Saudi Arabia plans to invest $40B in US infrastructure: report

Saudi Arabia plans on investing up to $40 billion in U.S. infrastructure, according to a new report.

The spending could be announced as early as next week, during President Trump’s first visit there, Bloomberg said Thursday.

Bloomberg said the investment would come from Saudi Arabia’s sovereign wealth fund.

{mosads}People familiar with the matter told the news outlet that no final decision has been made and the announcement may still be delayed.

A White House official confirmed to Bloomberg that the plan is in the works, citing White House senior adviser Jared Kushner’s critical role in the talks.

Kushner is President Trump’s son-in-law and is widely considered one of his closest confidants.

Trump announced last week that he will visit Saudi Arabia, Israel and the Vatican during his first foreign trip as president later this month.

The president added that his decision to visit the centers of three of the world’s major faiths aims at rallying allies against shared security threats in the Middle East.

Trump will visit Saudi Arabia May 19, where he will convene a “historic gathering” of “leaders from all across the Muslim world.”

“We will begin to construct a new foundation of cooperation and support with our Muslim allies to combat extremism, and terrorism and violence and to embrace a more just and hopeful future for Muslims in their countries,” he said at the White House.

The gathering in Saudi Arabia will also include leaders of Bahrain, Kuwait, Oman, Qatar, the United Arab Emirates and other nations.

Trump campaigned extensively on upgrading U.S. roads, bridges, airports and other public works last year.

The president has since proposed a $1 trillion infrastructure package as one of his chief agenda items.