During US President Donald Trump’s recent tour of Saudi Arabia, Qatar, and the United Arab Emirates, the White House announced that he had secured more than $2 trillion in foreign investments. However, multiple deals listed in the official announcements had already been publicised during previous administrations, the Washington Post reported. For example, the $8.5 billion in Qatar projects involving McDermott were disclosed in 2023 and 2024 under President Biden. Likewise, the UAE’s widely promoted $200 billion investment tally leaned heavily on a $1 billion Amazon cloud deal first announced in October last year.
Inflated figures and economic projections
The White House count includes not just contracts, but optimistic GDP impact projections, such as a study funded by Amazon claiming cloud infrastructure could contribute $181 billion to the UAE’s economy by 2033. Experts point out that this is not direct US investment but rather a hypothetical calculation. Similar creative math was used in Saudi Arabia, where officials reportedly reached out to top businessmen to gather past US investments that could be folded into current totals.
Military deals dusted off for new headlines
Arms sales also featured prominently in the White House’s investment list. Two of the military deals announced in Qatar this week — one with Raytheon and another with General Atomics — were already in motion. Congressional notifications for those deals were issued under the Biden administration in 2022 and March 2024, respectively. In total, $38 billion of what was announced in Qatar is categorised merely as “potential investments” tied to non-binding statements of intent.
Regional budgets stretched thin
Behind the celebratory press releases, there are doubts about whether Saudi Arabia and the UAE can actually fund the investments being promised. Sources familiar with Saudi business circles say the kingdom does not have the cash on hand to fulfil all of its pledges. Sluggish oil revenues and multibillion-dollar domestic ventures like the Neom smart city have already strained national budgets. Analysts warn that some of the international deals may rely on future borrowing or may never materialize.
Optics over outcomes
Trump has long emphasised symbolic deal-making during foreign visits. In 2017, he touted $450 billion in Saudi agreements, many of which were never fulfilled. This week’s announcements bear a striking resemblance. “He compiled a list of real deals, aspirational deals, phony deals, and Obama-era deals—and called it a trillion,” said analyst Hussein Ibish. “This time, he’s doing it three different times.” Still, Trump continues to push Gulf nations to invest in the US, saying, “Build in America and hire in America — that means I’m fighting for you.”
The political payoff of ‘reaffirmed’ investments
White House spokesperson Anna Kelly defended the inclusion of prior deals, saying they were now “reaffirmed” under Trump. Officials also argue that the president's presence and pressure have reenergized existing partnerships. Yet as the administration sells its narrative of global deal-making strength, many economists remain sceptical. “It’s a big box,” said Karen Young of the Middle East Institute. “But maybe it’s a smaller present inside.”
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