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Trump to Visit Saudi Arabia as Major Announcements Expected

Trump and the Saudi Crown Prince attend a business lunch in Washington in 2018 (AFP)
Trump and the Saudi Crown Prince attend a business lunch in Washington in 2018 (AFP)
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Trump to Visit Saudi Arabia as Major Announcements Expected

Trump and the Saudi Crown Prince attend a business lunch in Washington in 2018 (AFP)
Trump and the Saudi Crown Prince attend a business lunch in Washington in 2018 (AFP)

US President Donald Trump is scheduled to arrive in Riyadh next Tuesday on his first official foreign trip since beginning his second term in office. The visit comes on the heels of an unplanned stop in Rome, where he attended the funeral of Pope Francis.

Saudi Arabia is once again Trump’s first international destination - mirroring his 2017 visit, which he described at the time as “highly successful.” This year, his Gulf tour will also include stops in Qatar and the United Arab Emirates, running from May 13 to 16.

Since Trump’s first visit eight years ago - just a year after the launch of Saudi Arabia’s Vision 2030 - the Kingdom has made significant strides toward economic transformation. The upcoming trip is expected to offer a real-time snapshot of that progress and serve as a tangible endorsement of the reforms set in motion by Crown Prince Mohammed bin Salman. Trump is expected to witness a vastly changed Saudi Arabia, with developments that reflect the ambitions of its long-term strategic agenda.

High-Level Deals

In the days leading up to Trump’s visit, expectations are mounting over a series of high-profile announcements. Speaking after his meeting with Canadian Prime Minister Mark Carney on Wednesday, Trump hinted at “major developments” to be revealed during his Gulf tour.

Among the expected announcements is a preliminary agreement on civil nuclear cooperation, which US Energy Secretary Chris Wright discussed during his visit to Saudi Arabia last month. Wright said both sides were close to finalizing an agreement focused on civil nuclear energy and technological collaboration.

Deepening Strategic and Economic Ties

Trump’s return to Riyadh underscores the Kingdom’s importance in US foreign policy and economic strategy. The visit also aligns with the administration’s push to encourage foreign investment in the United States while expanding bilateral cooperation with key regional allies.

The trip is expected to attract a wave of influential American business leaders to the Saudi capital. Executives from Wall Street and Silicon Valley, including BlackRock CEO Larry Fink and Palantir CEO Alex Karp, will attend the Saudi-US Investment Forum, scheduled to coincide with Trump’s arrival.

Senior figures from CitiGroup, IBM, Qualcomm, Alphabet, and Franklin Templeton are also expected to participate. David Sacks, the White House’s top advisor on artificial intelligence and cryptocurrency, will also be present at the talks.

Coinciding with the upcoming summit, the Trump administration announced plans to roll back the “AI Export Restriction Rule” imposed under former President Joe Biden. The rule had placed strict controls on the export of advanced AI chips, even to allied nations.

A Longstanding Economic Partnership

Economic ties between the United States and Saudi Arabia remain robust, diversified, and steadily growing. In 2024, bilateral trade reached $32.3 billion, up from $22.9 billion in 2020. According to the Federation of Saudi Chambers, the US ranks as the Kingdom’s second-largest supplier and sixth-largest export destination.

Data from the US Census Bureau show that total US-Saudi goods trade in 2024 stood at $25.9 billion, with American exports valued at $13.2 billion and imports from the Kingdom at $12.7 billion. This left the US with a trade surplus of $443.3 million.

Saudi Arabia’s exports to the US include crude oil, fertilizers, organic chemicals, and metal products. Meanwhile, American exports to the Kingdom span pharmaceuticals, chemicals, grains, plastics, and high-tech equipment, including aerospace and medical devices.

According to a 2023 McKinsey report, transportation equipment led Saudi imports from the US at $5.9 billion, followed by medical instruments at $1.4 billion and pharmaceuticals at $1.3 billion. On the other side, energy products topped Saudi exports to the US at $14 billion, followed by chemicals and metals.

Bilateral Investment on the Rise

The investment relationship between the two nations is equally strong. As of the end of 2023, US foreign direct investment in Saudi Arabia totaled $57.7 billion, accounting for 23% of the Kingdom’s total FDI, according to the Saudi Ministry of Investment. These investments span critical sectors such as energy, infrastructure, real estate, and technology.

Saudi Arabia also holds substantial assets in the US, including approximately $127 billion in Treasury bonds as of February 2025. The Public Investment Fund (PIF) continues to pursue major stakes in key US companies, including Lucid Motors, Uber, Arm, PayPal, and Amazon. The PIF has also expanded into the gaming and tech sectors through investments in Scopely, Magic Leap, and Savvy Games Group.

Saudi Finance Minister Mohammed Al-Jadaan has previously stated that the Kingdom’s total investments in the US exceed $770 billion.

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Business

Bahrain Signs Participation Contract for Expo 2030 Riyadh

More than 145 countries have confirmed their participation in Expo 2030 Riyadh - SPA
More than 145 countries have confirmed their participation in Expo 2030 Riyadh - SPA
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Bahrain Signs Participation Contract for Expo 2030 Riyadh

More than 145 countries have confirmed their participation in Expo 2030 Riyadh - SPA
More than 145 countries have confirmed their participation in Expo 2030 Riyadh - SPA

The Kingdom of Bahrain has signed its Participation Contract for Expo 2030 Riyadh, marking a new phase in preparations for its participation in the World Expo.

The agreement provides the formal framework for Bahrain’s participation in Expo 2030 Riyadh, enabling preparations to advance across the key organizational and operational aspects of its presence throughout the six-month event, including the development of its pavilion, programs, and visitor experiences.

Expo 2030 Riyadh Chief Executive Officer Talal Al-Marri and Bahrain Authority for Culture and Antiquities President Sheikh Khalifa bin Ahmed Al Khalifa signed the agreement in Manama, SPA reported.

Al Khalifa commented: “Bahrain’s participation in Expo 2030 Riyadh reflects the deep-rooted fraternal and historic ties between the Kingdom of Bahrain and the Kingdom of Saudi Arabia, as well as the growing cooperation between the two countries across a wide range of fields.”

He added: “The signing of the Participation Contract marks an important milestone in Bahrain’s preparations for Expo 2030 Riyadh and reflects the Kingdom’s commitment to playing an active role in this global event. Bahrain looks forward to presenting a participation that showcases its identity, achievements and future aspirations, while further strengthening its presence on the international stage. We aim to deliver a comprehensive national presence that reflects the significance of the event and the global platform it provides for cultural and knowledge exchange and building partnerships.”

Al-Marri said: “The signing of Bahrain’s Participation Contract marks an important step in the preparations for Expo 2030 Riyadh and reflects the growing momentum as participating countries move from confirming their participation to delivering what they will bring to Riyadh in 2030. As Participation Contracts are signed, Expo 2030 Riyadh is increasingly taking shape through the pavilions, programs and experiences that participating countries will bring to visitors. We look forward to working closely with the Bahrain team in the next phase and to seeing a distinctive participation come to life – one that reflects Bahrain’s vision, culture and ambitions, while enriching the overall Expo 2030 Riyadh experience.”

The signing of Bahrain’s Participation Contract marks an important milestone in its journey toward Expo 2030 Riyadh, moving its participation from the confirmation and preparation stage into planning and implementation. Bahrain is also expected to develop a sustainable pavilion designed to remain beyond the six-month event and become part of the Global Village, a key component of Expo 2030 Riyadh’s enduring legacy.

More than 145 countries have confirmed their participation in Expo 2030 Riyadh, with formal Participation Contracts beginning to follow as preparations advance. This includes the recent signing of France’s Participation Contract last month in Paris, on the sidelines of the visit of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, to France.

The international momentum builds on the recent signing of the SEE Agreement between the Kingdom of Saudi Arabia and the Bureau International des Expositions (BIE), which establishes the legal and administrative framework governing the participation of countries and international organizations. It also reflects the tangible progress across the broader preparations for Expo 2030 Riyadh.

Development of the Expo site, infrastructure, and construction works continues at pace, alongside advances in operational planning and the development of distinctive experiences that will help shape the event and enrich the visitor journey.

Expo 2030 Riyadh will take place from October 1, 2030, to March 31, 2031 under the theme “Foresight for Tomorrow.” The six-month event is expected to bring together more than 200 official participants and welcome 42 million visitors. Through national pavilions, cultural programming, innovation, and immersive experiences, Expo 2030 Riyadh will provide a global platform for international collaboration and exchange.

Business

Egypt Plans $3 Billion Bond Issuances in 2026-27

Central Bank of Egypt building (The AP)
Central Bank of Egypt building (The AP)
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Egypt Plans $3 Billion Bond Issuances in 2026-27

Central Bank of Egypt building (The AP)
Central Bank of Egypt building (The AP)

Egypt's cabinet said on Thursday it had approved a plan to raise around $3 billion through international bond issuances in the financial year 2026-27.

The bond program includes conventional and innovative bonds as well as credit-guaranteed Panda bonds, with execution subject to investor demand and market conditions, the cabinet statement read, Reuters reported.

The cabinet said the finance ministry raised $4 billion across four issuances in financial year 2025-26.

Those included sovereign sukuk, social bonds and African Development Bank-guaranteed Samurai bonds, along with the re-opening of outstanding bonds, as part of a strategy to cut external debt and diversify funding sources, it added.

Business

Saudi Arabia’s Energy Sector Diversifies Its Growth Drivers

__AFP_Saudi and Foreign investors stand in front of the logo of Saudi state oil giant Aramco during the 10th Global Competitiveness Forum
__AFP_Saudi and Foreign investors stand in front of the logo of Saudi state oil giant Aramco during the 10th Global Competitiveness Forum
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Saudi Arabia’s Energy Sector Diversifies Its Growth Drivers

__AFP_Saudi and Foreign investors stand in front of the logo of Saudi state oil giant Aramco during the 10th Global Competitiveness Forum
__AFP_Saudi and Foreign investors stand in front of the logo of Saudi state oil giant Aramco during the 10th Global Competitiveness Forum

The performance of Saudi Arabia’s energy sector is no longer tied solely to oil price movements. Financial results for the first half of 2026 showed an increasing diversity in the drivers of performance, with companies listed on the Saudi Exchange (Tadawul) benefiting from improved activity in maritime transport, refining, petrochemicals, and energy-related services, alongside the continued financial strength of Saudi Aramco.

This diversification was clearly reflected in the companies’ combined results, with profits surging 39 percent in the first half to $66.9 billion (SAR 250.9 billion), compared with $48.2 billion (SAR 180.6 billion) in the same period of 2025, an increase of $18.75 billion (SAR 70.3 billion).

The improvement was not limited to the first six months. In the second quarter alone, the sector recorded a 49.7 percent increase in profits to $33.8 billion (SAR 127 billion), compared with $22.6 billion (SAR 84.8 billion) in the same quarter a year earlier. Revenue also rose 24 percent to $128 billion (SAR 480.35 billion), compared with $103.37 billion (SAR 387.65 billion).

More Than One Growth Driver

These figures reflect the expanding value chain of Saudi Arabia’s energy sector. Benefits from the oil cycle are no longer limited to production and sales, but have extended to transport, refining, petrochemicals, and supporting services.

Mohamed Hamdy Omar, CEO of G World, told Asharq Al-Awsat that the most notable aspect of the sector’s first-half results was not the increase in profits itself, but the multiple growth drivers behind this performance. This reflects the expanding value chain of the Kingdom’s energy sector.

He explained that the first driver was higher oil, refined product, and chemical prices, along with improved margins. This was reflected directly in Saudi Aramco’s results, even as some sales volumes declined.

The second driver is energy-related transport and logistics services, with Bahri providing a clear example. The company benefited from higher global freight rates and increased operational activity, particularly in oil transportation, sending its first-half profit up 420 percent to SAR 4.8 billion ($1.28 billion), compared with SAR 940 million ($250.6 million) during the same period in 2025.

In the second quarter alone, Bahri’s profit rose to about SAR 2.75 billion ($733.3 million), benefiting from strength in the maritime transport market and increased demand for tankers. This demonstrates that economic value in the energy sector is generated not only by the price of a barrel, but also by the supply chain and related services.

The third driver is improved operational efficiency and refining and petrochemical margins. This was particularly evident in the performance of Rabigh Refining and Petrochemical Co. (Petro Rabigh), which returned to profitability in the first half, recording about SAR 4 billion ($1.07 billion), compared with a loss of nearly SAR 2 billion in the same period of the previous year.

In the second quarter, the company posted a profit of SAR 2.66 billion ($709.3 million), compared with a loss of SAR 1.37 billion ($365.3 million) in the second quarter of 2025. The improvement was supported by higher plant operating rates, increased sales volumes, improved refined and petrochemical product margins, and lower financing costs.

Omar said these developments demonstrate that Saudi Arabia’s energy sector has become more integrated, bringing together production, refining, petrochemicals, drilling, services, transport, and logistics. As a result, the factors affecting its results have become more diverse than simply movements in oil prices.

Aramco... The Largest Driver

Despite the broadening sources of growth, Aramco still accounts by a wide margin for the largest share of the sector’s combined results. The company reported net profit of SAR 241.6 billion ($64.4 billion) in the first half of 2026, up 33.3 percent from SAR 181.3 billion ($48.3 billion) in the same period of the previous year. It therefore accounted on its own for about 96 percent of the total profits of the six companies included in the results, which amounted to about SAR 251 billion ($66.9 billion).

This means that diversification in performance drivers has become more apparent, but it has not yet resulted in a fundamental change in the concentration of results around the sector’s largest company.

Structural Improvement or Temporary Cycle?

Omar said interpreting the results requires distinguishing between sustainable structural improvement and cyclical or exceptional factors that contributed to amplifying growth rates during the first half. In his assessment, part of the improvement reflects ongoing structural changes, particularly as the Kingdom expands its energy infrastructure, increases investment in gas, refining, and petrochemicals, and develops production, transport, and energy-related service capabilities.

In this context, Aramco continues to develop a range of projects that strengthen its long-term revenue base, including increasing production at the Zuluf field, expanding the Fadhili Gas Plant, and advancing development phases at the Jafurah field.

However, the record growth rates posted by some companies should not be assumed to continue at the same pace.

Omar noted that Bahri’s significant second-quarter improvement was largely linked to higher global freight rates, geopolitical conditions, and increased demand for tankers. It would therefore be unrealistic to regard current growth rates as permanently repeatable.

Part of this also applies to Petro Rabigh, as the comparison is with the second quarter of 2025, which was affected by comprehensive scheduled maintenance that lasted about 60 days and led to lower production and sales. Therefore, part of the growth currently recorded is attributable to the low comparison base, rather than solely to new organic growth.

Divergence Within the Sector

Not all energy companies are moving in the same direction, reflecting differences in the nature of their activities and sources of income. ADES faced pressures related to the suspension of some rig operations, while Arabian Drilling swung to a loss in the second quarter, at a time when transport and refining companies benefited from more supportive operating and market conditions.

This divergence means that the sector’s overall positive picture does not indicate that all of its components have improved to the same degree. The strength of the combined results must also be viewed in light of the heavy concentration in Aramco.

What Awaits the Sector in the Second Half?

Omar expects Saudi Arabia’s energy sector to maintain a strong level of performance during the second half of 2026, but rules out a repeat of the growth rates recorded during the first six months.

This outlook is based on the continuation of several supportive factors, foremost among them strong energy prices and refined product margins, along with ongoing disruptions to supply chains and maritime transport, as well as major investment projects within the Kingdom.

At the same time, the geopolitical factor remains a double-edged sword for the sector. Continued disruptions could sustain an oil price premium and support freight rates and the margins of some products, but any rapid easing could lead to lower freight rates, narrower refining margins, and lower prices for some energy products.

Omar therefore believes that the real test for the sector over the next two quarters will not be revenue growth alone, but the quality and sustainability of that growth, and companies’ ability to preserve their operational gains independently of exceptional factors.