RIYADH/LONDON: Leading figures from the financial, technology, and business sectors gathered in Saudi Arabia on Tuesday for the Future Investment Initiative (FII) conference, a crucial event as the kingdom aims to attract foreign investment to support its economic diversification goals.
Notable speakers included Stephane Bancel, CEO of Moderna; Laurence Fink, CEO of BlackRock; Stephen Schwarzman, CEO of Blackstone; and Ruth Porat, President and CIO of Alphabet. These influential leaders participated in a high-profile panel discussion, providing insights into the evolving global economy and Saudi Arabia’s role within it.
The conference offers a platform for attendees to build connections with major Saudi companies and the country’s $925 billion sovereign wealth fund, the Public Investment Fund (PIF). However, this year’s event takes place amidst a backdrop of financial recalibration, as PIF scales back certain large-scale “giga-projects” due to rising costs.
Public Investment Fund Governor Yasir Al-Rumayyan, speaking on the panel, shared that the fund’s current focus is on bolstering the domestic economy. He noted that PIF aims to reduce its international investment portfolio from 30% to between 18% and 20%, signaling a shift in investment strategy.
In addition to this, two major panels scheduled for Tuesday were set to feature banking industry leaders, including Citi CEO Jane Fraser, Morgan Stanley CEO Ted Pick, Standard Chartered CEO Bill Winters, and Goldman Sachs Chairman and CEO David Solomon.
