Saudis greet Trump with deals worth billions of dollars

RIYADH, Saudi Arabia (Bloomberg) -- Saudi Arabia welcomed U.S. President Donald Trump with agreements for deals worth tens of billions of dollars on Saturday, as he embarked on his first state visit to the kingdom, which is undertaking unprecedented economic reforms.

Oil giant Saudi Aramco said it signed 16 accords with 11 companies valued at about $50 billion. One initial deal -- worth $15 billion -- was signed with General Electric Co. across the power, healthcare, oil, gas and mining industries. The U.S. and Saudi Ministry of Defense also negotiated a package totaling about $110 billion, according to a White House transcript on Friday.

“I can’t imagine another business day that’s been as good for the United States or for the kingdom,” U.S. Commerce Secretary Wilbur Ross said in the Saudi capital, dismissing concern that controversy engulfing Trump’s administration at home would impact his first overseas trip as president.

Honeywell International Inc., Nabors Industries Ltd., Exxon Mobil Corp. and Lockheed Martin were among other U.S. firms to sign accords Saturday after American corporate titans met local business heads in Riyadh. The deals come as the Trump administration is promising to improve relations with Saudi Arabia, the world’s biggest crude exporter, that were strained under President Barack Obama.

“Many of us sitting on the table are overseeing substantial investments in the United States,” Energy Minister Khalid Al-Falih said on a panel at the inaugural Saudi-U.S. CEO Forum that included Saudi billionaire Lubna Al-Olayan and Finance Minister Mohammed Al-Jadaan.