As FII Ends, Riyadh Emerges as Global Lab Steering the Economy

Public Investment Fund (PIF) Governor Yasir Al-Rumayyan speaks during his opening address at the conference (Asharq Al-Awsat)
Public Investment Fund (PIF) Governor Yasir Al-Rumayyan speaks during his opening address at the conference (Asharq Al-Awsat)
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As FII Ends, Riyadh Emerges as Global Lab Steering the Economy

Public Investment Fund (PIF) Governor Yasir Al-Rumayyan speaks during his opening address at the conference (Asharq Al-Awsat)
Public Investment Fund (PIF) Governor Yasir Al-Rumayyan speaks during his opening address at the conference (Asharq Al-Awsat)

The 2025 Future Investment Initiative (FII) wrapped up in Riyadh with a global consensus taking shape: Saudi Arabia has moved beyond the role of host to become a driving force redefining the very concept of economic summits.

Over three intensive days, the Saudi capital did more than welcome thousands of leaders, investors and decision-makers, it transformed into a global command center for finance, gathering some of the world’s most influential investment minds under one roof.

The event’s atmosphere became a living model of how global wealth flows and takes shape, a scene usually reserved for capitals that set and steer the world’s economic future.

With more than 9,000 international participants attending this ninth edition, the scale of engagement underscored the conference’s unprecedented strength. The halls transcended their role as venues for official sessions, evolving into a live “laboratory” for reshaping and liberating the global economy.

The power of side discussions

The true value of FII extended beyond its main stages to the sidelines, where candid, high-level exchanges proved equally vital. In moments of frank, in-depth dialogue, barriers of competition among industry giants dissolved.

Within this rare “knowledge fusion,” months of research and market analysis were distilled into direct exchanges between major investors and financial leaders.

These visionary conversations covered crucial themes from market performance, interest rate forecasts and inflation, to the Federal Reserve’s independence and its impact on Wall Street, as well as the implications of complex tariff policies.

More significantly, there was a strong focus on artificial intelligence and how it is redefining investment decisions, offering asset managers a “true mirror” to assess their strategies amid a collective outlook shaped by global leaders.

This is the inherent strength of FII: its ability to turn individual perspectives into strategic consensus, where every opinion voiced carries real influence over massive portfolios and contributes to shaping regional and global capital flows.

Saudi Arabia as an investment benchmark

The gathering succeeded in rising above geopolitical and economic complexities, positioning itself as a compass directing global capital toward the most ambitious and profitable opportunities.

Its success was most evident in its ability to translate promises into immediate deals and strategic partnerships, by creating an ideal environment for swift and effective investment decisions.

This momentum was reflected in the overwhelming demand for investment in Saudi Arabia, a sentiment shared by global financial heavyweights.

Public Investment Fund (PIF) Governor Yasir Al-Rumayyan described this success as “a global benchmark for a national vision” that has opened doors to opportunities spanning generations.

He summed up the transformation in a powerful phrase: “Saudi Arabia no longer presents itself to the world - the world now comes to it,” citing the Kingdom’s hosting of major global events such as the Future Investment Initiative, Expo 2030, and the 2034 FIFA World Cup.

Investing in technological sovereignty

Artificial intelligence dominated this year’s FII agenda, underscoring that Saudi Arabia is not only positioning itself as a financial hub but also as a global power in technology and innovation.

Discussions moved beyond potential to action, with the announcement of major investment commitments aimed at achieving technological sovereignty.

One highlight was the unveiling of a strategic plan to deploy up to 400,000 AI chips in Saudi Arabia by 2030, an investment designed to build the computing capacity needed to fuel the Kingdom’s AI revolution.

A landmark partnership was announced between Humain, a PIF portfolio company, and Qualcomm Technologies of the United States, to establish an advanced AI infrastructure in the Kingdom.

In a move signaling the sector’s strategic weight, Saudi Aramco and the Public Investment Fund agreed on acquiring a significant stake in Humain, with Aramco reaffirming AI’s critical role in its future operations.

This deep focus reflects a shared conviction among Saudi leaders that AI infrastructure is the “key to prosperity,” the bridge connecting ambitious visions to tangible economic realities. The Kingdom is betting that artificial intelligence will spark transformative change across all sectors.

So, the Future Investment Initiative has evolved beyond an annual event. It has become a global arena for anyone seeking to take part in shaping the future of investment worldwide.



Saudi Industry Minister Discusses Digital Transformation, Industrial Cooperation with Kazakh Ministers

Minister of Industry and Mineral Resources Bandar Alkhorayef and the Saudi delegation are seen during the meeting in Astana. (SPA)
Minister of Industry and Mineral Resources Bandar Alkhorayef and the Saudi delegation are seen during the meeting in Astana. (SPA)
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Saudi Industry Minister Discusses Digital Transformation, Industrial Cooperation with Kazakh Ministers

Minister of Industry and Mineral Resources Bandar Alkhorayef and the Saudi delegation are seen during the meeting in Astana. (SPA)
Minister of Industry and Mineral Resources Bandar Alkhorayef and the Saudi delegation are seen during the meeting in Astana. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held two bilateral meetings in Astana with Kazakhstan’s Deputy Prime Minister and Minister of Artificial Intelligence and Digital Development Zhaslan Madiyev and Foreign Minister Yermek Kosherbayev focusing on strengthening economic ties and expanding cooperation in digital transformation, artificial intelligence, and industrial and mining innovation, reported the Saudi Press Agency on Saturday.

Attended by Saudi Vice Industry Minister for Mining Affairs Eng. Khalid Al-Mudaifer, the meeting also tackled strengthening economic ties and expanding cooperation in digital transformation, artificial intelligence, and industrial and mining innovation.

During his meeting with Madiyev, the officials explored opportunities to exchange expertise in digital technologies and AI, emphasizing the role of advanced technologies in enhancing efficiency and competitiveness in the industrial and mining sectors.

Alkhorayef highlighted the Kingdom’s efforts to develop its digital infrastructure and build an integrated innovation ecosystem that accelerates the adoption of advanced technologies.

Alkhorayef and Kosherbayev discussed ways to deepen economic cooperation, expand investment partnerships in industry and mining, and facilitate the access of Saudi exports to Kazakh markets.

The meetings were held as part of Alkhorayef’s official visit to Kazakhstan that is aimed at strengthening bilateral cooperation in industry and mining, promoting knowledge exchange in digital transformation and advanced technologies, and supporting the objectives of Saudi Vision 2030.


US Refiners Can Still Absorb More Venezuelan Oil, Energy Secretary Wright Says

US Secretary of Energy Chris Wright attends the 2026 Infrastructure Summit of government officials, corporate executives, and labor leaders, in Washington, DC, US, March 11, 2026. (Reuters)
US Secretary of Energy Chris Wright attends the 2026 Infrastructure Summit of government officials, corporate executives, and labor leaders, in Washington, DC, US, March 11, 2026. (Reuters)
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US Refiners Can Still Absorb More Venezuelan Oil, Energy Secretary Wright Says

US Secretary of Energy Chris Wright attends the 2026 Infrastructure Summit of government officials, corporate executives, and labor leaders, in Washington, DC, US, March 11, 2026. (Reuters)
US Secretary of Energy Chris Wright attends the 2026 Infrastructure Summit of government officials, corporate executives, and labor leaders, in Washington, DC, US, March 11, 2026. (Reuters)

US refiners can still absorb more Venezuelan crude, Energy Secretary Chris Wright said on Friday, as the South American country's output bounces following the US capture of President Nicolas Maduro in January and facilities on the Gulf Coast make adjustments to process higher volumes of heavy oil.

Venezuela is sending about half of its total exports of 1.25 million barrels a day to the US, with the remaining volumes going mainly to India and Europe, according to figures based on tanker monitoring. Wright said the exports are expected to increase in the coming months.

The country's oil ministry forecast crude output of 1.37 million bpd by year-end, which ‌would imply a ‌22% increase from the 1.12 million bpd produced in late 2025.

"It ‌takes ⁠time because you ⁠buy your crude mixes by month from slates. It's a blend from everywhere. So you don't just flip on a switch, but you'll see more and more Venezuelan crude demanded by US refineries," Wright said at an event in Port Houston, Texas.

US oil output also is expected to continue rising, with production of shale oil and gas growing modestly and stronger crude growth off the US Gulf Coast and in Alaska, according to Wright.

US crude production increased 3% last year, setting a new annual record of 13.6 million ⁠bpd. The country has become the world's largest exporter of oil and ‌fuel, sending out 10.5 million bpd.

STRAIT OF HORMUZ FLOWS

Earlier in ‌the day, Wright said 7 million bpd of oil were getting out of the Gulf with ‌US military help. Flows through the Strait of Hormuz have been largely choked off since the US-Israeli ‌war on Iran began in late February.

Asked about those comments, Wright said Iran is not currently exporting any oil or products and that the US is stepping up to fill the oil export void amid the Middle East conflict.

The International Energy Agency had estimated that Gulf supply was down by 14 million bpd, around ‌14% of world supply. But the figure could be closer to 5 million to 6 million bpd as producers find ways to keep cargoes ⁠moving.

Some 136 million barrels ⁠of non-Iranian crude moved through the Strait of Hormuz and the Gulf of Oman between early April and June 10, or about 1.9 million bpd, shipping data firm Kpler estimates.

"We have had days where we've exported well above the number I gave," Wright said when asked about the 7 million bpd passing through. "If you look at our trend right now, we'll be past replacing more than half of the lost oil."

Flows passing through Hormuz are coming from all oil exporters in the Arabian Gulf except Iran, Wright said.

Asked about gasoline prices in the US, which have climbed since the start of the Middle East conflict, Wright said President Donald Trump has been a champion of low energy prices.

"He has not changed that desire for low energy prices across the board, but he was simply unwilling to kick a 47-year conflict and a nuclear-armed Iran down to the next administration," Wright said, adding that allowing Iran to obtain nuclear weapons would lead to "massively higher" energy prices in future.


Saudi Industry Minister Discusses Mining Investment Opportunities with Kazakh Companies

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held a series of bilateral meetings in Astana on Friday with leaders of several Kazakh mining and metals companies. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held a series of bilateral meetings in Astana on Friday with leaders of several Kazakh mining and metals companies. (SPA)
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Saudi Industry Minister Discusses Mining Investment Opportunities with Kazakh Companies

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held a series of bilateral meetings in Astana on Friday with leaders of several Kazakh mining and metals companies. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held a series of bilateral meetings in Astana on Friday with leaders of several Kazakh mining and metals companies. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held a series of bilateral meetings in Astana on Friday with leaders of several Kazakh mining and metals companies, in the presence of Vice Minister for Mining Affairs Eng. Khalid Almudaifer, the Saudi Press Agency reported.

Discussions focused on opportunities for cooperation in the mining sector, particularly in strategic minerals and rare earth elements. The talks also covered mineral exploration, geological surveying, and sustainable mining.

Participants included representatives of Tau-Ken Samruk National Mining Company, KAZ Minerals, and Kazatomprom.

The meetings are part of the Kingdom’s efforts to strengthen international partnerships and attract high-quality investments in the mining and minerals sector, in line with the goals of Saudi Vision 2030.