A giant billboard bearing portraits of US President Donald Trump and Saudi Arabia's King Salman, is seen on a main road in Riyadh, on May 19, 2017.

Fayez Nureldine | AFP | Getty Images

A giant billboard bearing portraits of US President Donald Trump and Saudi Arabia’s King Salman, is seen on a main road in Riyadh, on May 19, 2017.

Saudi Arabia has put concerns over a slowdown in oil prices aside while it rolls out the red carpet to receive U.S. President Donald Trump.

“We have two major themes going on, which is the drop of the oil price – that’s the bad news and then we have the national transformation plan, which is the good news,” Ammar AlKhudairy , chairman and founder of the private equity firm Amwal AlKhaleej, told CNBC on Friday.

The oil-dependent Saudi Arabia is trying to diversify its economy, something that Trump’s visit could help with.

“We need to pick the interest of multinational companies to come and invest in Saudi Arabia…in various fields,” AlKhudairy told CNBC.

“So this visit, the economic or the business aspect of it, is very exciting because we hope that it will raise the awareness of many more U.S. corporations into Saudi Arabia,” he said.

Saudi Arabia is President Trump’s first overseas trip, a surprising choice after he questioned the country’s involvement in the 9/11 terrorist attack during his campaign. In March, however, Deputy Crown Prince Mohammed bin Salman of Saudi Arabia visited the White House, where both seemed to view Iran as a threat.

Faisal Abbas, editor-in-chief at Arab News, described the Trump’s visit as “historic.”

Some in Saudi Arabia believed that former U.S. President Barack Obama was going soft on Iran in order to reach an agreement over its nuclear program.

“It’s quite a historic visit in the sense that it’s kind of a one-stop shop for the Trump administration to set his agenda on the challenges facing the region,” Abbas told CNBC on Friday morning.

“It is time to reset relation, realigning the alliances, trying to fix as much as we can,” he said.

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