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Attias to Asharq Al-Awsat: Riyadh Provides International Platform Shaping Global Economic Trends

FII CEO Richard Attias speaks to attendees during the press conference. (Asharq Al-Awsat)
FII CEO Richard Attias speaks to attendees during the press conference. (Asharq Al-Awsat)
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Attias to Asharq Al-Awsat: Riyadh Provides International Platform Shaping Global Economic Trends

FII CEO Richard Attias speaks to attendees during the press conference. (Asharq Al-Awsat)
FII CEO Richard Attias speaks to attendees during the press conference. (Asharq Al-Awsat)

Richard Attias, CEO of the Future Investment Initiative (FII) Institute, said the upcoming 8th edition of the Future Investment Conference, which will be held in Riyadh at the end of October, will serve as an international platform to set economic trends amid the current geopolitical tensions.

He emphasized that the event contributes to achieving sustainable development goals and enhances Saudi Arabia’s position as a regional and global economic hub, reflecting its commitment to attracting foreign investments and fostering global cooperation.

Attias’ comments came during a pre-conference press event organized by the Saudi Press Agency (SPA) to unveil details of the 8th edition of the Future Investment Initiative, taking place from Oct. 29-31 under the theme, “Infinite Horizon: Investing Today, Shaping Tomorrow.”

He revealed that this year’s conference will feature international trade and investment deals valued at $28 billion, while the total value of deals across the previous seven editions reached approximately $128 billion. These agreements will positively impact job creation and the growth of vital sectors.

The conference will include 180 panel discussions featuring 600 speakers, who will address topics such as food security, global energy, cybersecurity, entertainment, and other significant issues.

This year’s event will see a 20% increase in attendance from business leaders and investors from around the world compared to the previous edition, reflecting the importance of the topics being discussed and the opportunity to exchange expertise and knowledge, Attias said.

Significant steps were taken during the previous conference regarding investment in artificial intelligence (AI) for the benefit of society, he went on to say. Several initiatives were introduced aimed at regulating the use of these technologies and steering them toward positive outcomes.

The conference’s objectives include accelerating the adoption of AI, with new initiatives expected to be launched to promote the use of AI in various sectors, particularly healthcare, he continued. The event will also focus on building global partnerships, bringing together world leaders and decision-makers to discuss the challenges and opportunities presented by AI and to form partnerships that enhance international cooperation, he underlined.

Investing in AI significantly contributes to reshaping the economic landscape. This platform fosters dialogue and knowledge exchange between governments and private companies, helping to address shared challenges and boost economic cooperation, Attias remarked.

He also emphasized that the FII Institute is driving change, providing a platform for sharing ideas and taking action. The institute operates on a membership basis and is open to all, including entrepreneurs and talented youth, to promote inclusivity.

Regarding membership and attendance, Attias explained that the current edition has registered 7,000 participants, including 1,200 pre-selected members. Additionally, 3,000 seats have been allocated for strategic partners, including global companies that support the institute’s vision and play a crucial role in backing initiatives aimed at driving positive global change.

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Business

Dollar Steady as Traders Weigh Escalating Iran War, Ceasefire Hopes

US dollar banknotes are seen in this illustration taken March 24, 2026. (Reuters)
US dollar banknotes are seen in this illustration taken March 24, 2026. (Reuters)
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Dollar Steady as Traders Weigh Escalating Iran War, Ceasefire Hopes

US dollar banknotes are seen in this illustration taken March 24, 2026. (Reuters)
US dollar banknotes are seen in this illustration taken March 24, 2026. (Reuters)

The dollar was steady on Monday, while the yen flirted with the crucial 160 per dollar level, as nervous investors took stock of the escalating Iran war, with all eyes on the latest deadline from US President Donald Trump to reopen the Strait of Hormuz.

In an expletive-laden Easter Sunday social media post, Trump threatened to target Iran's power plants and bridges on Tuesday if the strategic waterway is not reopened, setting a precise deadline of 8 p.m. Tuesday Eastern Time (0000 GMT).

With most of Asia and Europe closed for holiday on Monday, liquidity is likely to be thin, with investor focus on the possibility of a ceasefire after a media report suggested a last-ditch push from negotiators was underway.

"Trump's latest deadline itself is bearish not because investors think war is guaranteed tomorrow if ‌Iran does not ‌open the strait, but because every new ultimatum makes the disruption look longer, ‌stickier ⁠and more macro-negative," ⁠said Charu Chanana, chief investment strategist at Saxo in Singapore.

The euro was at $1.1523, while sterling last fetched $1.3211. The dollar index, which measures the US currency against six rivals, was slightly lower at 100.12.

The Australian dollar was 0.3% higher at $0.69045, wobbling near the two-month low that it hit last week.

In the kind of mixed messaging that has baffled supporters, foes and financial markets alike, Trump told Fox News on Sunday that Iran was negotiating, with a deal possible by Monday.

Axios reported the US, Iran and regional mediators are discussing terms of a potential 45-day ceasefire that could ⁠lead to a permanent end to the war.

Global markets have been rattled since ‌the US-Israel war on Iran broke out at the end of February, ‌with Tehran effectively closing the Strait of Hormuz, a key waterway that is a thoroughfare through which about a fifth ‌of the world's total oil and liquefied natural gas passes.

"If the strait is reopened fully around that ‌time (Trump's Tuesday deadline), oil will fall sharply and risk will rally hard," said Prashant Newnaha, senior rates strategist at TD Securities.

"However, if the US escalates, expect global markets to reprice sharply. It's wait-and-watch in what's turning out to be a binary event."

The closure has caused oil prices to surge well above $100 per barrel, stoking fears of high inflation and upending rates outlooks across the ‌world. Worries about the hit to economic growth have also weighed as stagflation risks swirl.

Traders are now no longer pricing a move from the Federal Reserve ⁠well into the second ⁠half of 2027, compared with expectations of two rate cuts in 2026 at the start of the year.

Data last week suggested US labor market conditions remained calm in March, though economists warned that a prolonged war in the Middle East posed a downside risk.

YEN WATCH

The Japanese yen was flat at 159.55 per US dollar, not far from the 21-month low that it hit last week as traders watch for indications of Tokyo intervening in the wake of strong warnings from officials in the past few days.

Japanese Finance Minister Satsuki Katayama on Friday put currency traders on notice, saying the government stands ready to act against speculative moves in foreign exchange markets as volatility has risen "significantly."

Still, many doubt the firepower of any intervention at a time when geopolitical turmoil in the Middle East is fueling relentless demand for the safe-haven dollar. The yen is down 1.5% since the war started, stuck near the 160 level.

Speculators have also been adding to their short yen positioning, with the latest weekly data showing a short position worth $5.7 billion, the highest since July 2024, when Japan last intervened in the FX markets.

Business

Citigroup Pushes Back Fed Rate Cut Timeline After Strong Job Numbers

The Federal Reserve building in Washington. (Reuters)
The Federal Reserve building in Washington. (Reuters)
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Citigroup Pushes Back Fed Rate Cut Timeline After Strong Job Numbers

The Federal Reserve building in Washington. (Reuters)
The Federal Reserve building in Washington. (Reuters)

Citigroup ‌has pushed back its Fed rate-cut timeline, citing unexpectedly strong US job gains and persistent inflation risks.

The Wall Street brokerage now expects a total of 75 basis points of rate cuts in September, October and December ‌instead of June, ‌July and September, ‌according ⁠to a note ⁠dated April 3.

"We continue to think signs of a weakening labor market will result in cuts later in the year. ⁠But the timing of ‌upcoming data ‌suggests a later start to rate ‌cuts than we had ‌previously been expecting," Citigroup said.

US job growth rebounded more than expected in March as a strike ‌by healthcare workers ended and temperatures warmed up, but ⁠downside ⁠risks for the labor market are mounting from a war with Iran that has no clear end in sight.

Citigroup says weak hiring will push the unemployment rate higher in the summer, similar to the last few years.

Business

Saudi Local Content Drive Gains Momentum, with Spending, Investment Opportunities Exceeding $352 billion

A view of the annual Local Content Award ceremony organized by the authority (SPA) 
A view of the annual Local Content Award ceremony organized by the authority (SPA) 
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Saudi Local Content Drive Gains Momentum, with Spending, Investment Opportunities Exceeding $352 billion

A view of the annual Local Content Award ceremony organized by the authority (SPA) 
A view of the annual Local Content Award ceremony organized by the authority (SPA) 

Saudi Arabia’s push to boost local content gathered pace between 2019 and 2023, with cumulative corporate procurement spending reaching about SAR 683 billion ($182.1 billion), while investment opportunities developed under the Local Content Coordination Council exceeded SAR 640 billion ($170.6 billion).

The figures highlight accelerating efforts to empower the private sector and strengthen domestic supply chains, supporting economic diversification and reinforcing the national economy.

The Local Content and Government Procurement Authority announced an updated five-year strategy for the Local Content Coordination Council, aimed at consolidating its role as a national umbrella bringing together leading government entities and major companies to advance local content development.

The revised strategy seeks to enhance integration between the public and private sectors and develop effective policies to raise awareness and support economic growth. It also expands the scope of member sectors to include oil and gas, electricity, petrochemicals, mining, real estate, telecommunications, technology, transport and utilities, reflecting a comprehensive approach aligned with sustainable development goals.

Economic transformation

The update comes as part of broader economic reforms, introducing a refined vision and methodology aligned with future ambitions, alongside new targets and performance indicators to measure impact. It also includes a restructuring of the council through specialized committees focused on four key areas: improving policy efficiency, developing supply chains, building capabilities, and raising awareness.

The council is chaired by the authority and includes members such as the Ministry of Energy, Ministry of Industry and Mineral Resources, the Federation of Saudi Chambers, and major companies including Saudi Aramco, SABIC, Saudi Electricity Company, Maaden, stc Group and Saudia Group.

New members joining the council include Matarat Holding, National Water Company, NEOM, Roshn Group and Saudi Railway Company (SAR).

Additional companies have joined at the level of specialized committees, including Sela, NUPCO, Alat Technologies, Ceer, Almarai, Alfanar, Bahri, Nesma & Partners and SAPTCO.

Strategic initiatives

Abdulrahman Al-Samari, chief executive of the authority, said that since the council’s establishment in 2019 it has helped unify efforts to develop local content, raise awareness and maturity among private sector companies, and expand national supply chains while enhancing their competitiveness.

He added that cumulative spending linked to local content in member companies’ procurement reached about SAR 683 billion between 2019 and 2023.

Over the same period, the council implemented 10 strategic initiatives and developed around 461 high-quality investment opportunities worth more than SAR 640 billion, reflecting the scale of opportunities available through collaboration and mobilization of national capabilities.