Saudi Arabia has plans to invest $40 billion in U.S. infrastructure, according to media reports.
The kingdom intends to make the infrastructure investment through its sovereign wealth fund, and the spending could be announced as early as next week, during President Trump’s first visit there, Bloomberg reported.
Trump announced last week that he will visit Saudi Arabia, Israel and the Vatican during his first foreign trip as president later this month. Trump will visit Saudi Arabia May 19.
Saudi Energy Minister Khalid Al-Falih told CNBC in March the kingdom believes U.S. infrastructure in particular is an attractive investment.