “deal” that the Trump administration did to end some tariffs against a country.

It sees 25%+ duties on UK-made cars cut to 10% under a quota system that will also see steel tariffs scrapped.

However, a 10% levy remains on all other goods.

Prime Minister Sir Keir Starmer said that the partially completed agreement would save “thousands of jobs”.

US-China trade deal

The president hailed a “reset” in relations with China following a deal, revealed on 12 May, that will end the effective trade embargo between the world’s two largest economies.

US tariffs of 145% and those imposed by China, of up to 125%, had effectively killed most trade altogether but have been paused for 90 days. They have been replaced by effective rates of 30% and 10% respectively.

Saudi Arabia

Donald Trump signed a “$600bn deal” with Saudi Arabia, which includes the “largest defence sales agreement in history” on Tuesday 13 May.

He said during his visit to the kingdom that, in addition to purchases of $142bn (£107bn) of US-made military equipment, there will also be multi-billion dollar deals in Saudi Arabia with US firms including Amazon, Uber and Oracle.