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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)
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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.

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Business

UK Growth Revised Down in Second Quarter 

Shoppers fill the pavement on Regent Street in central London on December 21, 2025. (AFP)
Shoppers fill the pavement on Regent Street in central London on December 21, 2025. (AFP)
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UK Growth Revised Down in Second Quarter 

Shoppers fill the pavement on Regent Street in central London on December 21, 2025. (AFP)
Shoppers fill the pavement on Regent Street in central London on December 21, 2025. (AFP)

Britain's economy expanded less than initially estimated in the second quarter, according to revised official data released Monday, dealing a fresh setback to the Labour government.

Gross domestic product was revised down to 0.2 percent in the April-June period from a previous estimate of 0.3 percent, the Office for National Statistics said in a statement.

Growth in the third quarter stood at an unrevised 0.1 percent, the ONS said, marking a sustained slowdown from the 0.7 percent expansion recorded in the first three months of the year.

"The economy is still pretty weak and is heading into 2026 with very little momentum," noted Alex Kerr, UK economist at Capital Economics.

Prime Minister Keir Starmer has struggled to revive Britain's sluggish economy since his Labour party came to power in July 2024.

Finance minister Rachel Reeves raised taxes on businesses in her inaugural budget last year -- a decision widely blamed for causing weak UK economic growth and rising unemployment.

She returned in her November budget with fresh tax hikes to bring down government debt, this time hitting workers.

The Bank of England last week cut its key interest rate to 3.75 percent after UK inflation eased faster than expected and as the economy weakens.

Business

Saudi Finance Minister Says New Financial Control System Protects Public Funds

Saudi Minister of Finance Mohammed Al-Jadaan. Asharq Al-Awsat
Saudi Minister of Finance Mohammed Al-Jadaan. Asharq Al-Awsat
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Saudi Finance Minister Says New Financial Control System Protects Public Funds

Saudi Minister of Finance Mohammed Al-Jadaan. Asharq Al-Awsat
Saudi Minister of Finance Mohammed Al-Jadaan. Asharq Al-Awsat

Saudi Minister of Finance Mohammed Al-Jadaan has said that the new Financial Control System constitutes a “fundamental shift” in the control methodology and the improvement of the legislative framework for financial work in government agencies, through a more flexible and comprehensive model that focuses on empowerment and the protection of public funds.

Speaking at the 1st edition of the Financial Supervision Forum held at the General Court of Audit in Riyadh on Sunday, Al-Jadaan said the Kingdom must invest in national talent alongside regulatory reforms to build a modern financial oversight system.

He stressed the importance of enhancing institutional integration between the relevant authorities, especially between the Finance Ministry and the General Court of Audit, which contributes to unifying oversight efforts and reducing duplication.

According to Al-Jadaan, the success of this transformation depends on concerted efforts between regulatory authorities on the one hand, and authorities dealing with public money on the other hand, in a way that maximizes the impact in protecting public money and enhancing the efficiency of financial oversight.

President of the General Court of Audit Hussam Alangari also said that organizing the forum in partnership with the Finance Ministry comes within the qualitative transformation that Saudi Arabia is witnessing in financial oversight during an era in which the country holds a leading global position in the management of public finances, characterized by governance, responsibility, and a high level of transparency.

He told the forum that the General Court of Audit has had strong foundations that have strengthened its role and independence as the supreme authority for public financial oversight and auditing.

Alangari pledged to strengthen the “deep partnership” with the Finance Ministry, describing it as a partnership cemented by trust and built on the foundations of cooperation across various fields.

The partnership has resulted in qualitative leaps, most notably what has been achieved in the exchange of information through full technical integration between the Etimad and Shamel platforms, he said.

Business

Trump Shook up Global Trade This Year; Some Uncertainty May Persist in 2026 

Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
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Trump Shook up Global Trade This Year; Some Uncertainty May Persist in 2026 

Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)

President Donald Trump's return to the White House in 2025 kicked off a frenetic year for global trade, with waves of tariffs on US trading partners that lifted import taxes to their highest since the Great Depression, roiled financial markets and sparked rounds of negotiations over trade and investment deals.

His trade policies - and the global reaction to them - will remain front and center in 2026, but face some hefty challenges.

WHAT HAPPENED IN 2025

Trump's moves, aimed broadly at reviving a declining manufacturing base, lifted the average tariff rate to nearly 17% from less than 3% at the end of 2024, according to Yale Budget Lab, and the levies are now generating roughly $30 billion a month of revenue for the US Treasury.

They brought world leaders scrambling to Washington seeking deals for lower rates, often in return for pledges of billions of dollars in US investments. Framework deals were struck with a host of major trading partners, including the European Union, the United Kingdom, Switzerland, Japan, South Korea, Vietnam and others, but notably a final agreement with China remains on the undone list despite multiple rounds of talks and a face-to-face meeting between Trump and Chinese leader Xi Jinping.

The EU was criticized by many for its deal for a 15% tariff on its exports and a vague ‌commitment to big ‌US investments. France's prime minister at the time, Francois Bayrou, called it an act of submission ‌and ⁠a "somber day" for the ‌bloc. Others shrugged that it was the "least bad" deal on offer.

Since then, European exporters and economies have broadly coped with the new tariff rate, thanks to various exemptions and their ability to find markets elsewhere. French bank Societe Generale estimated the total direct impact of the tariffs was equivalent to just 0.37% of the region's GDP.

Meanwhile, China's trade surplus defied Trump's tariffs to surpass $1 trillion as it succeeded in diversifying away from the US, moved its manufacturing sector up the value chain, and used the leverage it has gained in rare earth minerals - crucial inputs into the West's security scaffolding - to push back against pressure from the US or Europe to curb its surplus.

What notably did not happen was the economic calamity and high inflation that legions ⁠of economists predicted would unfold from Trump's tariffs.

The US economy suffered a modest contraction in the first quarter amid a scramble to import goods before tariffs took effect, but quickly rebounded and ‌continues to grow at an above-trend pace thanks to a massive artificial intelligence investment boom ‍and resilient consumer spending. The International Monetary Fund, in fact, twice ‍lifted its global growth outlook in the months following Trump's "Liberation Day" tariffs announcement in April as uncertainty ebbed and deals were struck to reduce ‍the originally announced rates.

And while US inflation remains somewhat elevated in part because of tariffs, economists and policymakers now expect the effects to be more mild and short-lived than feared, with cost sharing of the import taxes occurring across the supply chain among producers, importers, retailers and consumers.

WHAT TO LOOK FOR IN 2026 AND WHY IT MATTERS

A big unknown for 2026 is whether many of Trump's tariffs are allowed to stand. A challenge to the novel legal premise for what he branded as "reciprocal" tariffs on goods from individual countries and for levies imposed on China, Canada and Mexico tied to the flow of fentanyl into the US was argued before the US Supreme Court in late 2025, ⁠and a decision is expected in early 2026.

The Trump administration insists it can shift to other, more-established legal authorities to keep tariffs in place should it lose. But those are more cumbersome and often limited in scope, so a loss at the high court for the administration might prompt renegotiations of the deals struck so far or usher in a new era of uncertainty about where the tariffs will end up.

Arguably just as important for Europe is what is happening with its trading relationship with China, for years a reliable destination for its exporters. The depreciation of the yuan and the gradual move up the value chain for Chinese companies have helped China's exporters. Europe's companies meanwhile have struggled to make further inroads into the slowing domestic Chinese market. One of the key questions for 2026 is whether Europe finally uses tariffs or other measures to address what some of its officials are starting to call the "imbalances" in the China-EU trading ties.

Efforts to finally cement a US-China deal loom large as well. A shaky detente reached in this year's talks will expire in the second half of 2026, and Trump and Xi are tentatively set to meet twice over the course of the ‌year.

And lastly, the free trade deal with the two largest US trading partners - Canada and Mexico - is up for review in 2026 amid uncertainty over whether Trump will let the pact expire or try to retool it more to his liking.