President Donald Trump touted a new $600 billion investment from Saudi Arabia during a speech to world leaders in Davos.

US President Donald Trump on Thursday said he will pressure Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) to decrease oil prices. Trump was addressing OPEC and other world leaders gathered in Davos on Thursday.

The president's remarks follow an announcement by Saudi Arabia's Crown Prince that the kingdom will invest $600 billion in the US.

As Washington steels itself for a battle with China over critical minerals and Brussels struggles to beat back a flood of Chinese electric vehicles, Saudi Arabia has offered to help Beijing ride out its growing trade disputes.

Saudi Arabia's foreign minister said on Tuesday he did not see Donald Trump's new administration contributing to the risk of a war between Israel and Iran, addressing an issue the region has feared since the start of Israel's war in Gaza.

Syrian Foreign Minister Asaad Hassan al-Shibani said on Wednesday that the country will open its economy to foreign investment and that Damascus is also working on energy and electricity partnerships with Gulf states.

Saudi Arabia is looking for mining deals in a push to secure supplies of critical minerals for its industrialization plan, just as a wave of attempted consolidation sweeps the sector.

One day after speaking to Saudi Crown Prince Mohammed bin Salman, President Donald Trump pushed the kingdom to increase its U.S. investment, saying he would ask the Saudis to “round out” their promised $600 billion “to around $1 trillion.

In fact, the Saudi Press Agency’s announcement that the kingdom would invest $600bn was based on the royal palace’s readout of a Wednesday phone call between Trump and Saudi Crown Prince Mohammed bin Salman. This is Trump’s first phone call with a foreign leader since his inauguration earlier this week.

Saudi Arabia's foreign minister said on Tuesday he did not see Donald Trump's new administration increasing the risk of an Israel-Iran conflict, addressing an issue the region has feared since the start of Israel's war in Gaza.

Saudi Arabia has reportedly promised to invest at least US$600 billion in the US. The pledge came a day after Mr Trump told a reporter that his first official trip abroad could be to Saudi Arabia – as it was in his first term – if it made substantial investments in the US.

Saudi Arabia’s significant investments in digital infrastructure, including $25bln already spent and an additional $20bln allocated for future projects: minister