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"Future Investment Initiative": Gathering Global Decision-Makers in Riyadh

Under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, Riyadh is preparing to launch the eighth edition of the "Future Investment Initiative" conference, also known as "Davos of the Desert", on Monday morning, under the slogan "Infinite Horizons... Investing Today to Shape Tomorrow." The conference will host prominent figures in the fields of finance, investment, and technology.

The "Future Investment Initiative" Foundation, through its annual conference, aims to stimulate discussions on how investment can act as a catalyst for a prosperous and sustainable future, expanding the horizons of what can be achieved for humanity.

The eighth edition is expected to attract over 7,000 guests and 500 speakers from around the world, covering over 200 sessions. The discussions will focus on a wide range of contemporary topics, including economic stability, equitable development, combating climate change, artificial intelligence, innovation, health, and geopolitical issues.

Key Participants and Initiatives

Among the prominent figures attending the conference are David Solomon from Goldman Sachs, Jane Fraser from Citigroup, and Larry Fink from BlackRock, which has agreed to establish a multi-asset investment platform in Riyadh, backed by a $5 billion investment from the Saudi sovereign wealth fund.

This year, the conference will host the "New Africa Summit", bringing together speakers from the mining and banking sectors of the continent.

Artificial Intelligence and Technological Advancements

Reflecting Saudi Arabia's focus on technology and artificial intelligence, the conference will feature prominent figures in these industries. Among the speakers are Alphabet CEO Ruth Porat, TikTok CEO Shou Zi Chew, and venture capitalist and co-founder of the giant venture capital firm Andreessen Horowitz, Ben Horowitz.

According to the CEO of the "Future Investment Initiative" Foundation, Richard Attias, more than $28 billion worth of deals are expected to be announced by executives from around the world. These initiatives will focus on artificial intelligence, including a potential new fund with Andreessen Horowitz, which could reach $40 billion, according to Bloomberg.

The kingdom is also expected to announce a new company that will invest at least $10 billion to make Saudi Arabia the world's largest producer of hydrogen, a low-carbon fuel that could be key to the global transition away from burning fossil fuels.

Two exchange-traded funds will begin trading for the first time in Riyadh, providing Saudi investors with access to Hong Kong stocks. This reflects the growing relationship between the kingdom and China, as Saudi Arabia seeks to enhance investment flows with its largest trading partner.

Hong Kong's Finance Minister Paul Chan and Belt and Road Commissioner Nicholas Ho will be among the prominent speakers from Asia at the conference.

Incentives for Investment and Business Partnerships

On the eve of the event, Swiss businessman and participant in the "Future Investment Initiative", Stephan Knuser, told Al-Sharq Al-Awsat that the initiative will map out a significant business roadmap for the business community inside and outside the kingdom. He anticipates new partnerships between Swiss and Saudi companies in the field of technologies enhancing energy efficiency and food security.

He emphasized that the agenda of the eighth annual conference will provide a great opportunity for the largest gathering of private and public sector businesses. This will create a chance for the emergence of ideas contributing to finding solutions to the challenges facing the global economy. It will also facilitate the provision of data needed to create a solid business environment conducive to entrepreneurship and the generation of innovative projects. He expects the conference to offer opportunities for high-quality global partnerships that contribute to the implementation of the "Vision 2030" programs.

Knuser also predicted that the discussions within the "Future Investment Initiative" events will lead to shared understandings between global and local companies. He anticipates the signing of a number of deals with both the public and private sectors, promoting sustainable green development and new industrial technologies. He hopes the conference will produce vital recommendations that will enable the global economy to grow and rectify environmental and climate issues.

Attracting Technologies and Facilitating Business Entry

The Chairman of Sky Towers, Neil Bush, stated: "We see the Future Investment Initiative as a driver not only for attracting capital but also for attracting technologies that accelerate the kingdom's goals." According to Bush, the topics of the "Future Investment Initiative" respond to the requirements for business registration procedures, promoting free trade zone policies, and strategies related to the development of industrial complexes. These will speed up the goals of "Vision 2030", including decarbonization.

Bush anticipates the signing of several deals related to new contracts on the sidelines of the conference, adding: "Every company entering Saudi Arabia needs help in connecting with a local partner, arranging equity and debt financing, and understanding and complying with local policies and regulations. This is what the Future Investment Initiative provides - a platform for understanding shared strategies and objectives." He emphasized that this creates a suitable environment that can effectively encourage the entry of more global companies into Saudi Arabia, assisting the country in achieving its "Vision 2030" and its desired industrial development goals.

Sustainable Energy and Industrial Transformation

Abdullah Al-Melehi, CEO of Saudi Excellence, told Al-Sharq Al-Awsat: "The Future Investment Initiative provides avenues for players in the sustainable energy industry around the world to participate in the unprecedented transformation of new industries globally, related to decarbonization technology, in line with policies and incentives for establishing an economic zone and bringing in high value-added international manufacturing operations."

Al-Melehi expects opportunities for a number of deals to be made that enhance the industries of automotive, final chemical materials, special structural materials, special coatings, film materials, and energy products such as local production of hydrogen and ammonia solutions.

The "Future Investment Initiative" conference is expected to be a significant event in shaping the future of investment and technology, drawing global attention to Saudi Arabia's ambitions and its commitment to a sustainable and prosperous future.