5,000 Participants from 90 Countries to Join ‘FII’ Forum in Riyadh

The ‘Future Investment Initiative’ forum in its sixth edition in Riyadh, Saudi Arabia (SPA)
The ‘Future Investment Initiative’ forum in its sixth edition in Riyadh, Saudi Arabia (SPA)
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5,000 Participants from 90 Countries to Join ‘FII’ Forum in Riyadh

The ‘Future Investment Initiative’ forum in its sixth edition in Riyadh, Saudi Arabia (SPA)
The ‘Future Investment Initiative’ forum in its sixth edition in Riyadh, Saudi Arabia (SPA)

Themed “The New Compass,” the seventh edition of the Future Investment Initiative (FII) forum is scheduled to take place in Riyadh on Oct. 24 -26.

The event will see the participation and presence of global leaders, major industrial companies, investors, innovators, and policymakers.

More than 5,000 individuals from 90 countries have registered to attend the forum, which will feature over 500 speakers.

The ongoing conflict between Israelis and Hamas has not significantly affected the preparations for the forum.

Richard Attias, CEO of the FII Institute, had affirmed that the forum is proceeding as planned.

During a virtual press conference held days before this international event, Attias noted that the news about the conflict in the Middle East is distressing and underscores the importance of leaders and policymakers coming together to address the global challenges facing humanity.

Attias explained that this year’s edition of the forum is titled “The New Compass,” serving as a symbol for guidance.

It is essential for the FII community to come together to redesign a new compass, as it is a tool for navigation and inspiration, added Attias.

He revealed that more than 250 decision-makers from China, not only from state-owned enterprises but also from the private sector, especially in the technology industry, will be coming to Riyadh.

Moreover, top industry leaders from Latin America, Asia, and Africa will discuss emissions trading policies in preparation for the “COP 28” summit.

Speakers at the conference will discuss the positive impact of carbon trading on climate change, the sovereignty of carbon credits in the global South, and the role of Islamic finance in accelerating green market development.



Oil Prices Ease as Markets Weigh China Stimulus Hopes

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Ease as Markets Weigh China Stimulus Hopes

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil edged lower on Thursday in light holiday trade as the dollar's strength offset hopes for additional fiscal stimulus in China, the world's biggest oil importer.

Brent crude futures settled down 32 cents, or 0.43%, at $73.26 a barrel. US West Texas Intermediate crude closed at $69.62, down 0.68%, or 48 cents, from Tuesday's pre-Christmas settlement.

Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, Reuters reported on Tuesday, citing two sources, as Beijing ramps up fiscal stimulus to revive a faltering economy.

"Injecting a stimulus into a nation's economy creates increased demand, and increased demand pushes prices higher," said Tim Snyder, chief economist at Matador Economics, Reuters reported.

The World Bank on Thursday raised its forecast for China's economic growth in 2024 and 2025, but warned that subdued household and business confidence, along with headwinds in the property sector, would keep weighing it down next year.

The US dollar continued to edge up higher after hitting a milestone last week. A stronger dollar makes oil more expensive for holders of other currencies.

The latest weekly report on US inventories, from the American Petroleum Institute industry group, showed crude stocks fell last week by 3.2 million barrels, market sources said on Tuesday.

Traders will be waiting to see if the official inventory report from the Energy Information Administration confirms the decline. The EIA data is due at 1 p.m. EST (1800 GMT) on Friday, later than normal because of the Christmas holiday.

Analysts in a Reuters poll expect crude inventories fell by about 1.9 million barrels in the week to Dec. 20, while gasoline and distillate inventories are seen falling by 1.1 million barrels and 0.3 million barrels respectively.

Elsewhere, southbound traffic in Turkey's Bosphorus Strait was set to resume on Thursday, having been halted earlier in the day after a tanker suffered an engine failure, shipping agent Tribeca said.