US President Donald Trump attended the meeting after Saudi Arabia condemned his call to move Palestinians from Gaza as part of a US-led reconstruction plan. It also follows Trump's call in January for Riyadh to invest $1 trillion in the US, nearly matching the value of Saudi PIF's assets.
Trump is scheduled to deliver a live speech at the meeting, according to people who spoke to Reuters on condition of anonymity.
Summit Set to be Held February 19-21
Representatives of the Riyadh-based FII Priority Summit, scheduled for Feb. 19-21, declined to comment. Representatives of the U.S. Embassy in Riyadh also did not immediately respond to a request for comment.
Neil Quilliam, a researcher at the Middle East and North Africa Programme at London-based Chatham House, said: “This shows that the US-Saudi relationship is multidimensional, and that Riyadh is able to compartmentalise policy as it becomes increasingly transactional in its management of foreign relations.”
Arab states have strongly opposed Trump's plan to rebuild Gaza as the “Riviera of the Middle East” and his calls to displace Palestinians from the territory.
Jordanian Foreign Minister Ayman Safadi said Tuesday there was an Arab-Egyptian plan to rebuild Gaza without displacing its residents.
Business Expansion
Trump enjoyed close ties with Gulf states during his first term as president – including with Saudi Arabia, which has invested $2 billion in the company of Jared Kushner, Trump's son-in-law and former aide.
The Trump Organization plans to build a Trump Tower in the Saudi Arabian capital, Riyadh, as part of its real estate expansion in the region, including in the United Arab Emirates capital, Abu Dhabi.
Trump has called on Saudi Arabia and OPEC to lower oil prices. He also said Riyadh should increase its planned investment package in the United States from an initial report of $600 billion to $1 trillion.
According to government data, the value of U.S. exports of goods to Saudi Arabia in recent years has been much higher than Saudi Arabia's foreign direct investment in the United States.
Citing the FIL website, Reuters news agency reported that among other participants ready to attend the Miami Summit are TikTok CEO Shou Zi Chew, Oracle CEO Safra Catz, and Yasir Al-Rumayyan, governor of the Saudi PIF which manages funds worth US$925 billion. The public website did not list Trump as an attendee.
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