A company founded by one of President Trump's top supporters and Saudi Arabia's sovereign wealth fund announced plans Saturday to invest $40 billion in infrastructure projects, mostly in the U.S.

The announcement comes as President Trump receives a warm welcome in Saudi Arabia during his first trip abroad as president.

Blackstone, which was founded by Trump supporter Schwarzman, signed a non-binding memorandum with Saudi Arabia's Public Investment Fund (PIF) for the project.

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Blackstone said PIF had committed $20 billion to the project. Blackstone and PIF expressed optimism about the fund.

The project"reflects our positive views around the ambitious infrastructure initiatives being undertaken in the United States as announced by President Trump," PIF's managing director Yasir al-Rumayyan said.

"This will create well-paying American jobs and will lay the foundation for stronger long-term economic growth," Blackstone president Hamilton James said.

Blackstone is not the only American company to strike a business deal with the Saudis. General Electric and Lockheed Martin have both announced business deals with the Middle Eastern kingdom, which is working to diversify its economy.