More than 30 prominent business leaders from America's top companies gathered with President Donald Trump on Tuesday for a prestigious lunch in Saudi Arabia. This event took place during the president's significant Middle East tour and included executives from major sectors such as banking, artificial intelligence (AI), defense contracting, and retail. The attendee list, provided by the White House, highlights the executives and firms that have developed strong ties with the Trump administration.
The reason for this gathering is straightforward: invitations to U.S. presidential events abroad are considered some of the most coveted in both political and business circles. For these executives, such opportunities present a chance to network with Saudi investors, forge valuable relationships, and demonstrate patriotic support for American industry. This year's stakes are notably higher, given the challenges many companies face due to Trump's tariff and trade policies. Business leaders are seizing every opportunity to align their goals with those of a president known for his transactional approach.
This lunch was part of a busy itinerary for President Trump, who is currently engaged in a tour of the Middle East. During a speech on Tuesday, Trump lauded Saudi Arabia, especially after the White House announced a remarkable $600 billion investment secured from the kingdom. The lunch was graciously hosted by Saudi Crown Prince Mohammed bin Salman at the royal court in Riyadh. Notably, many of the companies represented at this event had also contributed to Trump's inauguration fund, which amassed a staggering $239 million—funds that are expected to support Trump's future presidential library project.
Several notable executives attended the lunch, each making significant contributions to Trump's inauguration fund or securing deals during the trip:
Elon Musk has been a close collaborator with Trump throughout his second term. He oversees the Department of Government Efficiency (DOGE), which has significantly reduced the federal workforce. Recently, Musk announced that Saudi Arabia approved Starlink satellites for aviation and maritime use, a major step forward for SpaceX in the region.
Under Karp's leadership, Palantir's shares have surged by 45% this year, largely due to Trump's federal department reforms that have created new opportunities for Palantir’s AI solutions. Karp also made a noteworthy donation of $1 million to Trump's inauguration fund.
Boeing's Ortberg attended the lunch just a day before the announcement of the company's largest-ever aircraft deal with Qatar Airways. Boeing is working to recover from a challenging year, with recent reports indicating a near doubling of deliveries in April.
During the event, Huang revealed that Nvidia will provide over 18,000 AI chips to the Saudi company Humain, emphasizing Saudi Arabia's ambition to build a robust AI infrastructure.
Altman, who has previously contributed $1 million to Trump's inauguration fund, is currently engaged in the Stargate Project, which aims to develop AI infrastructure in collaboration with the government.
Jassy has been vocal about the impact of Trump's tariffs on the retail sector, noting that the company is still grappling with the repercussions and may need to pass costs onto consumers.
Fink was seen greeting the Saudi Crown Prince alongside Trump. BlackRock also donated $1 million to Trump’s inauguration fund and made headlines with its recent agreement to acquire ports related to the Panama Canal.
Representing Google, Porat was part of a significant investment deal announced during the event, where Google pledged $80 billion towards investments in both the U.S. and Saudi Arabia.
IBM's Krishna has committed to investing $150 billion in U.S. operations over the next five years, a move that aligns with Trump's tariff policies.
Quincey is at the forefront of consumer-facing challenges due to Trump's tariffs, revealing in a recent earnings call that Coca-Cola is considering altering its packaging strategies in response to rising costs.
Khosrowshahi's company reported strong earnings despite economic uncertainties, and he also made a $1 million donation to Trump's inauguration fund.
Oplinger's presence underscores Alcoa's involvement in discussions related to the aluminum tariffs affecting the broader industry.
This significant gathering of business leaders and the Trump administration in Saudi Arabia reflects the ongoing collaboration between the U.S. government and major corporations. The lunch not only exemplified strategic networking but also highlighted the intertwined interests of American industry and international investment opportunities in a rapidly changing global economy.
