President Donald Trump spoke Wednesday at Saudi Arabia’s annual investment conference in South Florida, a sign the oil giant is increasingly reaching the American mainstream with a signature event designed to promote the country as a global actor seeking to diversify its economy.

Trump’s speech at the Faena Forum on Miami Beach kicked off the Future Investment Initiative Institute Priority Summit Miami 2025 by showcasing the Saudis’ relationship with the world’s most powerful man. The event is backed by the Public Investment Fund, Saudi Arabia’s sovereign wealth fund, which Bloomberg estimates holds $925 billion in assets under management.

“Today is a tremendous honor, to become the first American president to address the Future Investment Initiative Institute,” Trump told the audience, which included businessman Elon Musk, his chief of staff and national security advisor.

Trump, whose Doral resort is scheduled to host the Saudi-backed LIV Golf tournament in April, has called on the oil-rich nation to invest $1 trillion in the United States. His son-in-law Jared Kushner — whose private equity firm does business with the Public Investment Fund — is scheduled to speak Thursday at the event with Middle East Envoy Steve Witkoff about the possibility of a “new era” of investment between the Middle East and the United States.

This week’s conference is the Saudis’ third in Miami Beach since 2023, but it is the first time Trump is attending. His presence suggests the Saudis have at least partly succeeded in diverting human rights as a concern, which in the past kept guests from attending or participating.

The three-day event is drawing billionaires, wealth managers, CEOs and venture capitalists, as well as some people close to the Trump family. With the event, the Public Investment Fund is looking to draw investment back to Saudi Arabia and for opportunities in the United States.

Heavy hitters from the finance world scheduled to appear on Thursday and Friday include Rob Capito, president and co-founder of Blackrock, Evan Russo, CEO of Lazard Asset Management, and Lisa McGeough, HSBC US president, CEO & head of banking. They’ll be on a panel titled “Global Markets in 2025: Reasons for Optimism and Saudi Arabia’s Investment Edge” that’ll be moderated by Robert Smith, founder of Vista Equity Partners, which manages over $100 billion in equity assets.

The tech world will also have prominent participants, including Ben Horowitz, founding partner with venture capital firm a16z, Masayoshi Son, chairman & CEO of SoftBank Group Corp., and Dara Khosrowshahi, CEO of Uber.