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Trump to Be Guest of Honor at Saudi Arabia’s Future Investment Initiative Summit in Miami

Trump delivers a speech at last year's edition of the event. (Asharq Al-Awsat)
Trump delivers a speech at last year's edition of the event. (Asharq Al-Awsat)
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Trump to Be Guest of Honor at Saudi Arabia’s Future Investment Initiative Summit in Miami

Trump delivers a speech at last year's edition of the event. (Asharq Al-Awsat)
Trump delivers a speech at last year's edition of the event. (Asharq Al-Awsat)

The Future Investment Initiative (FII) Institute announced that US President Donald Trump will participate as a guest of honor and speaker at the fourth edition of the “Priority Future Investment Initiative” summit in Miami, scheduled to be held from March 25 to 27.

Trump is scheduled to deliver a keynote speech in person during the summit's closing session on March 27. The appearance marks the second time Trump has addressed this international gathering of leaders, investors, and decision-makers on the platform, reflecting the growing strategic importance of this summit in global economic circles.

Trump's participation comes at a very sensitive time for the global economy, which is reeling under the weight of escalating energy crises and sharp jumps in oil prices that have exceeded the $100 mark.

The global audience in Miami will be waiting to see Trump's vision on how to manage these developments and his philosophy towards the movement of capital in light of current geopolitical conflicts.

In last year's edition, Trump reaffirmed that the golden age of the United States had officially begun, considering the economic progress that had occurred since he took office to be "amazing."

This year's summit is being held under the slogan "Capital in Motion," where it seeks to explore how capital moves, adapts, and leads in a rapidly fragmenting world.

The agenda focuses intensively on the role of investment, technology, and policies in achieving sustainable and inclusive growth, while highlighting Latin America region and the Americas as a center of the current global transformation.

The summit brings together an elite group of senior officials, investors, and innovators, and prominent from the Saudi side is a high-level presence that includes the Governor of the Public Investment Fund and Chairman of the Board of Directors of the Future Investment Initiative Foundation Yasir Al-Rumayyan, Minister of Finance Mohammed Al-Jadaan, Minister of Tourism Ahmed Al-Khateeb, and the Ambassador of the Custodian of the Two Holy Mosques to the United States, Princess Reema bint Bandar Al Saud.

The list of speakers also includes prominent names, such as Steve Witkoff, the US envoy to the Middle East, and Dina Powell McCormick, Vice President of Meta, in addition to the participation of Donald Trump Jr.

The slogan of the fourth edition, "Capital in Motion," reflects an accelerated global reality that knows no stillness, where resources, talents, and ideas flow across borders, industries, and technologies at an unprecedented pace. In light of slowing global growth, persistently high interest rates for longer, and sharp geopolitical rifts, the summit is redrawing the map of investment returns.

The summit is expected to attract more than 1,500 delegates from around the world, forming an economic bridge linking the Middle East, the United States, and the emerging Latin American markets.

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Business

Iraq Says Oil Output, Exports Can Recover within a Week Once Hormuz Crisis Ends

A tanker, left, and a car carrier are anchored at sea in the Gulf of Oman near the Strait of Hormuz, as seen from the coast near Khor Fakkan, United Arab Emirates, Friday, May 1, 2026.(AP)
A tanker, left, and a car carrier are anchored at sea in the Gulf of Oman near the Strait of Hormuz, as seen from the coast near Khor Fakkan, United Arab Emirates, Friday, May 1, 2026.(AP)
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Iraq Says Oil Output, Exports Can Recover within a Week Once Hormuz Crisis Ends

A tanker, left, and a car carrier are anchored at sea in the Gulf of Oman near the Strait of Hormuz, as seen from the coast near Khor Fakkan, United Arab Emirates, Friday, May 1, 2026.(AP)
A tanker, left, and a car carrier are anchored at sea in the Gulf of Oman near the Strait of Hormuz, as seen from the coast near Khor Fakkan, United Arab Emirates, Friday, May 1, 2026.(AP)

‌Iraq can restore oil output and exports to normal levels within seven days of the end of the crisis ‌over the ‌Strait of ‌Hormuz, Deputy ⁠Oil Minister Basim Mohammed ⁠said on Saturday.

He said production currently stood at 1.5 ⁠million barrels per day, ‌with ‌about 200,000 ‌bpd exported via ‌Ceyhan, while two tankers had been prepared and two ‌more were expected depending on security ⁠conditions ⁠in the strait, which Tehran has largely closed during the US-Israeli war against Iran.

Business

Saudi Arabia Ranks Second Globally in Data Center Market Attractiveness

A view of the Riyadh skyline, the Saudi capital (Royal Commission for Riyadh City)
A view of the Riyadh skyline, the Saudi capital (Royal Commission for Riyadh City)
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Saudi Arabia Ranks Second Globally in Data Center Market Attractiveness

A view of the Riyadh skyline, the Saudi capital (Royal Commission for Riyadh City)
A view of the Riyadh skyline, the Saudi capital (Royal Commission for Riyadh City)

Saudi Arabia has ranked second globally, after the United States, among the most attractive markets for data centers—an achievement that reflects the Kingdom’s growing position in digital infrastructure and its rapid expansion in a market increasingly driven by artificial intelligence and cloud computing.

According to a Bloomberg analysis, Saudi Arabia secured second place globally in data center market attractiveness. The analysis also indicated that power availability and land enablement together account for 58% of market attractiveness for data center projects. At the same time, 22.8 gigawatts of new capacity are currently under development worldwide and are expected to come online within the next three years, increasing the value of markets capable of absorbing this growth at scale and with speed, SPA reported.

This progress builds on the rapid expansion of the data center sector in the Kingdom, where operational capacity increased from 68 megawatts in 2021 to 440 megawatts in 2025—representing nearly sixfold growth over four years. This reflects the accelerated development of digital infrastructure and the growing attractiveness of the Saudi market in this critical sector.

The sector continued its growth in the first quarter of 2026, with capacity rising to 467 megawatts—an increase of more than 6% since the beginning of the year—highlighting the sustained expansion of a market that has become a key driver of digital infrastructure and the data-driven economy powered by cloud computing and artificial intelligence.

According to SPA, today, Saudi Arabia hosts more than 60 data centers across multiple regions, reflecting the expansion of the market, the strengthening of its operational base, and its ability to meet the growing demand for digital services, cloud computing, and AI applications. This growth is further supported by the Kingdom’s geographic depth, which provides developers and operators with greater flexibility in site distribution and phased expansion, in addition to its strategic location linking Asia, Europe, and Africa—enabling access to broad markets from a single hub.

Commenting on this progress, head of the Artificial Intelligence Enablement Office at the Ministry of Communications and Information Technology Eng. Bassam Al-Bassam stated: “This reflects the Kingdom’s growing position in the data center sector and confirms that the progress achieved in digital infrastructure, power availability, development speed, and operational readiness has positioned Saudi Arabia among the most capable markets in attracting high-quality investments in this sector.”

He added that this progress strengthens the confidence of global investors in the Saudi market and supports the Kingdom’s positioning as a global hub for digital infrastructure and artificial intelligence.

This achievement gains further significance as Saudi Arabia ranked first globally in the Digital Readiness Framework 2025, scoring 94 out of 100 in the “very high” category, ahead of Finland, Germany, the United Kingdom, Norway, and France. This reflects the maturity of the regulatory environment, digital governance, and institutional efficiency—factors that are increasingly critical in a sector that depends on regulatory clarity, operational reliability, and speed of execution.

This position is further reinforced by an advanced digital ecosystem, including 99% internet penetration, fiber coverage reaching 5.8 million homes, and a technology market exceeding SAR199 billion in 2025. In addition, local internet traffic through the Saudi Internet Exchange surpassed 2.462 terabits per second in the same year, enhancing the readiness and reliability of the digital environment supporting data center operations.

This achievement underscores that Saudi Arabia is not only keeping pace with growing demand for digital infrastructure but is also advancing in building the foundational capabilities required for the next phase of the digital economy. As global pressures on power and land intensify in traditional markets, Saudi Arabia is emerging as a destination that combines capacity, readiness, flexibility, and scalability—further strengthening its position as a rising global hub in the data center race.

Business

China Rejects US Sanctions on Five Oil Refineries

Independent small Chinese refineries purchase 90% of Iranian oil shipments (Reuters).
Independent small Chinese refineries purchase 90% of Iranian oil shipments (Reuters).
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China Rejects US Sanctions on Five Oil Refineries

Independent small Chinese refineries purchase 90% of Iranian oil shipments (Reuters).
Independent small Chinese refineries purchase 90% of Iranian oil shipments (Reuters).

China will not comply with US sanctions against five firms targeted for purchasing Iranian oil, Beijing's commerce ministry said on Saturday.

China is a key customer for Iranian oil, mainly through independent "teapot" refineries that rely on discounted crude from Iran.

The United States, seeking to choke off revenue to Tehran, has ramped up sanctions on such refineries.

The commerce ministry's injunction, relating to sanctions announced separately since last year, states that the US measures "shall not be recognized, implemented, or complied with".

The sanctions "improperly prohibit or restrict Chinese enterprises from conducting normal economic, trade and related activities with third countries... and violate international law and the basic norms governing international relations," the ministry said in a statement.

"The Chinese government has consistently opposed unilateral sanctions lacking UN authorization and a basis in international law."

The injunction applies to three companies in Shandong province -- Shandong Jincheng Petrochemical Group, Shandong Shouguang Luqing Petrochemical and Shandong Shengxing Chemical -- and two others based elsewhere in China, Hengli Petrochemical (Dalian) Refinery and Hebei Xinhai Chemical Group.

Washington imposed on Friday sanctions on yet another Chinese firm which it said had imported "tens of millions of barrels" of Iranian crude oil, generating billions of dollars in revenue for Tehran.

The firm, Qingdao Haiye Oil Terminal Co., Ltd., was not mentioned in the commerce ministry's injunction.