FII’s Flagship Forum Kicks Off in Riyadh

Preparations underway in Riyadh for the Future Investment Initiative forum, which kicks off on Tuesday (Asharq Al-Awsat)
Preparations underway in Riyadh for the Future Investment Initiative forum, which kicks off on Tuesday (Asharq Al-Awsat)
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FII’s Flagship Forum Kicks Off in Riyadh

Preparations underway in Riyadh for the Future Investment Initiative forum, which kicks off on Tuesday (Asharq Al-Awsat)
Preparations underway in Riyadh for the Future Investment Initiative forum, which kicks off on Tuesday (Asharq Al-Awsat)

Financial and investment leaders from around the world have gathered in Riyadh for the annual Future Investment Initiative (FII) forum, which will shed light on topics of international concern.

More than 6,000 global business chiefs, policymakers, investors, and entrepreneurs will participate in the event themed “Investing in Humanity: Enabling a New Global Order.”

Over three days, with more than 500 international speakers, the conference will host 180 sessions by global leaders from different sectors. These sessions will address the most pressing economic questions of our time to shape the future of the global economy.

The FII forum has gained momentum from its international presence in its past editions, which contributed to the formation of many ideas and solutions to the challenges the world is currently facing.

The first day will feature a discussion by a group of Nobel laureates which will try to find sustainable solutions for meeting the global population's basic needs.

Sessions at the forum will talk about the challenges brought on by the new global order, as well as the opportunities that arise from it, such as creating an economic system that improves the quality of life for citizens around the world.

In addition, the first summit at the conference will be held on the first day under the theme “Clash of Generations.”

It is expected that the forum, taking place from Oct. 25-27 in Riyadh, will witness the announcement of agreements and partnerships.

This international gathering in the Saudi capital comes at a time when the world is witnessing many challenges.

“Our way to the New Global Order is filled with unprecedented challenges, which is why the timing and theme of this year's FII is of upmost importance and relevance,” commented Richard Attias, CEO of the FII Institute.

“In its 6th Edition, FII focuses on Investing in Humanity – a call to action that is desperately needed in a time in which supply shocks, inflation, a global energy crisis, and geopolitical conflicts present deep challenges,” he added.



Oil Nudges Up after Russia-Ukraine Tensions Escalate

A person walks past a working oil well in a residential neighbourhood in Signal Hill, California, US, November, 14, 2024.  REUTERS/Mike Blake
A person walks past a working oil well in a residential neighbourhood in Signal Hill, California, US, November, 14, 2024. REUTERS/Mike Blake
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Oil Nudges Up after Russia-Ukraine Tensions Escalate

A person walks past a working oil well in a residential neighbourhood in Signal Hill, California, US, November, 14, 2024.  REUTERS/Mike Blake
A person walks past a working oil well in a residential neighbourhood in Signal Hill, California, US, November, 14, 2024. REUTERS/Mike Blake

Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China, the world's second-largest consumer, and forecasts of a global oil surplus weighed on markets.
Brent crude futures gained 29 cents, or 0.4%, to $71.33 a barrel by 0502 GMT, while US West Texas Intermediate crude futures were at $67.20 a barrel, up 18 cents, or 0.3%.
Russia unleashed its largest air strike on Ukraine in almost three months on Sunday, causing severe damage to Ukraine's power system, reported Reuters.
In a significant reversal of Washington's policy in the Ukraine-Russia conflict, President Joe Biden's administration has allowed Ukraine to use the US-made weapons to strike deep into Russia, two US officials and a source familiar with the decision said on Sunday.
There was no immediate response from the Kremlin, which has warned that it would see a move to loosen the limits on Ukraine's use of US weapons as a major escalation.
"Biden allowing Ukraine to strike Russian forces around Kursk with long-range missiles might see a geopolitical bid come back into oil as it is an escalation of tensions there, in response to North Korean troops entering the fray," IG markets analyst Tony Sycamore said.
Saul Kavonic, an energy analyst at MST Marquee, said: "So far there has been little impact on Russian oil exports, but if Ukraine were to target more oil infrastructure that could see oil markets elevate further."
In Russia, at least three refineries have had to halt processing or cut runs due to heavy losses amid export curbs, rising crude prices and high borrowing costs, according to five industry sources.
Brent and WTI slid more than 3% last week on weak data from China and after the International Energy Agency forecasted that global oil supply will exceed demand by more than 1 million barrels per day in 2025 even if cuts remain in place from OPEC+.
China's refinery throughput fell 4.6% in October from last year and as the country's factory output growth slowed last month, government data showed on Friday.
Investors also fretted over the pace and extent of interest rate cuts by the US Federal Reserve that has created uncertainty in global financial markets.
In the US, the number of operating oil rigs fell by one to 478 last week, the lowest since the week to July 19, Baker Hughes data showed.