Riyadh – Mubasher: The Future Investment Initiative (FII) conference was concluded on Thursday after what was described as a great success despite many challenges prior to its launch, evident by the Saudi Crown Prince Mohammed bin Salman remarks that he was satisfied with the event.
The “Davos in the Desert”, kicked off on Tuesday, 23 October, in Riyadh to 25 October, 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, and on the first day deals worth $50 billion were signed were signed, while state-run Saudi Aramco announced signing 15 memoranda of understanding (MoUs) worth a combined value of $34 billion, as well as 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.
In the second day of the conference, Aramco’s CEO revealed that Saudi Arabia is producing the lowest emission rates globally after Denmark.
Moreover, rising interest by investors in the Saudi market was evident by the huge deals expected in the banking sector, as well as investments from India among other countries such as China, which in the third and final day signed huge deals to establish 17,000 residential units in Al-Ahsa, and another 9,700 in Jeddah and Dammam.
Both the governmental public and private sector showcased their achievements during the three-day conference.
The services sector also saw several deals being signed, led by the agreements signed by the General Organization for Social Insurance (GOSI) with GEMS, and another deal for healthcare with NMC.
As for the booming entertainment sector in the Saudi kingdom, Al Futtaim announced that it will open a new cinema every month, while the Qiddaya project attracted a great deal of attention, while the Red Sea project could provide a great boost to the tourism sector.
Neom remains the focus of the future for the Saudi economy, in which more cities and urban communities across the region are expected to apply state of the art modern technologies.
The 2017 FII conference saw the launching of Saudi Arabia’s mega futuristic Neom City, which will have investments of around $500 billion.
