The threat of a prolonged Iran war loomed over Saudi Arabia's Future Investment Initiative summit in Miami, as Riyadh and Washington powerbrokers convened in South Beach for the two-day summit.
The regional war is expected to weigh heavily on economies in the Gulf, leading to questions over the investment outlook. Yasir Al Rumayyan, who runs the kingdom's Public Investment Fund, said it remains committed to its global investments despite the uncertainty over the conflict.
“The Saudi macroeconomic and fiscal position remains strong, stable and resilient, and the PIF's portfolio is well-diversified and structurally resilient,” he told the summit, adding that he expects to unveil the sovereign wealth fund's five-year strategy in coming weeks.
His comments echoed those of the UAE's Minister of State and ambassador to the US Yousef Al Otaiba, who this week reaffirmed the Emirates' $1.4 trillion US investment commitment pledge. Both Gulf countries had pledged more than $2 trillion of investments during Mr Trump's visit to the Gulf in 2025.
FII chief executive Richard Attias last week told The National that he expects billions of dollars in deals between US and Gulf companies will be made this week.
Riyadh and Washington flock to Miami
Mr Al Rumayyan was among a large Saudi delegation in Miami, where executives from the region held discussions with American businessmen in cowboy hats.
Others attending from Saudi Arabia this week include the kingdom's ambassador to the US, Princess Reema bint Bandar, Saudi Finance Minister Mohammed Al Jadaan, and Humain chief executive Tareq Amin.
Some of the closest members of President Donald Trump's team were also expected to touch down in Miami, including: Middle East envoy Steve Witkoff; Mr Trump's son-in-law Jared Kushner; Massad Boulos, US senior adviser for Arab and African Affairs; and Mr Trump's son, Donald Jr.
Others in the line-up include: Meta vice president Dina Powell McCormick; Ripple chief executive Brad Garlinghouse; former Treasury secretary Steve Mnuchin; Riyadh Air chief executive Tony Douglas; IBM vice chairman Gary Cohn; State Street president Yie-Hsin Hung; and Fifa president Gianni Infantino.
Emirati businessman Mohamed Alabbar, who is the founder of Emaar Properties and founder and chairman of Eagle Hills, addressed the gathering online.
Al Jadaan warns of more disruptions
As those who attended the conference carried copies of Mr Kushner's book, Breaking History, Mr Al Jadaan warned that a prolonged conflict could worsen oil supply disruptions.
The effective closure of the Strait of Hormuz and repeated Iranian attacks on key energy sites across the Gulf have created one of the greatest supply disruptions ever, leading to significant shut-ins in the region.
“What we saw in the last few weeks is an impact beyond what we have seen even post-Covid in terms of supply chain disruption, and if this continues I think we will see even more severe impact,” Mr Al Jadaan said.
“We really need to make sure we resolve the conflict very quickly and come together to do that for the global economy not to be impacted even more.”
He gave Saudi Arabia's East-West pipeline as an example of how the kingdom has taken a proactive approached to the crisis.
Kushner says Iran actions 'reinforced' suspicions
Mr Kushner spoke little of discussions taking place between the US and Iran, saying only that Tehran was not serious in negotiations before co-ordinated US-Israeli strikes on February 28. Iran's sweeping attacks on Middle East energy infrastructure and its killing of civilians “reinforced a lot of people's suspicions”, he said.
The Trump administration on Thursday said Iran was at an “inflection point” after being handed a 15-point list for a peace deal. That did little to solve US investor anxiety, as the tech-heavy Nasdaq Composite joined the small-cap Russell 2000 in correction territory after trading closed on Wall street.
Mr Trump is due to address the conference on Friday. He also spoke at the Saudi-backed platform last year.
Heightened security measures will take place for his expected arrival on Friday, with magnetometers to be set up in the early morning. Those attending will be required to go through screening on entry and re-entry, far different than the free flow of foot traffic between the Faena Hotel and its main stage across the street on Thursday.
AI and other themes
Saudi Arabia and other Gulf Co-operation Council members are in the middle of plans to diversify their economies away from oil by the end of the decade.
The PIF, which managed a portfolio of more than $900 billion in assets last year, is the primary vehicle for Saudi Arabia's economic diversification drive away from oil.
Riyadh has been investing heavily in artificial intelligence under its Vision 2030 programme, as the kingdom aims to become a global centre for technology.
The PIF-backed Humain, the company at the heart of Saudi Arabia's AI ambitions, announced that it reached a deal with its first US-based customer, Turing, in a partnership to build an enterprise AI agent marketplace.
“We will not be taking it easy in terms of our ambition,” said Mr Amin.
The event is also likely to attract investments into media and sports sectors, with David Ellison, who is leading a Gulf-backed bid to buy Warner Bros Discovery, also scheduled to speak.
