Trump to attend Saudi Arabian-backed tech summit in Miami Beach

President Trump on Wednesday will attend a meeting of global financiers and tech executives hosted by Saudi Arabia’s sovereign wealth fund in Miami Beach.

The Future Investment Initiative Institute’s PRIORITY Summit bills itself as a way to “pioneer solutions that transcend industries and geographies by convening thought leaders, investors and policymakers” to address challenges such as “rising costs of living, systemic challenges in health care, security and education.”

The theme of this year’s summit is “invest with purpose.”

Others scheduled to attend the event include Oracle CEO Safra Catz, Miami Dolphins owner Stephen M. Ross, tennis legend Serena Williams and Yasir Al-Rumayyan, the governor of the $925 billion Saudi Public Investment Fund, according to the FII website.

At first, the summit may seem like an odd fit for Mr. Trump. Investors there are poised to discuss how their money can be used to combat climate change as Mr. Trump rolls back many of the Biden administration’s climate initiatives. The event will also focus on using wealth to promote diversity, equity and inclusion, which Mr. Trump has eliminated from federal agencies.

In addition, the function comes as Saudi Arabia has condemned Mr. Trump’s plan for displacing Palestinians from Gaza and rebuilding the enclave as the Riviera of the Middle East.

Still, plenty of items might interest Mr. Trump. For example, he has called on Saudi Arabia and OPEC to bring down the cost of oil. He has also said Saudi Arabia should increase a planned investment in America to $1 trillion from an initially reported $600 billion.

The event is sponsored by Saudi Arabia’s sovereign wealth fund. Earlier this month, Mr. Trump signed an executive order directing the U.S. government to create its own sovereign wealth fund. Modeled after the funds in Saudi Arabia and other countries, it would take the government’s surplus funds and invest the money in high-risk asset classes that could generate large returns. The returns would then be used to pay for infrastructure projects and other needs in the U.S.

Also scheduled to attend the summit is TikTok CEO Shou Zi Chew, whose app could be shut down in America. Mr. Trump has paused the ban for 75 days and has pressured the company to find an American investor.