Influential global figures in finance and business convened in Riyadh for the eighth edition of the Future Investment Initiative conference, under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz, to discuss the shifting pathways of the global economy.
Dubbed “Davos in the Desert,” the event is expected to generate $28 billion in deals, adding to the $125 billion transacted over the past seven years.
Held over three days under the theme, “The New Compass for Investing,” the conference brings together over 7,000 participants and 600 international speakers.
Taking place shortly before the US presidential election, the event draws global attention to potential impacts on the world’s largest economy. It serves as a forum for discussing pressing issues such as low interest rates, oil prices, and advancements in artificial intelligence.
The forum also represents a stage for global corporations to announce new offices in Riyadh. Saudi Arabia has surpassed its Vision 2030 target with 540 international companies now establishing regional headquarters in the capital, as revealed by Minister of Investment Khalid Al-Falih.
Among them is Goldman Sachs, which has opened a new office in King Abdullah Financial District. Barclays is also considering re-entering the Saudi market to support the kingdom’s growing access to international capital markets.
Regionally, Jassim Al-Budaiwi, Secretary-General of the Gulf Cooperation Council (GCC), told Asharq Al-Awsat that GCC sovereign wealth funds hold 33% of global investments, with total external investments exceeding $3.2 trillion.
Al-Budaiwi emphasized Saudi Arabia’s increasing influence and credibility in both regional and global arenas, noting that the presence of top global investment firms and high-ranking officials, including presidents and ministers, underscores Saudi Arabia’s pivotal role in attracting investment to the GCC and beyond.
In one panel session, Egyptian Prime Minister Mostafa Madbouly discussed major advancements in energy, particularly the Saudi-Egyptian electrical interconnection project, which aims to generate 3,000 megawatts across two phases.
He highlighted strong collaboration between Saudi Arabia and Egypt in transport and port connectivity, with both nations aspiring to become regional hubs for logistics and supply chains.
“I am closely following Vision 2030’s achievements due to our shared interests and goals,” Madbouly stated.
Additionally, Dr. Manar Al-Munif, CEO of Investments at NEOM, shared that over 3,000 contracts have been signed for more than $60 billion in total.
She underscored NEOM’s impressive progress, with Sindalah Island opening as its first destination, offering visitors a preview of the transformative project.
Al-Munif stressed the importance of private sector involvement and highlighted NEOM’s pioneering efforts in green hydrogen, which is set for export by early 2026. Rapid development continues, with nearly 500 kilometers of roads and 350 kilometers of fiber optics completed, and the industrial zone now connected to NEOM Bay Airport.
