On Wednesday evening in Miami, billionaires and royals waited in line to get a seat for President Trump’s speech on the Saudi Arabia-backed Future Funding Initiative (FII) summit.
Everybody from Trump’s former Treasury Secretary Steve Mnuchin to former Google CEO Eric Schmidt to WeWork founder Adam Neumann queued to get a seat within the convention corridor, and even within the overflow space. Moguls texted FII organizers and PR reps for seats immediately within the President’s sightline or close to a few of his most necessary allies — specifically Elon Musk.
Neumann, sources mentioned, didn’t have a lot luck getting inside both room.
“You had queues of the world’s top investors … people who don’t often queue,” an FII spokesperson instructed NYNext.
The next day, attendees flocked to listen to President Trump’s son-in-law Jared Kushner interview Center East Envoy Steve Witkoff the place the pair mentioned whether or not “a new era of US-Middle East Economic Cooperation Dawning?” Sources instructed The Publish the chat was oversubscribed with standing room solely.
The FII Summit runs by way of Friday on the Faena Lodge and discussion board subsequent door. It’s the third such FII occasion held in Miami.
This 12 months the convention — launched lower than a decade in the past in Riyadh — confirmed a brand new stage of energy and political affect. Final 12 months, the Miami occasion attracted severe traders however no notable sitting authorities officers from the Biden administration.
Since launching within the Saudi Arabian capital in 2017, FII has expanded to a couple different cities. Along with its Miami presence, it debuted in Brazil in 2024, and there are plans to increase to Europe and Asia.
Whereas it’s not technically affiliated with the Saudi authorities, it’s underneath the umbrella of the Saudi’s sovereign wealth fund PIF (the general public funding fund). The occasion confronted some controversy following the dying of journalist and Saudi dissident Jamal Khashoggi in 2017.
FII has persistently drawn rich and highly effective people, together with Steven Mnuchin and Jared Kushner, who attended the Riyadh summit throughout Trump’s first time period.
On the 2024 Riyadh summit, held in October, over $70 billion in offers have been generated, an FII official instructed NYNext, thanks partly to the Saudis capability to make severe investments.
This 12 months, attendees included Citadel’s CEO Ken Griffin, Andreessen Horowitz founder Ben Horowitz, SoftBank founder Masayoshi Son, Uber CEO Dara Khosrowshahi, Uber founder Travis Kalanick, Vista Fairness founder Robert Smith, Oracle CEO Safra Catz, RedBird IMI CEO Jeff Zucker, Point72 founder Steve Cohen, tennis star Serena Williams and greater than 1400 others.
A consultant for FII explains the occasion is “invite only” however notes firms pays $2 million for a “strategic partnership” and people can apply for a $15,000 annual membership that features entry to conferences.
The presence of Trump this 12 months additional solidified FII’s standing as an necessary political occasion.
The truth is, some attendees instructed NYNext they consider it has surpassed the World Financial Discussion board in Davos — which was notably subdued this 12 months — by way of relevance for each enterprise and politics.
“As a third year veteran of FII Miami, the energy and enthusiasm from the leaders of the universe both on the new administration and its Middle Eastern ties is evident,” Anna Kunz, managing director at CIFC Asset Administration, mentioned. “This has been crowned the must-attend event of the billionaire business social circuit … it’s way better than Davos.”
For entrepreneurs and founders trying to increase cash, it’s been a increase time.
Joshua Browder, the CEO of fintech firm DoNotPay Inc., instructed NYNext that the occasion is flooded with attendees excited by a brand new period that celebrates expertise and funding.
“We’re in an AI utopian era with years’ worth of progress in the ecosystem in a few months,” he mentioned. “There’s a recognition now of the importance of investing in tech… the Biden administration didn’t embrace technology … they hated tech people.”
Together with a shifting perspective in the direction of expertise, the brand new period displays a change in navigating relations with the Saudis.
Crown Prince MBS has promised to take a position $600 billion within the U.S. throughout Trump’s second time period — which can have additionally been instrumental within the President’s choice to talk, sources mentioned. Trump has additionally recommended his first journey overseas could also be to Riyadh — because it was throughout his first time period — underscoring the continued significance of the area.
“It’s becoming a new international hub especially because of the increasing relationship with the Gulf — talks about Ukraine and Russia are in Saudi, Witkoff is speaking with the Qataris on the Israel-Hamas ceasefire agreement,” an government near the Trump administration mentioned. “Trump is increasingly working with Gulf Countries to solve problems and do business.”
