Saudi Arabia has pitched for large-scale US investment into its economy to help quicken diversification after a sustained decline in energy prices. Deputy Crown Prince Mohammed bin Salman Al Saud, influential head of the country's economic and development council, outlined his plans to US officials and executives during his father King Salman's trip to Washington, according to a Saudi official. Presenting his plans on Friday, Prince Mohammed gave a broad outline of investment opportunities for US firms in sectors such as mining, downstream oil and gas, finance, healthcare, retail, entertainment, training and infrastructure. Restrictions on foreign ownership, tough labor regulations and cumbersome bureaucracy are some of the challenges facing business in the kingdom. The investment proposals give an insight into the vision of the 30-year-old Prince Mohammed, who has unprecedented powers of economic oversight. Saudi Arabia faces plummeting oil revenues, widespread unemployment and an increase in Sunni jihadist attacks. The investment presentation came after tense talks between King Salman and President Obama over the US nuclear deal with Riyadh's regional rival, Tehran. Riyadh has been alarmed at the deal, saying it will embolden Iran's interference in the Arab world. But one Saudi official said both sides now wanted to move on as the deal "is a fact now." "This is a dramatic overture to the US at a time of heightened regional tension," said Afshin Molavi, a senior fellow at the Johns Hopkins University School of Advanced International Studies. "Essentially, the Saudis are asking Washington to double-down on the relationship. This is a far cry from recent Saudi-US tensions."
