Riyadh - Mubasher: Saudi Crown Prince Mohammed bin Salman said on Tuesday that he was satisfied with the Future Investment Initiative (FII) conference after deals worth $50 billion were signed in the first day.

The event, dubbed “Davos in the Desert”, kicked off on Tuesday, 23 October, in Riyadh and would wrap up on 25 October, is organised by the Saudi Public Investment Fund (PIF) to showcase the different investment opportunities in Saudi Arabia, and around the world.

Saudi Arabia’s sovereign wealth fund has ambitious plans to increase its assets portfolio, according to the fund’s managing director.

On Tuesday, state-run Saudi Aramco announced signing 15 memoranda of understanding (MoUs) during the first day, worth a combined value of $34 billion, as well as signing a deal with French giant Total.

The world’s biggest oil company also assured investors that its highly-anticipated initial public offering (IPO) will be taking place soon.

Meanwhile, Saudi oil minister Khalid Al Falih said that oil output could reach 120 million barrels per day in the coming 30 years, and he also signed agreements with Chinese firm Panasia to establish a petrochemicals complex in Jazan.

As the oil sector topped the event's agenda, Pakistan reportedly held talks for the establishment of a new oil refinery.

The transportation sector also enjoys a strong presence in the Future Investment Initiative, as the ministry of transportation and the Public Transport Authority (PTA) signed deals for the 2nd phase of Al-Haramain high-speed railway and a bridge to link the Red Sea with the Arabian Gulf.

The 2017 FII conference saw the launching of Saudi Arabia’s mega futuristic Neom City, which will have investments of around $500 billion.