US President Donald Trump has secured a $600 billion commitment from Saudi Arabia to invest in the US - he is continuing his visit to the Middle East on his first diplomatic trip.
It is a familiar start to his second term - returning to the region and once again, deals, investments and American economic benefits appear to be top of his mind.
A new report commissioned by the Arab Irish Chamber of Commerce has identified the Arab world as a key region for trade for Irish businesses amid ongoing global volatility.
The "Ireland's Economic Relationship with the Arab World" report was commissioned in the wake of the economic volatility that followed Britain’s exit from the EU, ongoing global political and social unrest and a major shift in US trade policy under the new administration.
The author of the report, economist Jim Power, said diversification is crucial to mitigate risk and reduce overreliance on US.
Speaking on RTÉ's Morning Ireland, Mr Power said it is "quite obvious" that Ireland has an inordinate trade exposure to a small number of countries .
"Over 32% of our merchandise exports, for example, are to the United States, so I think trade diversification and foreign direct investment diversification is absolutely essential in terms of risk management for the Irish economy at the moment," he said.
"If you look around the world at the potential markets China is one, Canada is another, but the Arab world is also one," he noted.
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"It has massive population in the 22 countries I analysed for this report with massive population growth already and 52.6% growth in population in the region by 2054," he added.
The report found that opportunities in the Arab region are underpinned by its huge reliance on imports, which account for up to 90% of its requirements.
It said this dependence on imports has made the Arab world increasingly attractive to exporters, and the strong ex-pat Irish communities in countries such as UAE and Saudi Arabia also offer considerable market opportunity.
"At the moment there's a dominance in pharma and medical and essential oils perfumes and toiletries," said Mr Power.
"But I think we can build up in areas like food and dairy, the equine industry, healthcare - particularly med tech - agricultural advice and consultancy, construction, education, renewable energy, developing infrastructure, there are already many Irish companies operating in that sphere in the region," the economist stated.
"I think there's a broad range of things and while the multinational sector out of Ireland already has a significant exposure, I think the real opportunity here is for the export oriented SME sector," he added.
Human Rights Watch today said abuses were being committed on giant construction sites in Saudi Arabia and warned of the risks to migrant workers building stadiums for the 2034 World Cup.
There are also ongoing concerns on human rights and workers rights in some Arab countries.
Addressing ethical concerns over trading, Mr Power said that opening countries up to trade and external relationships "does force progress".
"If you look at how for example Ireland has progressed over 50 years as we become more integrated in the European Union.
"Secondly, I think for any Irish company doing business in the Arab world, you need to do your due diligence. You need to make sure that the companies you're dealing with are actually sound."
"We have seen an increase in recent months in interest from Irish businesses looking to scope out opportunities in the Arab world," said Ahmad Younis, CEO of the Arab Irish Chamber of Commerce.
"Fundamentally you must have the right product, at the right price, together with a viable route to market. But what many people overlook is that in Arab markets, cultivating patience is as critical as having a strong product.
"A business needs to build face-to-face relationships. Trust with new contacts must be earned. It can take months, even years for a deal to materialise but when it does, you have to act swiftly and the rewards can be great," he said.
