Out of all of the foreign investment sources that have pumped cash into South Florida real estate, financial institutions, and new businesses over the years, Saudi Arabia is a nation that at best has a nominal presence in the region.
But this past week, amid a major public relations lift from President Donald Trump at a Miami Beach investment conference sponsored by the country’s Public Investment Fund, the oil-rich nation announced plans to locate an investment office in Miami, its second in the U.S. after Washington, D.C.
In addition to placing investments domestically, Saudi Arabia will use the office as a “gateway” to South America, Minister of Investment Khalid Bin Abdulaziz Al-Falih told an audience at a Thursday panel discussion, “Enabling Purpose: How to Create Resilient Economies for Uncertain Times.” The panel included Miami Mayor Francis X. Suarez, who made the announcement official.
“It seems like it was just yesterday that I was in Riyadh announcing that FII was coming to Miami,” Suarez told the audience. “In line with the city’s emphasis on being the capital of capital, and strengthening its ties to the countries in the Middle East … today we are announcing the Ministry of Investment of Saudi Arabia is opening an Invest Saudi office here in the City of Miami.” read more