Nearly three dozen American business leaders joined President Donald Trump for an opulent state visit to Saudi Arabia, signaling a renewed alliance between powerful corporate executives and the Trump administration. Invited by the Saudi government, top CEOs and industry titans from banking, tech, defense, and energy sectors flew thousands of miles to Riyadh to attend a high-profile luncheon with Trump and Crown Prince Mohammed bin Salman. The gathering included notable figures such as Elon Musk and his brother Kimbal, OpenAI CEO Sam Altman, Uber CEO Dara Khosrowshahi, and the heads of Google, Nvidia, BlackRock, Blackstone, and other major Fortune 500 firms.
The size and prestige of the American delegation were unprecedented for a presidential foreign visit and reflected the increasing efforts of foreign governments to gain favor with Trump through high-level business engagement. According to White House officials and individuals close to the administration, the guest list was coordinated by the Saudi government, demonstrating how state leaders aim to leverage Trump’s business interests and policy priorities to foster deeper ties.
The trip included the signing of a massive $600 billion investment agreement between the U.S. and Saudi Arabia, featuring a $142 billion deal for American defense companies to supply military equipment to the kingdom. Trump, speaking at an investment forum during the visit, emphasized the opportunities for growth under his leadership, declaring the United States to be the best place to build a fortune. The White House noted that foreign investment surged by 22 percent in Trump’s first quarter, citing the Riyadh summit as proof of America’s renewed global economic appeal.
— Donald J. Trump (@realDonaldTrump) May 13, 2025
Several attendees had close financial or political ties to Trump. Altman and Khosrowshahi, for instance, were major donors to Trump’s inaugural committee, each contributing millions personally and through their companies. Elon Musk brought along two guests, including Antonio Gracias, a fellow billionaire and member of the DOGE advisory group, who is now reportedly embedded in the Social Security Administration. The event also saw the presence of biotech billionaire and Los Angeles Times owner Patrick Soon-Shiong, who reportedly influenced the paper’s political neutrality during the 2024 election.
In response to questions about Trump’s business connections in the region, White House Press Secretary Karoline Leavitt dismissed concerns, calling them “ridiculous” and affirming the administration’s commitment to ethical standards. Nonetheless, Trump revealed plans to accept a $400 million jetliner from Qatar’s royal family for use as Air Force One, which he would later donate to his presidential library—a move he called “a great gesture” and “smart diplomacy.”
Investment opportunities and access to capital were major themes of the summit, particularly in the tech and AI sectors. American companies including Google, Oracle, Salesforce, AMD, and Uber announced $80 billion in joint investments with Saudi partners. Google and the Saudi sovereign wealth fund detailed plans for a new AI Hub to accelerate artificial intelligence adoption across Saudi industries. Nvidia pledged to build “AI factories of the future” in the kingdom, while companies like Qualcomm, AMD, and AWS unveiled strategic partnerships with Humain, a new Saudi-backed AI firm.
Miami Mayor Francis Suarez, who recently ended a brief Republican presidential run, also attended the summit. Three sources with ties to Miami politics indicated Suarez is positioning himself to become U.S. ambassador to Saudi Arabia. Currently a part-time mayor and partner at a law firm with a Riyadh office, Suarez has worked to expand Miami’s ties with the Saudi investment community. His spokesperson said the trip did not use city funds and was part of a broader effort to maximize his public and private sector reach.
While the Saudi embassy in Washington did not comment, the summit reinforced the kingdom’s growing role as a global investment hub. Many of the attendees, including Fink and Schwarzman, have longstanding financial ties with Saudi Arabia’s sovereign wealth fund. One source familiar with Saudi business dealings noted that these leaders frequently travel to the kingdom to maintain their influence with Crown Prince Bin Salman.
Despite some notable absences—such as LinkedIn co-founder Reid Hoffman, whose staff publicly corrected the White House’s claim of his attendance—the overall turnout underscored the strong interest among American elites in aligning with Trump’s economic and geopolitical agenda.
