24/10/2017 12:13 AST

Saudi Arabia has opened a major investment conference aimed at shining a spotlight on the country's efforts to diversify its revenue streams and overhaul its economy and society.

At the heart of these reforms are plans to build the world's largest sovereign wealth fund, the Public Investment Fund (PIF) which grabbed headlines with a $3.5 billion investment in ride-hailing service Uber last year.

The Future Investment Initiative (FII) conference, which runs for three days, will include a speech by Saudi Crown Prince Mohammad bin Salman.

Addressing over 2,500 delegates and leading business figures from more than 60 countries, Prince Mohammed bin Salman, who is also the kingdom’s deputy prime minister and chairman of the Council of Economic and Development Affairs and PIF, has invited attendees to debate the opportunities and challenges that will shape the world economy and investment environment over the coming decades.

PIF Managing Director Yasir O. Al-Rumayyan, Chairman & CEO of First Eastern Investment Group Victor Chu, Chairman and CEO of BlackRock Larry Fink, IMF Managing Director Christine Lagarde, Co-CEO of Bridgewater Associates David McCormick and President and CEO of Saudi Aramco Amin Nasser.

Future of artificial intelligence, robotics
Another key session will examine breakthroughs in artificial intelligence, robotics, virtual reality, big data, social media, medical science, and smart infrastructure are now converging to reinvent cities for the twenty-first century. Moderated by Maria Bartiromo, Global Markets Editor for Fox Business, high-profile participants will include Masayoshi Son, Chairman & CEO of Softbank Group.

An expo featuring the future Giga-projects will take place during the event, which are a key element of Saudi Arabia’s Vision 2030 economic program. The expo will offer delegates a glimpse of the future and unique experiences, utilizing cutting edge technology.

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. Among those speaking at the Summit are:

H.E. Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources

Rachel Kyte, CEO, Special Representative of the UN Secretary-General, Sustainable Energy for All

John Rice, Vice Chairman, General Electric

Powered by PIF, the FII will take place from Oct. 24 to 26 in Riyadh and will be an invitation-only event 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.

Click here for more


Al Arabiya

Ticker Price Volume
QNBK 150.62 156,771
SABIC 122.32 3,265,859
STC 84.62 165,078
ALMARAI 58.24 642,840
PETRORABIGH 31.00 3,550,448
BURUJ 33.93 64,965
SG 1.15 0
Dubai’s $177m Pearl-Inspired “J One” Project Wins Best Design Award

24/04/2018

The Dhs650m ($176.9m) J One residential and retail project on the Dubai Canal by the leading property development company RKM Durar Properties has been recognised with “The Best Design” award at Arab

Press Release

Saudi air travel sector grows by 14% in 2017

24/04/2018

Flight bookings in Saudi Arabia grew 14% in 2017, revealed Cleartrip, the leading mobile and online travel company in the Middle East, in its 2017 Travel Insights Report. The report, which derives in

Saudi Gazette

Saudi Arabia’s economy in a ‘sweet spot’, says US bank

24/04/2018

The Saudi Arabian economy is in a “sweet spot”, with higher oil prices allowing the Kingdom to boost spending while not having a significant impact on the country’s fiscal balance, according to Bank

Arab News

Abu Dhabi’s Mubadala halts Abraaj investment deal talks

24/04/2018

Abu Dhabi state investor Mubadala has halted talks to buy Abraaj’s investment business, two sources said, in a blow to the private equity firm which is facing an investigation by investors into how i

Arab News

Oman seeking investors for $5 billion tourism project by year-end

24/04/2018

Oman is seeking investors to develop a series of tourism projects, including a $5 billion scheme, as part of a strategy to triple visitors to the country by 2040 in a push to diversify its economy an

The National