Future Investment Initiative: Saudi Arabia Brings Together the World to Shape Tomorrow’s Economy

A file photo of the sixth edition of the Future Investment Initiative conference in 2022. (SPA)
A file photo of the sixth edition of the Future Investment Initiative conference in 2022. (SPA)
TT

Future Investment Initiative: Saudi Arabia Brings Together the World to Shape Tomorrow’s Economy

A file photo of the sixth edition of the Future Investment Initiative conference in 2022. (SPA)
A file photo of the sixth edition of the Future Investment Initiative conference in 2022. (SPA)

The Future Investment Initiative conference kicked off in Riyadh on Tuesday with global and local investors stressing the importance of exploiting the available opportunities to advance international alliances and develop strategies that shape tomorrow’s economy.

In an interview with Asharq Al-Awsat, CEO of Skytower Eric Fang said the Future Investment Initiative will focus on the impact of investment on humanity as an interactive program designed to help investors reset pathways for their companies and for the global economy, while developing new strategies to cope with the challenges and opportunities of the new era.

Fang emphasized the need to discover new markets and expand the boundaries of economic growth, while adhering to environmental, social and governance standards. He stressed the importance of green development, including infrastructure, industry, manufacturing, supply chain and natural mineral resources, to be based on strong governance in order to achieve a positive impact on humanity.

The conference’s recommendations to address the challenges of economy, investment and trade should include a vision of adding value by creating a place to showcase ways to reduce carbon pollution, through re-engineering pollution from manufacturing, transportation, power generation and construction processes, he added.

Fang noted that hydrogen was a very useful commodity, but requires a lot of special processing because of its flammability. Ammonia, which consists of two hydrogen atoms and three nitrogen atoms, can be considered a non-flammable hydrogen carrier. Ammonia can also be broken down into hydrogen at the point of combustion.

In this context, he revealed cooperation between Skytower and its local partners in the special economic zone, such as King Abdullah Economic City, to build a hydrogen industry complex to manage all different types of hydrogen and ammonia technologies and modern manufacturing processes, in line with Saudi Arabia’s endeavor to promote artificial intelligence and robotics.

Chairman of the Saudi Excellence Holding Company Abdullah bin Zaid Al-Meleihi told Asharq Al-Awsat that the conference, in its seventh edition, was a global opportunity that would attract Saudi, American and Chinese investments.

Al-Meleihi, who is the Saudi partner in Skytower Investment Company, the fruit of the Saudi-American-Chinese green energy alliance, said that the rapid development of Saudi Arabia has become a measure of global evolution and a model for future development plans.

“Through this partnership, we can use our zero carbon standards to develop recommendations for future industry standards in the Kingdom by working alongside the Future Investment Initiative,” he added.



Indian Refiners Avoid Russian Oil in Push for US Trade Deal

An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
TT

Indian Refiners Avoid Russian Oil in Push for US Trade Deal

An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo

Indian refiners are avoiding Russian oil purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, a move that could help New Delhi seal a trade pact with Washington, according to Reuters.

The US and India moved closer to a trade pact on Friday, announcing a framework for a deal they hope to conclude by March that would lower tariffs and deepen economic cooperation.

Indian Oil, Bharat Petroleum and Reliance Industries are not accepting offers from traders for Russian oil loading in March and April, said a trader who approached the refiners.

These refiners, however, had already scheduled some deliveries of Russian oil in March, refining sources said. Most other refiners have stopped buying Russian crude.

A foreign ministry spokesperson said: “Diversifying our energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy” to ensure energy security for the world's most-populous nation.

Although a US-India statement on the trade framework did not mention Russian oil, President Donald Trump rescinded his 25% tariffs on Indian goods, imposed over Russian oil purchases, because, he said, New Delhi had “committed to stop directly or indirectly” importing Russian oil.

New Delhi has not announced plans to halt Russian oil imports.

India became the top buyer of discounted Russian seaborne crude after Russia invaded Ukraine in 2022, spurring a backlash from Western nations that had targeted Russia's energy sector with sanctions aimed at curtailing Moscow's revenue and making it harder to fund the war.

One regular Indian buyer is Russia-backed private refiner Nayara, which relies solely on Russian oil for its 400,000-barrel-per-day refinery. Sources said Nayara may be allowed to keep buying Russian oil because other crude sellers pulled back after the European Union sanctioned the refiner in July.

Nayara also does not plan to import Russian crude in April due to a month-long refinery maintenance shutdown, a source familiar with its operations said.

Nayara did not respond to an email seeking comment.

Indian refiners may change their plan and place orders for Russian oil only if advised by the government, sources said.

Trump's order said US officials would monitor and recommend reinstating the tariffs if India resumed oil procurement from Russia.

Sources said last month that India was preparing to cut Russian oil imports below 1 million bpd by March, with volumes eventually falling to 500,000–600,000 bpd, compared with an average 1.7 million bpd last year. India's Russian oil imports topped 2 million bpd in mid-2025.

The intake of Russian oil by India, the world's third-biggest oil consumer and importer, declined to its lowest level in two years in December, data from trade and industry sources show.

 


IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
TT

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.


Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
TT

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.