"Today, we're announcing that the Ministry of Investment of Saudi Arabia is opening an 'Invest Saudi' office here in the city of Miami to invest regionally," Suarez said at the Future Investment Initiative (FII) Institute Priority conference as he sat alongside the Saudi Arabian ambassador to the United States, H.R.H Reema Bandar Al-Saud, and the desert nation's minister of investment, H.E. Khalid bin Abdulaziz Al-Falih.
For the third year in a row, Suarez spoke at the FII Priority trade summit, which he helped usher to Miami in 2023. Armed with the City of Miami seal and his public position as mayor, Suarez has assisted in bringing press and legitimacy to the kingdom's global investment efforts to reshape its bloody reputation of violating human rights, including the murder of journalist Jamal Khashoggi in 2018.
"It seems like it was just yesterday when I was in Riyadh announcing that FII was coming to Miami," Suarez said ahead of his announcement.
The Saudi Public Investment Fund (PIF), the nation's sovereign wealth fund, created the nonprofit FII Institute in 2017 to make an "impact on humanity" through investment. In 2019, Crown Prince Mohammed bin Salman, often referred to by his initials, MBS, established the institute by royal decree. Miami's mayor has worked closely with MBS' right-hand man, PIF governor, and FII Institute chairman Yasir Al-Rumayyan, as the repressive regime works to whitewash its reputation.Today, I was a featured speaker among global icons like Gianni Infantino, Ken Griffin, Serena Williams and many others at the 3rd Edition of the FII Priority Summit.
— Mayor Francis Suarez (@FrancisSuarez) February 20, 2025
Miami continues to thrive as a global leader in business, tech, and sports. I was honored to announce that the… pic.twitter.com/o2xxooAuas
Meanwhile, in 2023 and 2024, the U.S. Senate opened probes to investigate Saudi Arabia's stateside influence via the PIF and how it could be a risk to the American. economy; those inquiries are ongoing. Human Rights Watch also reached out to Suarez's office earlier this month to learn more about its relationship with the PIF and Saudi officials but did not receive a response.
Sarah Leah Whitson, executive director of Democracy for the Arab World Now (DAWN), tells New Times that it is concerning to see Suarez promoting the PIF given the country’s record of abuses and the nearly $1 trillion fund at its disposal, which the kingdom could use to exert its political influence.
After Suarez spoke on the "Enabling Purpose: How to Create Resilient Economics for Uncertain Times" panel with Al-Falih and Citadel CEO (and recent Miami transplant) Ken Griffin on Thursday, the investment minister thanked him for being a believer in the kingdom and its "equity story."
"The mayor has been coming for a number of years," Al-Falih shared onstage. "I met him for the first time in Jeddah and then we went to Riyadh. He met his royal highness and he's been a regular visitor."
Al-Falih noted that Suarez extended "a very strong invitation" for the FII to host its summit in Miami and for the kingdom to use the Magic City as a gateway to the U.S. and South America. The investment minister added that Saudi officials come regularly to Miami to meet with the mayor.
"So by selecting Miami as our second office for 'Invest Saudi' after Washington where we're under the good care of your Royal Highness Princess Reema, we're opening new pathways for inbound investment into the Kingdom of Saudi Arabia but also for facilitating outbound investment," Al-Falih said. "Because as I mentioned a few minutes ago, the kingdom will continue to be a global investor as part of our strategy" to be more connected with the global economy.
In addition to his work with the kingdom through his public office, Suarez's employer, international litigation firm Quinn Emanuel Urquhart & Sullivan, represents the PIF. The conference only identified him as the Miami mayor for his speaking engagements. Otherwise, his attendee profile in the FII Priority mobile app lists his job as an attorney for the firm.
The mayor spoke today at an hourlong invite-only "conclave" entitled "Capital and Strategic Partnership; the Saudi-U.S. Investment Agenda," with the investment minister and the Saudi Arabian ambassador to the U.S.
"As both nations deepen economic ties, what strategies and policy frameworks are needed to maximize the impact of these investments while fostering long-term collaboration?" the conclave's description reads.
Two months ago, Suarez spoke at another Saudi-Arabian conference about the country's tourism industry. The summit featured the kingdom's minister of tourism and the FII Institute CEO, Richard Attias. Suarez participated in another tourism panel in November 2024 with Saleh Aloraini, the CEO of Soudah Development, a real estate company owned by the PIF. Last August, Suarez was back in Saudi Arabia for the Esports World Cup closing ceremony, sitting in the same row as the crown prince.
Notably, FII Priority took place in Miami Beach, a municipality located across Biscayne Bay from the city over which Suarez presides as mayor. The two cities do have one thing in common: a so-called weak mayor system, in which a city manager runs day-to-day operations and the mayor holds only slightly more sway than his fellow commissioners on the city hall dais. Moreover, Miami Beach and Miami are part of Miami-Dade County, which encompasses no fewer than 34 separate municipalities, as well as scattered unincorporated areas — and which operates under a strong-mayor system in the person of Daniella Levine Cava.
But you wouldn't know that if you listened to Suarez boast about his realm.
While Suarez maintains that he has not been paid to speak at the FII Institute conferences, Whitson, the executive director of DAWN, says the kingdom tends to award U.S. government officials for their services after leaving office. She points to Suarez's fellow Miami resident and President Donald Trump’s son-in-law Jared Kushner, whose private equity firm got a $2 billion investment from the Saudi Arabian sovereign wealth fund after Kushner left the White House.
"The first thing I demand from Suarez is a promise that he will not seek to do any business transactions with Saudi Arabia or [its] agencies for a good chunk of time after he leaves office," Whitson says.
She encourages Miami residents to thoroughly research what the city is committing to with the opening of the new investment office.
