U.S. President Donald Trump said on Monday he plans to visit Saudi Arabia as early as May to sign an investment agreement in what will be the first foreign trip of his second term, with stops also planned in Qatar and the United Arab Emirates.

The president said he may also visit the U.A.E. and other countries.

Saudi Arabia is of key diplomatic importance to the Trump White House, especially amid ongoing tension in the Middle East and the Israel-Hamas war. During Mr. Trump's first term,

Trump's decision signals how close the relationship between his administration and Persian Gulf countries has become.

President Trump is expected in Saudi Arabia in May as part of his first international trip during his second term in the White House. CBS News' Willie James Inman reports.

Trump, who announced on March 6 that his inaugural overseas trip of his first term to Riyadh resulted in an estimated $350 billion in Saudi investments, has reiterated his intention to bolster economic ties with the kingdom.