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Trump Says US Plans to Sell F-35 Jets to Saudi Arabia

(Bloomberg) -- US President Donald Trump said he would approve the sale of F-35 fighter jets to Saudi Arabia when he meets Tuesday with the kingdom’s crown prince, Mohammed bin Salman.

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“I will say that we will be doing that. We’ll be selling F-35s,” Trump said when asked about the sales Monday at the White House, calling Saudi Arabia a “great ally.”

The sale of F-35s, if completed, represents a major concession to Saudi Arabia as Washington and Riyadh look to deepen ties and as Trump presses the country to join the Abraham Accords and normalize relations with Israel.

Shares of Lockheed Martin Corp., which makes the planes, were up by as much as 1.1% after Trump’s remarks.

F-35 planes are among the world’s most advanced jets and the Saudis have long been seeking to purchase them, according to officials familiar with the negotiations. Each plane costs about $100 million.

Trump’s planned approval comes despite the eagerness of Israel, the only Middle Eastern state that currently has the fighter jet, to protect its monopoly, which it says is necessary to maintain a crucial military edge for its security.

A similar offer from Trump to the United Arab Emirates for a proposed sale of as many as 50 F-35A jets has stalled over restrictions the US wanted to put on the fighters.

A Pentagon report has raised concerns that China could acquire the plane’s advanced technology if a sale to Saudi Arabia was approved, citing Beijing’s defense ties with Riyadh, the New York Times reported.