The White House said on Thursday a $29.4 billion (16.2 billion pound) deal to sell Boeing-made fighter jets to Saudi Arabia's air force would support more than 50,000 U.S. jobs and give the American economy a $3.5 billion annual boost.

White House spokesman Josh Earnest said the government to government deal included production of 84 new aircraft and upgrades to 70 existing aircraft as well as munitions, spare parts, training, maintenance and logistics.

This agreement reinforces the strong and enduring relationship between the United States and Saudi Arabia, and demonstrates the U.S. commitment to a strong Saudi defence capability as a key component to regional security, Earnest said in a statement from Hawaii, where President Barack Obama is vacationing.

(Reporting by Laura MacInnis; Editing by Sandra Maler)