Riyadh Hosts Future Investment Initiative

The Kingdom Tower stands in the night above the Saudi capital Riyadh. (Reuters)
The Kingdom Tower stands in the night above the Saudi capital Riyadh. (Reuters)
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Riyadh Hosts Future Investment Initiative

The Kingdom Tower stands in the night above the Saudi capital Riyadh. (Reuters)
The Kingdom Tower stands in the night above the Saudi capital Riyadh. (Reuters)

Crown Prince Mohammed bin Salman, Deputy Premier and Minister of Defense, will inaugurate the Future Investment Initiative in Riyadh on Tuesday.

With the participation of over 2,500 delegates and leading business figures from more than 60 countries, the conference will debate the opportunities and challenges that will shape the world economy and investment environment over the coming decades.

The first day of the event will begin with CNBC’s Andrew Ross Sorkin leading a panel of financial experts in debating the new social, economic and intellectual frameworks needed to drive progress.

In particular, the session will discuss the emerging trends which will likely have the greatest impact and how public and private sector leaders can use these to succeed.

Speakers on the panel include Amin Nasser, president of Saudi Aramco, Larry Fink, chairman of BlackRock, Yasir Al-Rumayyan, managing director of the Public Investment Fund, and Christine Lagarde, managing director of the International Monetary Fund.

Another key session will examine breakthroughs in artificial intelligence, robotics, virtual reality, big data, social media, medical science, and smart infrastructure that are now converging to reinvent cities for the 21st century.

The session will be chaired by Maria Bartiromo, global markets editor for Fox Business, with the participation of high-profile attendees, including Masayoshi Son, chairman of Softbank Group.

The first day will conclude with energy executives congregating at the “Summit on Energy for a Sustainable Planet” to discuss which technologies and innovations will shape the sector over the next ten years.

Taking place in the context of volatile oil prices and significant advances in energy and environmental technologies, the summit will also examine the challenges of diversification through investment in renewable resources.

Other sessions will explore topics such as the “Future of the Information Economy”, “Leadership and Partnership for the Age of Uncertainty” and “What Policies Can Drive Growth”.

The daily plenary sessions, created in collaboration with the event’s official Knowledge Partners – BCG, EY, McKinsey and Oliver Wyman – will seek to stimulate expert-led debate on how societies and businesses can achieve sustainable, long-term financial returns while having a positive and lasting impact.

Pedro Oliveira, Oliver Wyman managing partner in the MEA region, said: “We see the Future Investment Initiative as a unique opportunity for the global community to bring together, in Saudi Arabia, aspirational thinking around the future of the world economy with the realities of investment.”

Powered by PIF, the Future Investment Initiative will take place in Riyadh from October 24 to 26.

The invitation-only event is being organized in the context of Saudi Arabia’s Vision 2030, a blueprint that is already charting the path for the Kingdom to harness its strategic location and strong investment capabilities.



Oil Slips on US Growth Worries, Ample Crude Supply

FILE PHOTO: Petrochemical storage tanks are seen at the Suncor Energy chemical plant near Edmonton, Alberta, Canada, October 7, 2021.  REUTERS/Todd Korol/File Photo
FILE PHOTO: Petrochemical storage tanks are seen at the Suncor Energy chemical plant near Edmonton, Alberta, Canada, October 7, 2021. REUTERS/Todd Korol/File Photo
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Oil Slips on US Growth Worries, Ample Crude Supply

FILE PHOTO: Petrochemical storage tanks are seen at the Suncor Energy chemical plant near Edmonton, Alberta, Canada, October 7, 2021.  REUTERS/Todd Korol/File Photo
FILE PHOTO: Petrochemical storage tanks are seen at the Suncor Energy chemical plant near Edmonton, Alberta, Canada, October 7, 2021. REUTERS/Todd Korol/File Photo

Oil prices fell in early trade on Thursday, as investors digested that the US Federal Reserve had likely pushed back a possible interest rate cut to December, while ample US crude and fuel stocks also weighed on the market.
Brent crude futures lost 23 cents, or 0.3%, to $82.37 a barrel, as of 0415 GMT, and US West Texas Intermediate (WTI) crude futures fell 20 cents, or 0.3%, to $78.30, Reuters reported.
Both benchmarks had gained about 0.8% in the previous session.
The Fed held rates steady on Wednesday and pushed out the start of policy easing to perhaps as late as December.
Higher borrowing costs tend to dampen economic growth, and can by extension, limit oil demand.
Fed Chair Jerome Powell said in a press conference after the US central bank's two-day policy meeting ended that inflation had fallen without a major blow to the economy, adding that there was no reason to think that can't go on.
On the supply side, US crude stockpiles rose more than expected last week, driven largely by a jump in imports, while fuel inventories also increased more than anticipated, data from the Energy Information Administration showed on Wednesday.
Also weighing on prices was a bearish report by the International Energy Agency, which warned of excess supply in the near future.
"This is in stark contrast to the bullish report from OPEC+ earlier this week. The oil group maintained its forecasts for strengthening demand," analysts at ANZ Research said.
Traders are also watching ongoing talks for a ceasefire in Gaza, which, if resolved, would reduce fears of potential supply disruptions from the oil producing region.