Business Reporter
Donald Trump flew home from his Bay trip last week and told reporters that “it was a great four days, four days with a long history.”
He added during his visit to Saudi Arabia, Qatar and the United Arab Emirates (UAE) that “the work and money that enters our country has never been like this.”
Trump claims he is able to get a total of more than 2tn (1.5tn) for the U.S., but do the numbers add up?
The trip itself was a grand event, with all three Gulf countries stopping.
Fighter escorts, extravagant rituals, thunderous 21-gun salutes, Tesla Cybertrucks’ fleet, royal camels, Arabian horses and sword dancers are all part of the pageant.
The UAE also awarded Mr. Trump the highest civilian honor in the country, namely Zayed's order.
The optics visited this time were shocking. The richest materials in the region show off their wealth, revealing how much wealth they are ready to deploy to strengthen relations with the United States while promoting their own economic goals.
Before the trip, President Trump touted himself as a “trader” and it was clear that the main goal of the trip was to land a multibillion-dollar investment. On the surface, he succeeded.
In Saudi Arabia, Crown Prince Mohammed bin Salman reiterated a commitment to invest $60 billion in the U.S.-Suni Partnership. Many deals have been announced as part of this section, including weapons, artificial intelligence (AI), healthcare, infrastructure projects and scientific collaborations, and various security relationships and initiatives.
The $14.2 billion defense deal has attracted a lot of attention as the White House described it as the largest arms deal ever.
However, there are still some doubts about whether these investment figures are realistic.
Trump announced during his term of office from 2017 to 2021 that Saudi Arabia has agreed to a $45 billion deal with the United States.
However, actual trade and investment flows were less than $3 billion between 2017 and 2020, according to data compiled by the Arab Gulf State Institute.
The report was written by Tim Callen, former director of missions at the International Monetary Fund (IMF), and is now a visitor to the Arab Gulf National Institute.
"The proof of all these (new) deals will be pudding," Mr. Karen said.
The BBC contacted the White House for comment.
In Qatar, Trump announced an "economic exchange" worth at least $120 million. However, in the case of the White House deal, the two countries are worth only $243.5 billion.
One of Katar Airways has purchased 210 passenger planes from tortured U.S. aircraft manufacturers for $96 billion.
The White House said the deal will support 154,000 jobs per year in 154,000 jobs produced in the U.S., with a total of 1 million jobs in the life cycle of the deal.
Meanwhile, the UAE has signed an agreement to build the world's largest AI campus outside the United States, and reportedly acquired 500,000 cutting-edge microchips from US giant Nvidia starting next year.
The project is located on the UAE’s broader commitment to invest $140 million in the U.S. over the next decade.
Apart from the promised challenges of delivering, another potential barrier to these figures to be achieved is oil prices.
Oil prices fell to four-year lows in April as tariffs on Trump could undercut global economic growth. The oil-producing country OPEC+ group further pushed the decline, announcing plans to increase output.
For Saudi Arabia, the financial situation of global oil prices falling since the beginning of the year has increased pressure to increase debt or cut spending to maintain its development goals.
Last month, the International Monetary Fund (IMF) cut its forecast for GDP growth in the world's largest oil exporters in 2025, from a previous estimate of 3.3%.
"It's hard for Saudi Arabia to propose such money (announced $60 billion) in the current oil price environment," Karen said.
Other analysts point out that many of the agreements signed during the trip are unbinding memorandums of understanding that are inferior to contracts and are not always translated into actual transactions. Some of the transactions included in the agreement were announced earlier.
Saudi oil company Aramco, for example, announced 34 deals with US $90 billion. However, most are unbinding memorandums of understanding without a specific currency commitment.
And the company's annual deal to purchase 1.2 million tons of liquid natural gas from Next Decade in the U.S. are also included in the new deal list, although it was first announced a few months ago.
However, large-scale investment marks a shift in the U.S. Gulf relations from oil security to a strong economic partnership originating from bilateral investment.
Bader Al Saif, an assistant professor at the University of Kuwait and an assistant researcher at the think tank Chatham House, said the deal shows that we and the Gulf countries are "combiningly planning for the future, which is a major change in relationships".
He added that the heart of AI’s involvement with the UAE and Saudi Arabia is “they clearly show how they are trying to build a new global order and a new way of doing things together”.
This emphasis on AI emphasizes the increasing strategic importance of the technology to US diplomacy. Trump is accompanied by Openai, Nvidia's Jensen Huang and Sam Altman, the boss of Elon Musk who owns Grok AI.
On the eve of the visit, the White House lifted restrictions on the tough Biden-era exports of advanced U.S. semiconductors needed to run AI systems. These rules divide the world into tiers, with some countries enjoying a wide range of opportunities for high-end chips, while others rejecting them altogether.
About 120 countries, including Gulf countries, are grouped in the middle, facing a strict upper limit on the number of semiconductors that may be imported. This frustrated countries like Saudi Arabia, which has ambition to become a high-tech economy when transitioning oil.
Saudi Arabia and the UAE are competing to build large-scale AI data centers, while the UAE capital Abu Dhabi aims to become a global AI hub.
The UAE has made obvious efforts to make Washington’s assurance- deepen partnerships with U.S. tech companies, contain links with Chinese companies, and be more aligned with U.S. national security interests.
Mr Al-Saif said the UAE is "betting on Americans on AI". “We have seen the technological shifts in the 90s come from the United States.”
Both camps cheered the visit with victory. For the Gulf, and especially Saudi Arabia, it resets the partnership that has worn out under Biden and highlights their ambition to be a heavyweight on the world stage.
For Trump, touting “trillion” new investments can be raised in time - his tariff hikes have weakened global trade and pushed our production to a decline in the first quarter of three years.
These Gulf deals will be sold as evidence that his economic script is working.
At the end of the journey, Mr. Trump feared that no matter who succeeds in the White House, they would have a reputation after the deal was completed.
He said: "I'll sit at home and who knows where I'll be, I'll say, 'I did.'
He pointed at himself and said, "Someone wants to honor this. You remember, press, this guy did it."