Deputy Crown Prince Mohammed bin Salman met with Trump at the White House on Tuesday, in what his senior adviser deemed a "historic turning point" in US-Saudi relations.
He is the chief proponent of Vision 2030, a wide-ranging social and economic reform plan begun past year to diversify the oil dependent economy.
The launch of the council in al-Qassim province was led by Saudi Prince Faisal bin Mishal bin Saud, who said he was proud of the conference. The Trump administration's decision to include Iran in its travel ban for people seeking new visas was also appreciated by Saudi, who views the Shiite-ruled nation's influence in Yemen, Bahrain, Lebanon, Iraq and Syria as a danger to its security, ABC reported Monday.
The statement said in his talks with Trump and other U.S. officials, Prince Mohammed, who is also the Saudi defense minister, was expected to "discuss reinforcing bilateral relations and review regional issues of mutual interest".
The young prince is due to meet with Trump and other senior USA officials to "discuss strengthening bilateral relations", according to the agency.
The U.S.is now aiding Saudi-backed Sunni forces in Yemen as they fight the Iranian-supported Houthi rebels.
Saudi Arabia's deputy crown prince is singing US President Donald Trump's praises after their meeting, calling him a "true friend of Muslims" and claiming the leader's immigration ban does not target Islam.
Saudi Arabia has a policy of segregation between the sexes.
I am no scholar in the history of colonization or women's rights in Saudi Arabia, but I know from own experiences as an Arab-American growing up post-9/11 that images ridiculing or "othering" Arabs serve an explicitly propagandist objective.
Adding insult to injury, Saudi Arabia is the only country in the world which does not allow women to drive.
Last week, the USA secretary of state ended a three-month suspension by the administration of former President Barack Obama on a $390m arms sale to Saudi Arabia.
The adviser also said the two had discussed problems with the Iran nuclear deal.
During their tete-a-tete Tuesday, Trump and Prince Salman agreed to collaborate in combating Iran's actions in the region, according to the White House.