Saudi Arabia's $1 trillion investment pledge to the U.S. sounds impressive, but experts warn much of the promised money exists only on paper and may take years to materialize.

President Donald Trump designated Saudi Arabia a major non-NATO ally on Tuesday, opening opportunities for more defense trade and security cooperation between the United States and its key partner in the Middle East.

The president told reporters his family has done “very little with Saudi Arabia” as their business dealings with the country have continued following his first term.

Saudi Arabia releases U.S. citizen Saad Almadi after four years for social media posts criticizing the royal family, following Trump's meeting with Crown Prince.

President Donald Trump is expected to make remarks Wednesday at investment summit with Saudi Arabia, after a conversation about the future of AI, energy, and space travel with Elon Musk and Jensen Huang.

MNNA designations come with benefits in defense trade and security cooperation. Other countries with this status include Israel and Brazil.

The sale of F-35 fighter jets is a huge win for Saudi Arabia, which seeks to gain greater global influence and military power.

"This day would not have been possible without President Donald Trump and the tireless efforts of his administration," the family of Saad Almadi, 75, said in a statement Wednesday.