Trump speech at Saudi-backed event highlights questions over business ties
Published 19 Feb 2025
President Trump spoke at an investment conference in Miami sponsored by Saudi government entities on Wednesday, an address that transpired as the Trump Organization seeks to expand its real estate empire in Saudi Arabia and as the president looks to strengthen ties with the Middle East partner.
The president's speech came a day after the U.S. and Russia held talks in the Saudi capital of Riyadh on how to end the war in Ukraine, and the administration is seeking Saudi Arabia's cooperation on a range of issues, including the war in Gaza. Saudi Crown Prince Mohammed bin Salman vowed to invest $600 billion in the U.S. over the next four years in a phone call with Mr. Trump shortly after he took office in January.
The FII PRIORITY Summit in Miami Beach is billed as an opportunity for "thought leaders, investors and policymakers" to come together and "unleash extraordinary value creation." The Saudi Public Investment Fund is the main backer of the Miami conference, along with other Saudi government entities, including the Saudi Ministry of Investment and Riyad Bank, which the Saudi government controls.
Led by the crown prince, the Saudi Public Investment Fund reportedly invested $2 billion in Trump son-in-law Jared Kushner's private equity firm after Mr. Trump left the White House in 2021. The fund is also a major backer of LIV Golf, which has held several tournaments at Trump golf courses.
The Trump family businesses' ties with the Saudis raise questions about why he's delivering the speech, and whether the president's business interests might influence how he manages the relationship with the nation's authoritarian leadership.