Future Investment Initiative in Riyadh Charts Pathways for Global Economies

CEO of the Future Investment Initiative Foundation Richard Attias addresses the conference. (Asharq Al-Awsat)
CEO of the Future Investment Initiative Foundation Richard Attias addresses the conference. (Asharq Al-Awsat)
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Future Investment Initiative in Riyadh Charts Pathways for Global Economies

CEO of the Future Investment Initiative Foundation Richard Attias addresses the conference. (Asharq Al-Awsat)
CEO of the Future Investment Initiative Foundation Richard Attias addresses the conference. (Asharq Al-Awsat)

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.



UAE’s Mubadala Acquires Majority Stakes in Global Medical Supply Chain, Al Ittihad Drug

The acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors. WAM
The acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors. WAM
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UAE’s Mubadala Acquires Majority Stakes in Global Medical Supply Chain, Al Ittihad Drug

The acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors. WAM
The acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors. WAM

Mubadala Investment Company has acquired an 80% stake in Global Medical Supply Chain (GMSC) and Al Ittihad Drug Store (IDS) from GlobalOne Healthcare Holding (GHH), with GHH retaining a 20% stake, Emirates News Agency (WAM) reported on Tuesday.

This strategic acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors, aligning with the UAE's vision to establish a robust life sciences infrastructure, WAM said.

Founded in 2015, GMSC provides comprehensive end-to-end supply chain services for medical products, including demand planning, procurement, logistics, inventory management, warehousing, and maintenance.

GMSC serves over 200 medical facilities, including hospitals and clinics across the UAE. With a dedicated team of medical supply chain specialists, GMSC sources a broad array of products from almost 400 suppliers, ensuring a reliable supply chain for all medical needs.

IDS, established in 1987, stands as one of the leading distributors of pharmaceutical and consumer healthcare products in the UAE. Distributing over 1,000 products from over 40 leading suppliers, IDS services every hospital, and all, or at least most pharmacies and supermarkets within the UAE. It boasts a vast portfolio that spans multiple therapeutic categories including anti-infectives, asthma, diabetes, and oncology.

"The expanding pharmaceutical market drives an increasing demand for specialized and efficient drug logistics solutions. By integrating GMSC and IDS into our portfolio, we are poised to create a vertically integrated life sciences sector in the UAE and enable its potential to encompass the entire value chain from logistics and distribution to specialized manufacturing,” said Executive Director of UAE Clusters at Mubadala's UAE Investments Platform Ismail Ali Abdulla.

As for Low Ping, Group CEO Yas Holding, she said that the transaction “continues Mubadala's strategic growth, following another significant acquisition by its new speciality pharmaceutical business, KELIX bio, which recently acquired a 100% stake in four pharma assets from GlobalOne Healthcare Holding's, the healthcare division of Yas Holding.”

“These concerted efforts underline Mubadala's commitment to strengthening the UAE's healthcare and pharmaceutical sectors as part of broader national ambitions for drug security and economic diversification."

GlobalOne Healthcare Holding LLC serves as the dedicated Healthcare Division of Yas Holding LLC, focusing on enhancing healthcare outcomes by investing in innovative solutions across various healthcare verticals.