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.



Oil Heads for Weekly Gains on Anxiety over Intensifying Ukraine War

Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
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Oil Heads for Weekly Gains on Anxiety over Intensifying Ukraine War

Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo

Oil prices extended gains on Friday, heading for a weekly uptick of more than 4%, as the Ukraine war intensified with Russian President Vladimir Putin warning of a global conflict.
Brent crude futures gained 10 cents, or 0.1%, to $74.33 a barrel by 0448 GMT. US West Texas Intermediate crude futures rose 13 cents, or 0.2%, to $70.23 per barrel.
Both contracts jumped 2% on Thursday and are set to cap gains of more than 4% this week, the strongest weekly performance since late September, as Moscow stepped up its offensive against Ukraine after the US and Britain allowed Kyiv to strike Russia with their weapons.
Putin said on Thursday it had fired a ballistic missile at Ukraine and warned of a global conflict, raising the risk of oil supply disruption from one of the world's largest producers.
Russia this month said it produced about 9 million barrels of oil a day, even with output declines following import bans tied to its invasion of Ukraine and supply curbs by producer group OPEC+.
Ukraine has used drones to target Russian oil infrastructure, including in June, when it used long-range attack drones to strike four Russian refineries.
Swelling US crude and gasoline stocks and forecasts of surplus supply next year limited price gains.
"Our base case is that Brent stays in a $70-85 range, with high spare capacity limiting price upside, and the price elasticity of OPEC and shale supply limiting price downside," Goldman Sachs analysts led by Daan Struyven said in a note.
"However, the risks of breaking out are growing," they said, adding that Brent could rise to about $85 a barrel in the first half of 2025 if Iran supply drops by 1 million barrels per day on tighter sanctions enforcement under US President-elect Donald Trump's administration.
Some analysts forecast another jump in US oil inventories in next week's data.
"We will be expecting a rebound in production as well as US refinery activity next week that will carry negative implications for both crude and key products," said Jim Ritterbusch of Ritterbusch and Associates in Florida.
The world's top crude importer, China, meanwhile on Thursday announced policy measures to boost trade, including support for energy product imports, amid worries over Trump's threats to impose tariffs.