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Saudi Arabia to Host World Investment Conference on November 25-27

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia to Host World Investment Conference on November 25-27

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

Under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, the World Association of Investment Promotion Agencies (WAIPA) and Invest Saudi will hold the 28th annual World Investment Conference (WIC) in Riyadh from November 25 to 27.

The event will gather global leaders in investment, government, and international organizations to tackle the theme “Harnessing Digital Transformation and Sustainable Growth: Scaling Investment Opportunities”.

On the occasion, Saudi Minister of Investment Khalid Al-Falih said: “Under the wise leadership of Custodian of the Two Holy Mosques King Salaman bin Abdulaziz Al Saud and Crown Prince Mohammed, the Kingdom, driven by its ambitious Vision 2030, has become a premier world investment destination and is experiencing unprecedented growth in overall investment amounts and diversity.”

This year’s World Investment Conference in Riyadh “will be a platform for sharing our nation’s strategic vision with our partners, and an invaluable opportunity to highlight our status as a trusted partner for sustainable economic growth,” he added.

“We look forward to welcoming investment leaders from around the world to forge partnerships that will benefit both the Kingdom and global economies,” he stressed.

Vision 2030 has driven significant economic reforms in Saudi Arabia, attracting substantial foreign investment. Over 28,900 foreign investment licenses have been issued, reflecting the Kingdom's transformation into a major global investment hub.

Key factors contributing to this growth include 100% foreign ownership in specific sectors, streamlined commercial register procedures, simplified visa issuance, and other investor-friendly initiatives that have created a favorable and appealing environment for investors in various sectors, including renewable energy, logistics services, and AI.

The Kingdom's attractive investment landscape has also facilitated the development of a dynamic economy that leads in innovation and growth.

WAIPA Executive Director and CEO Ismail Ersahin said: “WAIPA is excited to bring the 28th WIC to Riyadh, a city that perfectly embodies the future of investment. The conference will provide a crucial platform for Investment Promotion Agencies and investors to discuss emerging opportunities in a rapidly evolving global landscape.”

“We deeply appreciate Saudi Arabia’s vision and leadership, which will ensure that this edition of WIC is an impactful gathering for all participants,” he remarked.

Key highlights of this year’s WIC are a range of conference tracks, such as high-level dialogues with government ministers, insightful sessions on technology, sustainability, and economic cooperation, as well as practical masterclasses for investment professionals, a dedicated entrepreneurship track that will emphasize the transformative role of startups and innovators, and exclusive matchmaking sessions that will facilitate strategic partnerships between investors, SMEs, and potential collaborators.

Participants will also have the opportunity to celebrate the achievements of Investment Promotion Agencies on the Awards Track, honoring innovation and excellence in investment facilitation.

This year’s WIC promises to be a pivotal forum as it aligns with global investment drivers: the disruptive influence of technology and AI, global supply chain resilience, energy transition toward sustainability, and the transformative role of entrepreneurs and startups in reshaping investment landscapes traditionally led by multinational corporations.

Leaders and stakeholders will discuss and explore how these factors are redefining economies and driving forward-looking investment models worldwide.

With its focus on scaling investment opportunities, WIC is designed to equip attendees with the tools, knowledge, and connections necessary to drive meaningful economic impact.

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Al-Barrak Says he Invested in Advanced Technologies, Gulf Integration is Crucial

Kuwaiti businessman and former Oil Minister Dr. Saad Al-Barrak. Asharq Al-Awsat
Kuwaiti businessman and former Oil Minister Dr. Saad Al-Barrak. Asharq Al-Awsat
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Al-Barrak Says he Invested in Advanced Technologies, Gulf Integration is Crucial

Kuwaiti businessman and former Oil Minister Dr. Saad Al-Barrak. Asharq Al-Awsat
Kuwaiti businessman and former Oil Minister Dr. Saad Al-Barrak. Asharq Al-Awsat

Kuwaiti businessman Dr. Saad Al-Barrak hopes to contribute to the development of innovative technologies that provide solutions and have a significant impact in addressing future challenges.

His company ILA focuses on advanced technologies such as artificial intelligence, cybersecurity, and blockchain.

Al-Barrak was former chief executive of Kuwait's Zain group and former Deputy Prime Minister, Minister of Oil and Minister of State for Economic and Investment Affairs. He has played a significant role in supporting the sectors he has worked in, particularly in Kuwaiti telecommunications, and has placed the Kuwaiti company Zain within the ranks of global companies after the huge investment he made in Africa.

There are many supporters of Al-Barrak's approach, as well as critics, who believe he works in a "high-risk" manner. But he said: "I always love new challenges ... I try to combine courage, which is half of the success, with wisdom, which is the other half, even though there is a contradiction between the two."

After leaving Zain in 2012, Al-Barrak founded a company specializing in advanced technologies, targeting large institutions and avoiding traditional projects. The company focused on investing in emerging technologies such as artificial intelligence, cybersecurity, and blockchain, with a strategy aimed at creating value and exiting investments within seven to 10 years to reinvest in new opportunities.

Al-Barrak explained that most of his company's operations are centered in the United States. He mentioned signing a contract with Saudi Aramco aimed at supporting digital transformation using artificial intelligence.

He revealed that his company "Beyond Limits," which he founded in collaboration with the California Institute of Technology (Caltech) in 2016, started with a capital of 20 million dollars and is now valued at over 2.5 billion dollars.

He added that the company seeks to expand its collaboration with Aramco and continue innovating in technologies that are game changers across various sectors.

The Zain Experience

About his experience in Zain, he said that he joined MTC in Kuwait in 2002, which rebranded to Zain in 2006–2007. During that time, the company underwent a significant transformation; it expanded its operations from one country to 23 countries worldwide, and revenues increased significantly from about 500 million dollars to over 8 billion dollars by 2009, with total profits growing from 250 million dollars to 3.2 billion dollars.

"The customer base grew from 500,000 in Kuwait to over 74 million worldwide. The rebranding to Zain included operations in about 15 African countries and eight Arab countries,” he added.

Gulf economies

Regarding the economies of the Gulf countries, he said: "The Gulf economies have witnessed significant growth since 2008, primarily driven by oil. However, fluctuations in oil prices due to global politics, wars, and alliances pose challenges. To address this issue, Gulf countries are working on diversifying their income sources."

"Saudi Arabia, Qatar, and the UAE have made significant progress, while Kuwait has started following the same approach, which is diversifying income sources to develop the economy. In less than ten years, the Gulf economies grew from one trillion to three trillion dollars, a 300% increase,” he added.

He said further integration and cooperation between Gulf countries, as envisioned by the Gulf Cooperation Council, is crucial for enhancing their global and regional influence as major powers.

The oil minister

In June 2023, al-Barrak was appointed as Deputy Prime Minister and Minister of Oil.

"The oil market is controlled by countries, not individuals, which makes it highly affected by international politics. This means that oil prices are subject to fluctuations due to global events, such as the Russia-Ukraine war, which impacts all economies,” he told Asharq Al-Awsat.

"While OPEC countries share the commodity, they differ in strategies, visions, and political alliances. The Gulf countries, particularly Saudi Arabia, play a crucial role in OPEC, as they are the economic heart of the organization,” he said.

He pointed out that Saudi Arabia, under the leadership of Minister of Energy Prince Abdulaziz bin Salman has played an effective role in unifying OPEC and OPEC+, demonstrating exceptional leadership and diplomacy.

"Saudi Arabia reduced its production by one million barrels to stabilize the market, convince Russia and other countries to cooperate, and prevent a collapse in oil prices,” he said.

"This unity and leadership from Saudi Arabia greatly benefited the oil market and maintained price stability. The Kingdom continues to lead with excellence under the Custodian of the Two Holy Mosques and the Crown Prince. However, the issue of oil price fluctuations remains complex and requires a fundamental solution to ensure the stability of Gulf economies,” he added.

Ties with Prince Abdulaziz bin Salman

Al-Barrak lauded the work done by Prince Abdulaziz bin Salman. “When I entered the ministry, the first person who contacted me was Prince Abdulaziz bin Salman. He is our mentor, and the cooperation between us is extensive.”

“He is a very good example—very humble, energetic, and active. His knowledge is exceptional in economic and oil matters."

Kuwait

Al-Barrak confirmed that Kuwait has made significant progress during the reign of the late Emir Sheikh Nawaf Al-Ahmad, and these efforts continued during the reign of Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah. He pointed out that the signing of seven major agreements with the private sector to develop infrastructure provides an ambitious future vision.