The Kingdom pledged an additional USD 600 bn package to increase its investment and trade portfolios with the US over the next four years, Crown Prince Mohammed bin Salman told newly-inaugurated US President Donald Trump on a phone call, state news agency SPA reports. The ticket is liable to increase if new prospects become available, the crown prince added.

What’s in the package? Details are scant, but Economy Minister Faisal Alibrahim said at Davos that the ticket will include investments as well as more public and private sector procurement, Reuters reports. Potential allocations could include US-made defense systems as well as more non-oil cooperation in the form of sports ventures and new acquisitions by PIF in American companies, the Associated Press speculates.

A hefty sum, even for Saudi: The planned four-year investment package comes asPIF plans to allocate more spending to local initiatives as it eyes USD 70 bn in local investments by 2026 as part of a pivot away from investments abroad. The committed investment package “is large, even by the standards of oil-rich Saudi Arabia,” Bloomberg says.

… and Trump wants more: “I'll be asking the Crown Prince, who's a fantastic guy, to round it out to around USD 1 tn,” Potus told the World Economic Forum in Davos via videoconference on Thursday. The president also remarked to reporters today that his first international trip could be to Saudi, Reuters reports.

The Kingdom has already invested USD 770 bn in the US so far, Finance Minister Mohammed Al Jadaan told Bloomberg (watch, runtime: 8:01) last week. The minister’s tally presumably includes agreements worth more than USD 110 bn of immediate investments, to increase to USD 350 bn over 10 years, which were signed early in Trump’s first term in the White House during his historic visit to Saudi in 2017.

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