Riyadh, May 20: In his first overseas trip as President, Donald Trump sealed an arms deal with Saudi Arabia worth $350 billion over 10 years, with nearly $110 billion to take effect immediately. The agreement is said to bolster security "in the face of Iranian threats".
"This package of defence equipment and services support the long-term security of Saudi Arabia and the Gulf region in the face of Iranian threats, while also bolstering the Kingdom's ability to contribute to counter terrorism operations across the region," the White House said in a statement on Saturday, as quoted by CNBC News.
US President Donald Trump, along with US Secretary of State Rex Tillerson, who is accompanying him on the trip, attended a signing ceremony for almost $110 billion worth of defence capabilities to be conveyed to Saudi Arabia, the US Department of State said in a statement on Saturday.
"This package demonstrates the United States' commitment to our partnership with Saudi Arabia, while also expanding opportunities for American companies in the region," the statement read.
The deal also "potentially supports tens of thousands of new jobs in the US," it added.
Reports of Washington and Riyadh engaging in talks over multi-billion arms deals emerged earlier in May.