Judul : Trump signs massive $110 billion deal with Saudi Arabia that focuses on defense
link : Trump signs massive $110 billion deal with Saudi Arabia that focuses on defense
Trump signs massive $110 billion deal with Saudi Arabia that focuses on defense
Jonathan Ernst/Reuters
Trump and Saudi Arabia’s King Salman attend the Arab Islamic American Summit in Riyadh
Shares of defense contractors are popping on Monday after President Donald Trump signed a $110 billion investment deal with Saudi Arabia over the weekend.
The deal, according to the Washington Post, is targeted to “support Saudi Arabia’s defense needs” and include the sales of missile defense systems, ships, airborne security systems, and cybersecurity capabilities.
Additionally, Saudi Arabia signed individual multi-billion deals with US companies including Boeing and Blackstone.
The deals are seen as attempts by the Saudi government to win over Trump after the president was critical of the country during his campaign.
In a speech on Sunday in Saudi Arabia, Trump praised the massive investments.
“This landmark agreement includes the announcement of a $110 billion Saudi-funded defense purchase – and we will be sure to help our Saudi friends to get a good deal from our great American defense companies,” Trump said. “This agreement will help the Saudi military to take a greater role in security operations.”
Following the news from the weekend, the major US defense contractors are getting a bump. Here’s a rundown of the various stock moves as of 9:00 a.m. ET:
- Lockheed Martin: $281.20, +8.41 (+3.08%)
- Raytheon: $165.91, +5.63 (+3.51%)
- Boeing: $184.10, +$3.34 (+1.85%)
- Northrop Grumman: $253.79, +$3.91 (+1.56%)
Trump continues his first international trip on Monday in Israel.
Get the latest Boeing stock price here.
Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.
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