Saudi Aramco (TADAWUL:2222) announced on Wednesday that it had entered into 34 preliminary agreements with major U.S. firms, potentially totaling up to $90 billion, as part of an initiative to strengthen commercial ties with the United States during President Donald Trump’s visit to Saudi Arabia.
The declaration follows Riyadh’s commitment of $600 billion in U.S. investments made just a day earlier.
Many of the agreements disclosed by the Saudi state-run oil company are memorandums of understanding (MoUs) without specified values. Some of the deals had already been made public, such as Aramco’s long-term agreement with NextDecade (NASDAQ:NEXT) to purchase 1.2 million tonnes of LNG annually over 20 years.
The deals reflect Saudi Arabia’s broader strategy to expand its energy alliances and foreign investments in line with its Vision 2030 plan, which aims to diversify the economy beyond oil by bolstering industrial and technological sectors.
“The U.S. is really a good place to put our investment,” said Aramco CEO Amin Nasser at the U.S.-Saudi Investment Forum in Riyadh.
The forum overlapped with Trump’s four-day visit to the Gulf region, which included lavish receptions and a series of business announcements—including $142 billion in defense contracts.
As the financial cornerstone of Saudi Arabia, Aramco fuels a majority of the kingdom’s revenues through oil exports and plays a critical role in funding its economic diversification efforts. Still, the company’s stock is down nearly 9% this year.
Wave of Agreements
Aramco said the deals—facilitated through its Aramco Group Companies—were designed to deepen existing partnerships with American firms, increase shareholder returns, and boost collaboration in strategic sectors such as energy, technology, and finance.
Key partnerships include:
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An MoU with NVIDIA (NASDAQ:NVDA) to develop an advanced industrial AI ecosystem, featuring an AI Hub, robotics and engineering center, and workforce training.
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A deal with ExxonMobil (NYSE:XOM) to explore upgrading the SAMREF refinery into an integrated petrochemical hub.
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A non-binding agreement with Amazon Web Services (NASDAQ:AMZN) to work together on digital innovation and emissions reduction.
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An MoU with Qualcomm (NASDAQ:QCOM) focusing on enhancing industrial networks and artificial intelligence applications.
“Our partnerships in the U.S. have evolved significantly, ranging from R&D and Motiva operations in Texas to venture investments and LNG collaborations,” Nasser noted.
Aramco also revealed a $3.4 billion investment to expand its Motiva refinery in Texas.
Beyond oil, Aramco has become a major player in industrial development and tech modernization, while serving as a magnet for foreign capital.
The firm extended deals with top U.S. industrial suppliers such as SLB, Baker Hughes (NASDAQ:BKR), GE Vernova, and Honeywell (NASDAQ:HON).
In finance, Aramco also established ties with PIMCO, State Street (NYSE:STT), and Wellington.
Additionally, it announced a short-term investment vehicle called “Fund of One” in collaboration with BlackRock (NYSE:BLK), Goldman Sachs, Morgan Stanley, and PIMCO, aimed at streamlining cash investment management.
