Boeing signs new agreements with Saudi Arabia following Trump visit

US defence contractor Boeing has announced the signing of several agreements with Saudi Arabia after President Donald Trump met with officials from the oil-rich state at the weekend.

Trump and secretary of state Rex Tillerson met with King Salman bin Abdul-Aziz Al Saud and other members of the House of Saud to negotiate a raft of trade deals between the two countries, with Boeing one of the benefactors for the production of defence and commercial products for the Saudi state.

The agreements included the purchase of a fleet of Chinook helicopters and guided weapon systems, as well as a commitment from Boeing to aid the improvement of the aerospace industry in Saudi Arabia.

Boeing's share price was boosted 1.90% as of 15:40 BST on Monday, leading the charge higher in the Dow Jones Industrial Average at the beginning of the week.

Boeing's share price was boosted 1.90% as of 15:40 BST on Monday

"These announcements reaffirm our commitment to the economic growth, prosperity and national security of both Saudi Arabia and the United States, helping to create or sustain thousands of jobs in our two countries," Boeing CEO Dennis Muilenburg said.

Saudi Arabia has ramped-up its efforts to diversify its economy following the fall in oil prices, as part of its Vision 2030 plan.

Trump has been visiting the Middle-Eastern nation in order to strengthen trade ties with the country, with Saudi energy minister Khalid al-Falih confirming at the weekend that deals to the value of over $200bn were concluded during the trip.