noticias
Saudi Arabia will open an investment office in Miami
Mar 24, 2025
Saudi Arabia plans to open its second investment office in the United States in Miami, after inaugurating the first one in Washington, D.C. The Minister of Investment, Khalid Bin Abdulaziz Al-Falih, announced the expansion of the Invest Saudi office in South Florida during the Future Investment Initiative Institute summit last month in Miami Beach. The leader emphasized that the local office will serve as a "gateway" to South America, in addition to strengthening its presence and investments in the U.S. "We are opening a new path for incoming investment in the Kingdom of Saudi Arabia, but also to facilitate outgoing investment," said Al-Falih during a discussion panel at the conference. "We are confident that this office, once opened, will be a key link for all investors in the world to the kingdom, and for us to be aware of the opportunities available through Miami." The announcement comes after Saudi Arabia's commitment to increase trade and investment in the U.S. by $600 billion over the next four years. The country's sovereign fund, the Public Investment Fund, is one of the largest in the world, with nearly a trillion dollars in assets under management. The mayor of Miami, Francis Suarez, who shared the panel with Al-Falih, confirmed the opening of the new office, aligning it with the city's goal of becoming a global financial center. "In line with the city's emphasis on being the 'capital of capital' and strengthening its ties with Middle Eastern countries… today we announce that the Ministry of Investment of Saudi Arabia will open an Invest Saudi office here in the city of Miami," Suarez told the audience. A spokesperson for the mayor's office indicated to the Business Journal that they should contact Invest Saudi directly, as "the office is not associated with this." Neither Invest Saudi nor the Miami Downtown Development Authority immediately responded to requests for comments.
Evermore Bank will relocate its branch in Palm Beach County
The latest community bank in South Florida, which launched a few years ago, plans to relocate its branch in Palm Beach County to another city within the region.
Evermore Bank seeks to move its branch at 12008 South Shore Blvd., Suite 208, in Wellington, to 4550 PGA Blvd. in Palm Beach Gardens, according to an application submitted to the Federal Deposit Insurance Corporation (FDIC).
"Evermore Bank already has customers in Palm Beach County, and this new location will allow us to better serve them," the bank indicated in its application.
The new branch in Palm Beach Gardens will offer the same range of services as the location in Wellington. Evermore opened its branch in Wellington in 2023, becoming its second location outside of its headquarters in Fort Lauderdale, located at 3696 N. Federal Highway.
As of December 31, 2024, Evermore reported $196.1 million in assets, nearly $140 million in loans, and $155.4 million in deposits, according to the latest available data from the FDIC.
Statement
"Our investment secures an important share of the heritage of downtown Miami, while allowing our investors to benefit from the city's rapid growth."
— Steve Austin, CEO of Revitalization Unlimited Fund, about the purchase of the World Precious Metals building in downtown Miami through wealthy investors.