Prominent figures from some of the biggest US corporations, including Elon Musk, Mark Zuckerberg, and Larry Fink, are set to travel to Saudi Arabia for an investor meeting next week.
The Saudi Arabian Investment Forum, informally referred to as “Desert Magazine” by a source, will take place on May 13th. Among the notable attendees are OpenAI CEO Sam Altman, Citigroup CEO Jane Fraser, and Boeing CEO Kelly Autoberg, as well as David Sachs, who is involved with AI and Crypto at the White House.
Officials are eager to tout their investment opportunities in the US, with Treasury Secretary Scott Bescent and Commerce Secretary Howard Lutnick confirming plans to the Post.
“It will be an engaging desert magazine, ultimately focused on creating jobs in the US,” one insider suggested, implying that the potential value of the deals might surpass initial expectations.
Additionally, business leaders like former Google Financial Chief Ruth Pollatt, Palantir CEO Alex Karp, and Pimco’s Emmanuel Roman will lead discussions and panels. However, it appears the president won’t be attending this event.
The corporate gathering is scheduled just ahead of a summit chaired by Saudi Crown Prince Mohammed bin Salman, commonly known as MBS, with leaders from the US and the Gulf Cooperation Council.
The forum aims to facilitate agreements exceeding $600 billion, encompassing defense, AI, technology, and healthcare sectors. This objective aligns with MBS’s ambitions following his recent talks with Trump after the latter secured a second term at the White House.
Documents obtained by the Post suggest this financial summit is designed to deepen ties, explore new investment channels, and strengthen existing economic partnerships.
Several businesses expected to join the Investment Forum also regularly participate in Riyadh’s flagship financial event, the Future Investment Initiative.
Former White House advisor Jared Kushner, who had close relations with MBS during the Abraham Accords negotiations, purportedly received a $2 billion investment from the Saudi Sovereign Wealth Fund for his partner company just six months after Trump exited office.
The invitation emphasizes a “strategic dialogue” between a Saudi minister and senior U.S. government and business leaders.
This trip is part of a broader Middle Eastern tour for the president, which also includes stops in Qatar and the United Arab Emirates.
This foreign visit was first noted by Axios on Saturday, coinciding with the Pentagon’s announcement of a potential $3.5 billion sale of advanced missiles to Saudi Arabia to be manufactured in Tucson, Arizona.
This proposed sale is currently pending review by Congress, where lawmakers typically have the ability to scrutinize or block such transactions.
The kingdom remains significantly reliant on U.S. military support, possessing the second-largest fleet of F-15 fighter jets globally, following the U.S.
Trump’s visit to Saudi Arabia in 2017 marked a departure from the customary visits of modern U.S. presidents to Canada, Mexico, or the UK.
Despite the close ties fostered during his administration with Gulf leaders, relations have cooled under President Joe Biden, especially following a CIA report in 2021 alleging MBS’s involvement in the assassination of Washington Post columnist Jamal Khashoggi in 2018. Authorities in Riyadh have denied any wrongdoing.
