World Bulletin / News Desk

The United States and Gulf Cooperation Council (GCC) on Sunday signed a memorandum of understanding (MoU) to establish a center to combat terrorism financing. 

The MoU was inked during a U.S.-Gulf summit, which opened in Saudi capital Riyadh on Sunday on the 2nd day of U.S. President Donald Trump’s visit to the oil-rich kingdom. 

The center aims to monitor and exchange information about money transfers to and from the Middle East and North Africa, according to Saudi Arabia’s official SPA news agency. 

Trump arrived in Saudi Arabia on Saturday on his first presidential trip abroad since taking office. 

On the first day of Trump’s visit, Washington and Riyadh agreed on an arms deal worth almost $110 billion “to support Saudi Arabia's defense needs, according to the U.S. State Department.