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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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Egypt Says it Will Pay $1.3 Billion in Arrears to Oil Companies by June

Egypt had accumulated about $6.1 billion in arrears to foreign oil companies by June 30, 2024 (Ministry of Petroleum)
Egypt had accumulated about $6.1 billion in arrears to foreign oil companies by June 30, 2024 (Ministry of Petroleum)
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Egypt Says it Will Pay $1.3 Billion in Arrears to Oil Companies by June

Egypt had accumulated about $6.1 billion in arrears to foreign oil companies by June 30, 2024 (Ministry of Petroleum)
Egypt had accumulated about $6.1 billion in arrears to foreign oil companies by June 30, 2024 (Ministry of Petroleum)

Egypt will settle $1.3 billion in arrears to international oil companies by June, the petroleum ministry said on Saturday, accelerating its previous timetable for repayments.

Egypt had accumulated about $6.1 billion in arrears to foreign oil companies by June 30, 2024 due to a prolonged foreign currency shortage that delayed payments and weighed on investment and gas output. The shortage has since eased, ⁠though some companies have ⁠said that arrears have been once again accumulating.

Under its prior timetable, announced in January this year, the government had expected to still have arrears of some $1.2 billion by June.

Clearing debt may encourage ⁠foreign oil and gas companies to resume drilling, which would boost local production that has been steadily falling since peaking in 2021.

More local production would help the country to reduce its energy imports.

Business

China's Premier Vows to Expand Global 'Trade Pie'

Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)
Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)
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China's Premier Vows to Expand Global 'Trade Pie'

Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)
Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)

China's number two leader Li Qiang said Sunday that his country was willing to help expand the global "trade pie" by further opening up, state media reported, while he slammed unilateralism from certain countries.

Many of China's key trading partners have increasingly called on Beijing to reduce its soaring trade surplus owing to its impact on local competition.

Its trade surged by a fifth in the first two months of the year, official data showed earlier this month, significantly outpacing forecasts.

China "will steadfastly advance high-level opening up, import more high-quality foreign goods, and work alongside all parties to promote the optimized and balanced development of trade", Premier Li Qiang told business executives in Beijing on Sunday, according to Xinhua.

Li was speaking at the opening of the annual China Development Forum, attended this year by prominent business leaders including Apple CEO Tim Cook, AFP reported.

The Chinese premier added that Beijing would work with other countries to "join forces to make the global economic and trade pie larger for everyone".

He slammed growing unilateralism and protectionism, which he said was "no panacea for resolving problems".

Beijing has been seeking to steer a shaky economy onto a more stable path since the end of the pandemic, particularly by boosting consumption.

It had been locked in a blistering trade war last year with Washington after President Donald Trump imposed tariffs on countries including China.

The recent trade boost is a lifeline for China, the world's second-largest economy, as domestic consumer activity has slumped, and adds to the record surplus achieved last year.

The China Development Forum convenes as the Middle East war, triggered by US and Israeli strikes on Iran, rages on.

Tehran has retaliated with strikes across the region and beyond in a conflict that has threatened global energy security as well as China's oil supplies.

Li told the Chinese officials and global business executives the international rules-based order was suffering "severe disruption" with power politics "running rampant".

Chinese Vice Premier He Lifeng met with senior representatives of multinational companies including HSBC, UBS, Schneider Electric and Standard Chartered on Saturday, Xinhua reported.

Business

EU Urges Reduced Gas-storage Target

Europe's largest gas storage facility in Rehden, Germany (Reuters)
Europe's largest gas storage facility in Rehden, Germany (Reuters)
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EU Urges Reduced Gas-storage Target

Europe's largest gas storage facility in Rehden, Germany (Reuters)
Europe's largest gas storage facility in Rehden, Germany (Reuters)

The European Commission on Saturday urged EU member countries to lower their target for filling natural gas storage in the coming months, to alleviate price pressures caused by the war in the Middle East.

EU energy commissioner Dan Jorgensen sent a letter asking to "consider reducing your filling target to 80 percent as early as possible in the filling season to provide certainty and reassurance to market participants", down from the usual 90 percent goal.

Iran's retaliation for the US-Israeli war launched against has included attacks on Gulf neighbors, effectively closing the strategic Strait of Hormuz to tankers.

Oil prices have soared more than 50 percent since the start of the war, which was triggered on February 28, and natural gas prices in the EU have risen by more than 30 percent.

The price shock is expected to lead to a higher pace of inflation, and dampen economic growth.

While Europe is entering its warmer months, this is the period its countries refill their gas storage in preparation for winter.

With higher gas prices, though, and elevated risk for supply, the EU is facing competition with Asia for supply.

"Developments in Iran and the wider region threaten regional and global security," Jorgensen said in his letter.

"When it comes to energy, this situation and the attacks on energy infrastructure are significantly impacting global oil and gas markets."

He said that the EU's gas supply "remains relatively protected at this stage", as it gets most of its liquefied natural gas from the United States.

"But, as a net energy importer on global markets, the resulting high and volatile global prices may also impact the EU gas storage projections."

Consequently, Jorgensen said, EU countries should look to refill stores early, and do so over a longer period, "to mitigate pressure on prices and avoid (an) end-of-summer rush".

He noted that, in case of "difficult conditions" and a commission assessment, the countries can deviate from the target by up to 20 percent.