Live updates: Follow the latest on Trump's Gulf trip
US President Donald Trump and Sheikh Tamim, Emir of Qatar, on Wednesday signed a number of agreements, including on aviation and defence co-operation.
National flag carrier Qatar Airways placed an order for 160 aircraft worth more than $200 billion from US plane maker Boeing. Mr Trump said it was the largest order secured by the company.
The two countries signed a range of defence agreements, including a letter of intent on defence co-operation and a deal for MQ-9B unmanned aerial vehicles. The White House said the total “economic exchange” could be worth at least $1.2 trillion.
“I think after signing these documents, we are going to another level of relationship between Qatar and the United States,” said Sheikh Tamim said. “So I just wanted to thank you, Mr President, for this historic visit.”
President Trump's visit to the Gulf – in pictures
Doha is the second stop of Mr Trump's high-profile tour of the Gulf region.
The US leader landed at Hamad International Airport, where he was greeted by Sheikh Tamim. He was then received at the Amiri Diwan, the royal court, with a grand ceremony and a traditional welcome. His motorcade was flanked by ceremonial riders on camels and a military band.
Mr Trump is travelling with Marco Rubio, his Secretary of State and acting national security adviser, Treasury Secretary Scott Bessent, Defence Secretary Pete Hegseth, Commerce Secretary Howard Lutnick and White House Deputy Chief of Staff Stephen Miller.
Guests at a state dinner on Wednesday evening were greeted by Sheikh Tamim and his wife, Sheikha Jawaher. Mr Trump's motorcade drove him to Doha's Lusail Palace for the dinner, where Trump ally Elon Musk was among the guests.
Long private meeting
A private meeting between the Qatari and American leaders lasted more than two hours – longer than scheduled.
Sheikh Tamim described the meeting as a “great” discussion that covered a wide range of issues.
Mr Trump called it a “very interesting couple of hours”, during which they discussed topics including the Russia-Ukraine war, Iran and trade relations.
Observers say the war in Gaza was also likely to have been part of the conversation.
US Middle East envoy Steve Witkoff and hostage envoy Adam Boehler met families of Israeli hostages at the Amiri Diwan, Al Jazeera reported.
Earlier this week, Hamas released the US-Israeli hostage Edan Alexander, believed to be the last surviving American held by the Palestinian militant group in Gaza. Since then, families of other captives have said hostages without US citizenship may now be at a disadvantage.
Qatar, a key diplomatic player in the region, has taken a central role in Gaza ceasefire negotiations and humanitarian co-ordination.
US-led negotiations for a deal to pause the war in Gaza are continuing. Sources told The National on Tuesday that talks were proceeding simultaneously in Egypt and Qatar, who, along with the US, have been mediating between Israel and Hamas since shortly after the war broke out in October 2023.
The war erupted on October 7, when Hamas militants attacked southern Israel, killing about 1,200 people and taking around 250 hostage. Israel responded with a major military campaign in Gaza, where more than 52,900 Palestinians have since been killed, and much of the territory lies in ruins.
Intensified attacks by Israel killed at least 70 people on Wednesday, local authorities said.
Chance to bring peace to the region
Sheikh Tamim said Mr Trump's visit represented a chance to bring peace to the region.
“President Trump, I’ve known you for many years. I know that you are a man of peace,” he said at the Amiri Diwan. “I know that you want to bring peace to this region. We hope that this time we can do the wise thing and bring peace.”
Mr Trump told Sheikh Tamim: “I want to thank you for everything and particularly our friendship. It’s been a very loyal, beautiful friendship.”
He also praised the warm reception and the setting. “As a construction person, I’m seeing perfect marble,” he said.
Mr Trump’s Gulf tour began on Tuesday in Riyadh, where he was also received with full ceremonial honours by Crown Prince Mohammed bin Salman.
The visit highlighted the close personal and political ties between the two leaders and was centred around deepening economic co-operation, bolstering regional diplomacy and enhancing defence ties.
The US leader's Gulf visit has been dubbed a “trillion-dollar tour”, reflecting the enormous value of deals and memorandums of understanding being pursued across Saudi Arabia, Qatar and the UAE.
While Mr Trump is securing billions in investments and defence contracts, it is clear that he is also after high-stakes geopolitical wins – something that was on full display during his Saudi stop.
In a major foreign policy shift, Mr Trump announced the lifting of US sanctions on Syria, offering the country an opportunity for economic recovery and signalling a pivot in American Middle East policy. He also urged Iran to return to nuclear negotiations, though his call for Saudi Arabia to join the Abraham Accords was met with caution, largely due to Israel’s war on Gaza.
Without a ceasefire and the establishment of a Palestinian state, establishing relations between Israel and Saudi Arabia remains out of reach, despite Mr Trump’s strong desire to broker such a breakthrough.
Mr Trump is scheduled to conclude his tour with a visit to the UAE, where further economic and security talks are on the agenda.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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