$243bn US-Qatar economic deals
Trump meets Syrian leader
Major deal announcements kept rolling in on Wednesday as Donald Trump travelled from Riyadh to Doha on the second day of his visit to the Gulf.
Qatar Airways agreed to purchase up to 210 Boeing 787 Dreamliner and 777X jets for $96 billion in what the White House described as Boeing’s “largest ever wide-body order”.
It was reported last week that the state-backed airline was looking to order 100 planes with an option for an additional 100. When the aircraft arrive is a moot point, with Boeing suffering with delivery delays.
The president and Qatar’s Emir Sheikh Tamin bin Hamad Al Thani also signed a defence agreement that might ultimately be worth tens of billions of dollars.
Bilateral economic deals between the US and Qatar previewed on Wednesday amounted to $243.5 billion, with a larger cooperation framework signed by the two leaders expected to generate upwards of $1.2 trillion in economic exchanges, according to a White House factsheet.
“I think after signing these documents, we are going to another level of relationship between Qatar and the United States,” the emir said.
Meanwhile Saudi Arabia’s Public Investment Fund announced multi-billion dollar partnerships with US asset managers Franklin Templeton and Neuberger Berman.
The memorandum of understanding between PIF and Franklin Templeton allows them to funnel $5 billion from domestic and international investors into Saudi public and private markets, according to Reuters.
Reuters also reported that PIF and BlackRock plan to launch an index mandate focused on Saudi equities, while Florida-based Squared Capital signed its own MoU with the Saudi sovereign wealth fund to establish an infrastructure fund targeting the Middle East.
Saudi Aramco revealed later in the day that it has reached 34 interim deals with US counterparts worth upwards of $90 billion.
Advanced technology, weaponry and investment catalysed tens of billions of dollars in new deals during Trump’s first day in Saudi Arabia on Tuesday.
Saudi Press Agency/Handout via ReutersTrump separately met President Ahmed Al Sharaa of Syria after pledging that he would order US sanctions on the country to be lifted to help the transitional government rebuild the war-torn economy.
“I felt very strongly that this would give them a chance,” Trump said during a meeting of the Gulf Co-operation Council in Riyadh.
The Saudi foreign minister Prince Faisal bin Farhan Al Saud said during a press conference that the decision would mark a “breakthrough” in the kingdom’s support for Syria by unleashing “many investment opportunities”.
President Trump is expected to conclude his visit to Qatar on Thursday before flying to Abu Dhabi.
There he will meet with UAE leaders to discuss “fast-tracking” a previously agreed $1.4 trillion strategic and investment partnership, according to a statement by the UAE’s ambassador to the US Yousef Al Otaiba.
