Saudi promotes Trump ties in Miami, even as war rages
Matthew’s view
US President Donald Trump will, again, be the headliner at the Saudi sovereign wealth fund’s investment conference in Miami on Friday, but much has changed since he spoke from the same platform a year ago.
Then, both sides were keen to tout stronger diplomatic, security, and investment ties. Over the following months, Trump visited Saudi Arabia, and the kingdom’s Crown Prince Mohammed Bin Salman reciprocated with a trip to Washington, pledging $1 trillion of investment across critical minerals, defense, nuclear power, and technology.
Now, the backdrop is war. Gulf rulers, who aren’t fans of the regime in Tehran, are worried about ongoing chaos and instability in the region. Surging oil prices may benefit some of them in time, but the conflict has raised serious questions about the oil-for-security pact that underpinned Gulf-US relations for decades.
FII Priority Miami, as this week’s event is known, will bring together a senior Saudi delegation — including the head of the nearly $1 trillion Public Investment Fund, the country’s finance minister, and business leaders — alongside US officials, CEOs, Donald Trump Jr., and Steve Witkoff (as well as his son Zach, who runs a crypto business).
That will help the kingdom project an image of business as usual, even as Iran lobs missiles and drones on Riyadh and Saudi oil facilities, and blocks its main trading route through the Strait of Hormuz.
Saudi Arabia is not distancing itself from Trump. The kingdom may not have wanted this war, but its leaders still see the US as their most important ally, and the conflict has the potential to finally reduce Iranian threats, which have hampered Saudi Arabia’s broader economic ambitions. The outcome of this war may not be clear, but the future of the kingdom’s alliance with the US is.
