Future Investment Initiative Conference Gathers Global Decision-Makers in Riyadh

One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)
One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)
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Future Investment Initiative Conference Gathers Global Decision-Makers in Riyadh

One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)
One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)

Under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, Riyadh is set to launch the eighth edition of the Future Investment Initiative (FII) conference on Monday.
This year’s event carries the theme, “Infinite Horizons... Investing Today, Shaping Tomorrow” and will feature prominent figures in finance, investment, and technology.
Through its annual conference, often called the “Davos of the Desert,” the Future Investment Initiative aims to foster discussions on how investment can drive a prosperous and sustainable future, expanding the possibilities for humanity.
The conference is expected to attract over 7,000 guests and 500 speakers, covering a wide range of current topics across more than 200 sessions. Key areas of focus include economic stability, equitable development, climate change, artificial intelligence, innovation, health, and geopolitical issues.
Among those looking to leverage projects aligned with Saudi Arabia’s Vision 2030 are David Solomon of Goldman Sachs, Jane Fraser of Citigroup, and Larry Fink of BlackRock, which recently agreed to establish a multi-asset investment platform in Riyadh, backed by a $5 billion investment from Saudi Arabia’s sovereign wealth fund. This year, the conference will also host the New Africa Summit, featuring speakers from Africa’s mining and banking sectors.
Reflecting Saudi Arabia’s emphasis on technology and artificial intelligence, industry leaders in these fields will participate in the event. Notably, Alphabet President Ruth Porat, TikTok CEO Shou Zi Chew, and tech entrepreneur Benjamin Horowitz, co-founder of the venture capital firm Andreessen Horowitz, are scheduled to speak for the first time.
According to Richard Attias, CEO of the Future Investment Initiative, executives worldwide are expected to announce deals exceeding $28 billion. Some of these initiatives will focus on artificial intelligence, including a new potential fund with Andreessen Horowitz that could grow to $40 billion, as reported by Bloomberg.
The Kingdom is also expected to announce a new company that will invest at least $10 billion in making Saudi Arabia the world’s largest producer of hydrogen—a low-carbon fuel critical for the global transition away from fossil fuels. Key speakers from Asia will include Hong Kong’s Financial Secretary Paul Chan and Belt and Road Commissioner Nicholas Ho.
On the eve of the event, Swiss entrepreneur and FII participant Stephan Knuser told Asharq Al-Awsat that the conference will provide significant business insights for both local and international communities, anticipating that new partnerships will form between Swiss and Saudi companies in energy-efficient technologies and food security.
Neil Bush, Chairman of Sky Towers, remarked: “We view FII as not only a driver for attracting capital but also for bringing in technologies that accelerate Saudi Arabia’s goals.” According to Bush, the FII topics align with needs like business registration processes, free trade zone policies, and strategies for developing industrial complexes, which will help accelerate Vision 2030 goals, including carbon reduction.

 



Where Trump's Tariffs Could Hurt Americans' Wallets

FILE PHOTO: A 3D-printed miniature model of US President Donald Trump, US Flag and word "Tariffs" are seen in this illustration taken, April 2, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A 3D-printed miniature model of US President Donald Trump, US Flag and word "Tariffs" are seen in this illustration taken, April 2, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
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20

Where Trump's Tariffs Could Hurt Americans' Wallets

FILE PHOTO: A 3D-printed miniature model of US President Donald Trump, US Flag and word "Tariffs" are seen in this illustration taken, April 2, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A 3D-printed miniature model of US President Donald Trump, US Flag and word "Tariffs" are seen in this illustration taken, April 2, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

As global financial markets plunge in the wake of US President Donald Trump's "Liberation Day" tariffs, Americans must also grapple with the potentially long-lasting impact of the move on household budgets.

The tariffs -- which are paid in the first instance by US importers -- will likely push up the price of many household items in the United States and reduce consumers' spending power.

Grocery store costs

The US imports a growing share of the fresh fruits and vegetables consumed each year, according to the US Department of Agriculture (USDA).

Many of the fresh goods come from Canada and Mexico, two countries not immediately affected by the tariffs announced Wednesday.

But other goods will be hit by the stinging duties set to come into effect this month.

For example, the United States imports large quantities of bananas from the Latin American countries of Guatemala, Ecuador and Costa Rica, which will all face a 10 percent tariff from April 5.

Coffee -- around 80 percent of which is imported, according to the USDA -- is likely to see a price increase, given that top exporters Brazil and Colombia will also face the new baseline 10 percent rate.

Olive oil and alcohol imports from Italy, Spain and Greece will be hit with a new 20 percent levy against the European Union from April 9.

And Thai jasmine rice and Indian basmati rice will face tariffs of 36 percent and 26 percent respectively, while Indian shrimp -- which the US imports large quantities of -- will face the same 26 percent rate.

Electronics and cars

Consumer electronics are also set to be hit with steep tariffs this month, given how many of products are manufactured or assembled in India and China.

Despite moves to expand its supply chain, Apple still makes the vast majority of its iPhones in China, through supplier Foxconn, where hardware exports will be hit with a tariff totaling 54 percent from April 9.

Apple analyst Ming-Chi Kuo predicted that US buyers of high-end iPhones, who account for as much as 70 percent of sales, are "relatively more accepting of price increases."

On top of the measures announced Wednesday, the Trump administration has also rolled out a 25 percent tariff against vehicles not made in the United States -- a step analysts have warned could add thousands to the cost of the average car.

Shoes, clothes

Shares of clothing and textile companies, which rely on cheap labor in countries including China and Vietnam, fell sharply Thursday, with Nike sinking more than 13 percent and Gap tanking more than 20 percent.

The new tariffs announced Wednesday mean imports to the United States from China and Vietnam will be taxed at 54 percent and 46 percent respectively.

Yale's Budget Lab estimated the effect of recent tariffs, up to and including Wednesday's announcement, would cause a 17 percent rise in the cost of clothing and textiles.

The think tank calculated that the overall effect on prices of the tariffs announced so far was equivalent to an average per household consumer loss of $3,800.

Speaking to reporters on Thursday, Trump insisted that tariffs would make the United States "very rich."

"The operation is over," he said, referring to the recent tariff announcement. "And now we let it settle in."