DOHA: Qatar’s sovereign wealth fund (QIA) is planning to at least double its annual US investments in the next decade, its CEO said on Tuesday, after the fund has already pledged to invest $500 billion in the US economy over the next 10 years. President Donald Trump visited Doha last week during his high-profile Gulf tour that focused on major business deals and leveraged rehabilitated relations with a key US ally for investment commitments.

He signed agreements with Qatar’s Amir Sheikh Tamim bin Hamad Al-Thani that the White House said would generate an economic exchange worth at least $1.2 trillion, and included a $96 billion sale to Qatar Airways. But it did not offer a comprehensive breakdown.

When asked on how the fund’s annual investment into the US would change since previous years, CEO Mohammed Al-Sowaidi said: “It increased the pace for sure. So I think some years probably increased by double, some years probably buying more than double what we’ve been doing for the past five to six years.” Trump helped isolate Doha in 2017, when he lent support to a trade and diplomatic embargo imposed by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt, accusing the small but wealthy gas producer of backing terrorism among other charges.

Saudi Arabia's Economy Minister Faisal F Alibrahim speaks

Doha has since rehabilitated itself in Washington’s eyes, leveraging its deep pockets, and Trump’s visit was the first by a US president in 23 years.

Saudi Arabia is always ready for multiple oil price scenarios, and budgets are driven by priorities, the kingdom’s economy minister said on Tuesday. “We’re always ready for scenarios - multiple scenarios, and we have buffers,” Faisal Alibrahim told an audience at the Qatar Economic Forum in Doha.

“We have the long-term fiscal planning and medium-term frameworks that help us adjust depending on what scenario actually plays out,” he said. The International Monetary Fund and economists estimate Riyadh needs oil prices of over $90 a barrel to balance its budget. Benchmark Brent prices have been trading in the mid-$60s this month.

While Saudi Arabia funds its Vision 2030 reform program off budget, the government needs to spend on mammoth infrastructure projects linked to the program, which aims to wean the economy off its self-declared “oil addiction”. It is also hosting the Expo in 2030 and the World Cup in 2034. Saudi Arabia, the world’s largest oil exporter, was among the largest emerging market debt issuers last year and the government has already raised $14.4 billion in bonds this year. — Reuters