The Future Investment Initiative (FII) conference, dubbed “Davos in the Desert,” opened on Tuesday in Saudi Arabian capital Riyadh.
Themed “Infinite Horizons: Investing Today, Shaping Tomorrow,” this year’s conference aims to redefine the potential of investments in driving human advancement and impactful innovation.
Saudi aims to showcase capabilities
During the opening ceremony, Yasir Al-Rumayyan, who is the governor of the Public Investment Fund (PIF), chairman of Saudi Aramco and chairman of the FII Institute, stated that this year’s conference emphasizes sustainable, long-term investment to address global challenges, promote innovation and create lasting impact.
<img src='https://news.cgtn.com/news/2024-10-30/-Davos-in-the-Desert-attracts-investors-to-Saudi-Arabia-1y7L19w4Skg/img/ed44f9f63c134fdcb2e11ab365b82bba/ed44f9f63c134fdcb2e11ab365b82bba.png' alt='Yasir Al-Rumayyan, the chairman of the Future Investment Initiative (FII) Institute, delivers a speech at the FII conference in Riyadh, Saudi Arabia, October 29, 2024. /FII Photo'
The conference is also an important international platform for Saudi Arabia to showcase the outcomes of its openness, boost investor confidence and further attract foreign investment.
Saudi Arabian Minister of Investment Khalid A. Al-Falih said that the country’s economic growth and investment prospects remain resilient despite escalating geopolitical tensions in the region.
“Obviously, headwinds will reflect any economy,” he said, but stressed that the tailwinds are much stronger than the headwinds thanks to the country’s national strategy Vision 2030.
“The economy of Saudi Arabia, under Vision 2030, is navigating these geopolitical and macroeconomic and global challenges, including trade tensions, political conflicts, extremely well,” the minister said.
“If you look at the G20 countries during this period, and despite fluctuations and shocks of different kinds, including oil markets, the Saudi economy has been the second fastest-growing economy among them.”
Bilateral ties with China promising
The 8th FII has attracted over 7,000 global participants to Riyadh, with Chinese attendees actively seeking cooperation opportunities with international partners.
In an interview with CGTN, Chinese Ambassador to Saudi Arabia Chang Hua expressed high expectations for bilateral cooperation in multiple areas as the two countries are going to celebrate their 35th anniversary of the establishment of diplomatic relations.
“Economic and trade cooperation form an important foundation for our comprehensive strategic partnership, and I am delighted to see more and more Chinese companies coming here,” said Chang.
“This shows that Chinese companies are placing greater importance on the Saudi market, and it also reflects Saudi Arabia’s growing appeal to Chinese investors.
“I hope both sides can leverage this platform to find more opportunities for cooperation,” the Chinese ambassador said.
