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 120.95 306,407
SABIC 99.69 2,911,153
ALMARAI 54.42 257,285
STC 69.53 407,465
EEC 13.39 1,152,347
NGIC 28.20 210,497
RJHI 62.87 2,489,863
Mubadala unit to reveal jet engine facility details 'soon'

16/11/2017

The Turbine Services & Solutions Group (TS&S), a wholly owned subsidiary of Abu Dhabi's Mubadala Investment Company, expects to unveil details of the facilities it will build for GE and Rolls-Royce e

The National

Kuwait non-oil growth set to rise to 4pc: IMF

16/11/2017

Kuwait’s non-oil growth is projected to increase gradually to about 4 per cent driven by accelerated project implementation under the 5-year development plan and improved confidence, said the Interna

Trade Arabia

IT spending in EMEA to top $1trn in 2018: Gartner

16/11/2017

IT spending in EMEA (Europe, Middle East and Africa) is projected to total $1trillion in 2018, an increase of 4.9 per cent from estimated spending of $974 billion in 2017, according to a new report f

Trade Arabia

Dubai non-oil foreign trade up 13pc to top $93bn in Q3

16/11/2017

Dubai’s non-oil foreign trade increased to Dh344 billion ($93.6 billion) in the third quarter of 2017, an increase of 13 per cent year-on-year from Dh305 billion in the corresponding quarter of last

Trade Arabia

ADIPEC 2017 Awards recognise energy industry innovation

16/11/2017

According to Saif Ahmed Alghfeli, CEO of Abu Dhabi National Oil Company (ADNOC) and chairman of the ADIPEC Awards, said that 2017 has attracted around 407 entries from more than 132 companies based i

Oil Review Middle East