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)
TT
20

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.



Putin Says Recession in Russia 'Must Not Be Allowed to Happen'

Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
TT
20

Putin Says Recession in Russia 'Must Not Be Allowed to Happen'

Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP

President Vladimir Putin on Friday urged officials not to let Russia fall into recession "under any circumstances", as some in his own government warned of a hit to economic growth.

Economists have warned for months of a slowdown in the Russian economy, with the country posting its slowest quarterly expansion in two years for the first quarter of 2025, reported AFP.

The Kremlin has said this was to be expected after two years of rapid growth as it ramped up military expenditure to fund the Ukraine campaign, but officials including the country's economy minister have raised alarm about possible pain ahead.

"Some specialists and experts are pointing to the risks of stagnation and even a recession," Putin told attendees at Russia's flagship economic forum in Saint Petersburg.

"This must not be allowed to happen under any circumstances," he said.

"We need to pursue a competent, well-thought-out budgetary, tax and monetary policy," he added.

The Russian economy grew in 2023 and 2024 despite the West's sweeping sanctions, with massive state spending on the military powering a robust expansion.

But analysts have long warned that heavy public investment in the defense industry is no longer enough to keep Russia's economy growing and does not reflect a real increase in productivity.

At his address to the forum on Friday, Putin was upbeat about Russia's economic prospects and denied the economy was being driven solely by the defense and energy industries.

"Yes, of course, the defense industry played its part in this regard, but so did the financial and IT industries," he said.

He said the economy needed "balanced growth" and called on officials to keep a "close eye on all indicators of the health of our industries, companies and even individual enterprises."