PIF’s “Davos in the Desert” Brought Together Global Financiers to Support Vision 2030
By: An-Nahdah Editorial Team
Date: 10 February 2025
Dubbed "Davos in the Desert"; the FII conference is the largest international investment and innovation forum in the Middle East, attracting many political and business leaders every year.
Among those attended in November 2024 comprise top CEOs, including Goldman Sachs’ David Solomon, BlackRock’s Larry Fink, Citigroup’s Jane Fraser and the London Stock Exchange’s Julia Hoggett.
This year's theme, "Infinite Horizons: Investing Today, Shaping Tomorrow", highlights the event's focus on advancing impactful solutions in areas such as global connectivity, mining, artificial intelligence, health technology, sports, the circular economy, and more. Key takeaways from the forum include:
1. Economic Diversification and Domestic Investment: Saudi Arabia’s Public Investment Fund (PIF) announced a strategic shift to focus more on domestic projects, aiming to reduce the proportion of international investments from 30% to 18-20%. This move aligns with Crown Prince Mohammed bin Salman’s Vision 2030, which seeks to diversify the economy away from oil dependence.
2. Commitment to Vision 2030 Amid Regional Challenges: Despite regional conflicts, Saudi officials reaffirmed their commitment to the Vision 2030 economic transformation plan. Investment Minister Khalid Al Falih highlighted the consistent growth of the non-oil sector and the kingdom’s resilience in attracting foreign investments.
3. International Collaboration and Investment Agreements: The forum facilitated significant international agreements, including Kuwait’s National Bank signing deals worth $1.6 billion with Saudi entities. These agreements underscore the region’s collaborative efforts to bolster economic growth.
4. Focus on Artificial Intelligence (AI) and Technology: Discussions emphasized the responsible adoption of AI, with leaders calling for greater cooperation to harness AI’s potential while addressing ethical considerations. Saudi Arabia aims to become a global hub for AI, projecting significant contributions to the global economy by 2030.
5. Sustainability and Climate Change Initiatives: The conference highlighted the importance of sustainable development, with calls for increased investment in green projects and renewable energy to tackle global challenges like climate change.
6. Advancements in the Construction Sector: Saudi Arabia’s construction sector is poised for significant growth, driven by major infrastructure gigaprojects like the $500 billion NEOM smart city and The Red Sea Global. The government is actively welcoming foreign investment, making the kingdom an attractive destination for international construction firms. These developments reflect Saudi Arabia’s strategic initiatives to diversify its economy, embrace technological advancements, and foster international collaboration.