Trump expected to attend Saudi FII conference in Miami, sources say

DUBAI/RIYADH, Feb 13 (Reuters) – U.S. President Donald Trump is expected to attend Saudi Arabia’s Future Investment Initiative conference in Miami, marking his second consecutive appearance at the event since returning to the White House, people familiar with the matter said.

Trump is expected to attend a dinner on the first day hosted by Yasir Al-Rumayyan, governor of Saudi Arabian sovereign wealth fund PIF, two people said, asking not to be identified as they were not authorized to speak publicly. The event takes place from March 26-29. 

The FII Institute, the Saudi government and the White House did not immediately respond to requests for comment.

Trump’s engagement with the FII platform underscores the importance his administration places on Gulf economic partnerships.

Saudi Arabia and the U.S. finalised a series of investment and defense agreements during the crown prince’s meeting with Trump in November, with Riyadh boosting its commitment to invest in the United States to $1 trillion – expanding significantly from the $600 billion in deals outlined during Trump’s visit to the kingdom in May.

SAUDI ARABIA’S VISION 2030 PIVOTS TO PRIVATE SECTOR

The potential high-profile attendance comes as Saudi Arabia recalibrates its ambitious Vision 2030 economic transformation program amid a shortage of funding for mega-projects that were part of the kingdom’s wider diversification efforts.

Saudi officials have increasingly pivoted toward securing buy-in and collaboration from the private sector after initial plans relied heavily on government funding. 

The FII Miami event would provide a platform for Saudi Arabia to court North and South American business leaders and investors at a time when the kingdom is repositioning its economic agenda.

The gathering also takes place against a backdrop of deepening rivalry between Saudi Arabia and the United Arab Emirates, traditionally close Gulf allies, who have increasingly found themselves at odds over regional economic competition and strategic priorities.

The two nations have been vying for position as the Middle East’s premier business and financial hub, with the UAE’s rapid rise in sectors from finance to technology creating friction with Saudi Arabia’s own ambitions under Vision 2030. FII competes with Abu Dhabi’s Milken Institute Global Conference, which takes place in Los Angeles in May. 

The main FII conference, usually held each fall in Riyadh and dubbed “Davos in the Desert,” has become a flagship event for Saudi Arabia to showcase its economic vision and attract global investment.

The organization has expanded beyond Riyadh to host events in other major cities.

(Reporting by Hadeel Al Sayegh and Timour Azhari; Editing by Sharon Singleton)