Saudi Arabia to host Future Investment Conference

Saudi Arabia begins its two-day Future Investment Initiative conference in Riyadh today . The conference titled “Infinite Horizons: Investing today, shaping the future” takes place amid escalating regional tensions.

Multiple CEOs and executives are set to fly in and speak at the event, including BlackRock’s Larry Fink and Laura Cha, Senior Advisor to the Board of Hong Kong Exchanges and Clearing. However, Saudi’s Public Investment Fund (PIF), the parent organization of the conference’s host, plans to reduce spending money overseas in favor of more domestic investments. Change in strategy comes in light of fluctuating oil prices due to the ongoing conflict in the region and the Kingdom’s pledge to OPEC+ to reduce production, impacting revenue streams. It also aligns with Saudi’s efforts to increase Foreign Direct Investment to $100 billion by 2030.

The conference is expected to benefit the Saudi economy despite the escalating regional conflict. The number of registrations is higher than last year and projections estimate $28 billion worth of deals to be announced. The “New Africa Summit” set on the sidelines of the conference will also help the Gulf State in its efforts to diversify its economy through mining for critical minerals in Africa. Furthermore, speakers such as Nicholas Ho, Commissioner for the Belt and Road, will emphasise increased ties with China.