On Wednesday night in Miami, billionaires and the royals waited in line to win seats for President Trump's speech at the Saudi-backed Future Investment Initiative (FII) summit.
From Trump's former Treasury Secretary Steve Mnuchin to former Google CEO Eric Schmidt, Wework founder Adam Neumann has won Queed to take a seat in the Conference Hall, or the Overflow area. Mogls texted FII organizers and PR officials, namely Elon Musk, about seating directly near the president's site line or his most important allies.
Sources say Neumann didn't have much luck in either room.
“You've had a queue of top investors in the world… people who often don't line up,” a FII spokesman told Nynext.
The next day, attendees flocked to hear an interview with President Trump's son-in-law, Jared Kushner, Middle Eastern Envoy Steve Witkoff. Sources said they posted that the chat was oversubscribed only in standing rooms.
The FII Summit will be held on Friday at the Faena Hotel and Forum Next Door. This is the third FII event held in Miami.
This year, the conference began in Riyadh a decade ago – showed a new level of power and political influence. Last year, the Miami event attracted serious investors, but there were no prominent sitting government officials from the Biden administration.
Since its launch in the Saudi Arabian capital in 2017, FII has expanded to several other cities. In addition to Miami's presence, there are plans to debut in Brazil in 2024 and expand to Europe and Asia.
It is technically not affiliated with the Saudi government, but is under the umbrella of Saudi Arabia's sovereign wealth fund PIF (Public Investment Fund). The event faced several controversy after the death of journalist and Saudi opposition Jamal Khashoggi in 2017.
The FII consistently attracted wealthy and powerful individuals, such as Stephen Munuchin and Jared Kushner, who attended the Riyadh Summit during Trump's first term.
Over $70 billion in transactions were generated at the 2024 Riyadh Summit in October, FII officials told Nynext thanks to Saudi Arabia's ability to make serious investments.
This year attendees include Citadel CEO Ken Griffin, Andreessen Horowitz founder Ben Horowitz, son of Softbank founder Masayoshi, Uber CEO Dara Kalanick, and Vista Equity founder Robert Smith, Orkul Cheo Coio Kalanick, Vista Equity founder Robert Smith Steve Cohen, tennis star Serena Williams and more than 1,400 others.
A representative from FII explains that the event is “invitation only,” but businesses can pay $2 million for “strategic partnerships,” while individuals can pay $15,000 including access to the meeting You can apply for membership.
Trump's presence this year further cemented the FII's position as an important political event.
In fact, some attendees told Nynext they believe it has surpassed the World Economic Forum in Davos (which was again curtailed this year) in terms of its involvement in both business and politics.
“As a third-year veteran of FII Miami, the energy and enthusiasm from space leaders is evident in both the new administration and its Middle Eastern ties,” said Anna Kunz, managing director of CIFC Asset Management. “This is crowned by a must-see event on the billionaire business social circuit. It's far better than Davos.”
It was a boom time for entrepreneurs and founders looking to raise money.
Joshua Browder, CEO of Fintech Company DonotPay Inc., told Nynext that the event is filled with participants excited about a new era of celebrating technology and investment.
“We are in an AI utopian era where we have been progressing over the years in ecosystems in a few months,” he said. “The importance of investing in high-tech is now recognized. The Biden administration didn't embrace technology… They hated tech.”
In addition to changing attitudes towards technology, the new era reflects a shift in navigating relationships with Saudi Arabia.
Crown Prince MBS has pledged to invest $600 billion in the United States during Trump's second term. Trump also suggests that his first overseas trip could be against Riyadh, like his first term.
“It's becoming a new international hub, especially with increasing relations with the Gulf. Ukraine and Russia are talking about being in Saudi Arabia. “Trump has been working with the Gulf countries to solve problems and do business with them. We are increasingly collaborating.”
