Washington — President Trump is scheduled to address an investment conference in Miami on Wednesday, hosted by entities linked to the Saudi government. This speech coincides with the Trump Organization’s efforts to grow its real estate portfolio in Saudi Arabia, as the president aims to reinforce relationships with this key Middle Eastern ally.
Mr. Trump will deliver his remarks at the FII PRIORITY Summit in Miami Beach, which is promoted as a platform for “thought leaders, investors, and policymakers” to converge and “unlock extraordinary value creation.”
The president’s address follows a day after discussions between the U.S. and Russia in Riyadh regarding the resolution of the Ukraine conflict. The administration is also seeking Saudi cooperation on various topics, including the ongoing war in Gaza. In a phone call with Mr. Trump shortly after his inauguration in January, Saudi Crown Prince Mohammed bin Salman promised to invest $600 billion in the United States over the next four years.
The primary sponsor of the Miami conference is the Saudi Public Investment Fund, along with other Saudi government entities, including the Saudi Ministry of Investment and Riyad Bank, which the government controls.
Under the crown prince’s direction, the Saudi Public Investment Fund is reported to have invested $2 billion into Trump son-in-law Jared Kushner’s private equity firm after Mr. Trump exited the White House in 2021. The fund is also a significant supporter of LIV Golf, which has hosted several tournaments at Trump golf venues.
The Trump family’s business connections with the Saudis have raised concerns regarding the motivations behind his speech and whether the president’s financial interests could influence his interactions with the country’s authoritarian regime.
“You have to consider whether this is being done to further Trump’s business interests, or is there a legitimate reason for America wanting a president there?” said Jordan Libowitz, vice president of communications for Citizens for Responsible Ethics in Government (CREW), commenting on Mr. Trump’s address.
“The president is engaged in business transactions in a foreign nation, raising questions about which priority he is placing first: his business or the interests of Americans?” Libowitz added.
The White House did not reply to CBS News’ request for comment, nor did the organization hosting the Miami summit. The Saudi embassy also did not respond promptly to a request for comment.
Business Connections with the Saudis
Prior to taking office in January, the president transferred day-to-day management of the Trump Organization to his children and placed his assets in a trust, mirroring the arrangement he made before his initial term. However, he has not fully divested from his business interests, leading to questions about potential conflicts of interest in his dealings with foreign entities.
Last year, the Trump Organization announced plans for a Trump Tower in Jeddah, a prominent Saudi city along the Red Sea.
In December, Eric Trump, the president’s son and executive vice president of the Trump Organization, disclosed the Jeddah project. He informed Reuters that the Trump Organization also intends to develop a Trump-branded property in Riyadh.
“I can confirm one of them will definitely be a tower,” Eric Trump stated to the news agency but withheld further specifics.
Kushner, who managed Middle Eastern affairs for Mr. Trump during the initial term, developed a close relationship with the Saudi crown prince, despite the CIA’s evaluation as early as 2018 that bin Salman, commonly referred to as MBS, had approved the murder of Washington Post columnist and U.S. resident Jamal Khashoggi.
Kushner recently downplayed any conflict of interest worries concerning the Saudi investment fund’s involvement in his private equity firm, Affinity Partners. He also reacted skeptically when questioned about a declassified U.S. intelligence report published in 2021, which concluded that the crown prince greenlit Khashoggi’s assassination. Kushner claimed he was unaware of the report.
“Are we really still discussing this?” Kushner retorted last week when asked about the U.S. intelligence report implicating MBS.
The LIV Golf league, financed by Saudi money and in talks to merge with the PGA Tour, is set to hold a tournament at Trump National Doral in April, continuing a trend of numerous events being held at Trump properties in recent years. Mr. Trump has deflected criticism regarding his association with the Saudi-backed tournament by questioning the Saudis’ involvement in the 9/11 attacks: “Well, nobody’s gotten to the bottom of 9/11, unfortunately, and they should have.”
Human Rights Watch specifically identifies the Saudis’ engagement with LIV as a significant issue, stating that the country is attempting to “‘sportswash’ its appalling human rights record.”
Earlier this month, Mr. Trump met with PGA Tour Commissioner Jay Monahan at the White House, with a potential agreement between the PGA Tour and LIV facing scrutiny from federal regulators.
“We are grateful that his leadership has helped us move closer to a final agreement, laying the groundwork for the unification of men’s professional golf,” Monahan and players Tiger Woods and Adam Scott remarked in a post-meeting statement.
Ethical and National Security Concerns
Libowitz suggested that a sitting U.S. president with business ventures involving a foreign government complicates the relationship.
“You can’t effectively conduct significant business in a nation, particularly one with an authoritarian regime, if that country is not in your favor,” Libowitz noted.
Presidents are not subject to the federal statute that prohibits federal employees from engaging in government matters that could influence their financial interests or those of their families, according to Jessica Tillipman, associate dean for government procurement law studies at George Washington University Law School.
“The president just does not face any of the constraints traditionally applied to executive branch federal employees,” Tillipman explained.
Nonetheless, it has been a longstanding expectation that a president would divest from business interests or place some of them in a blind trust.
“We have seen no indication that the president plans to separate from his existing financial interests,” Tillipman remarked. “Again, he is not legally required to do any of this.”
Scott Amey, general counsel for the Project on Government Oversight, emphasized that Trump’s inability to properly divest from his business holdings raises both ethical and national security issues.
“Trump has not appropriately divested from his business holdings and has recently announced plans for a new hotel in Saudi Arabia,” Amey stated. “The Trump Organization’s website offers tickets to Saudi-backed golf league events at Trump’s Miami golf course. Every interaction involving current or potential business partners or investors poses a conflict. These connections bring forth numerous ethics concerns and heighten national security risks, particularly regarding Saudi interests, where there is a blurred line between the ruling family and their business ventures.”
