RIYADH: The Future Investment Initiative (FII) kicked off in Riyadh on Tuesday, with thehead of Ƶ’s sovereign wealth fund saying the event can do "business for good." He also said the event would see countries coming together to "collaboratefor the future.”
The event in Riyadh also saw a raft of deals worth $50 billion being finalized,including 12 so-called “mega-deals” .
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Yasir Al-Rumayyan, head of the Public Investment Fund and the opening speaker at the event, also said his fund was targeting a $2 trillion portfolio by 2030.
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Pakistani Prime Minister Imran Khan, Khaldoon Al-Mubarak, CEO and MDof Abu Dhabi’s Mubadala Investment Company as well as Kirill Dmitriev, CEO of the Russian Direct Investment Fund, were all in attendance on Tuesday.
Khan said, during the panel on emerging opportunities, that his country was looking for a mix of loans from the IMF and “friendly governments.”Khan added thathe had spoken to Ƶ's Crown Prince Mohammed bin Salman about boosting investment ties between the two countries.
Ƶ's Energy Minister Khalid Al-Falih praisedCEO of French energy giant Total, Patrick Pouyanne, for standing by Ƶ in this difficult period.
"We see what partnership means when you have difficult times," Pouyanne responded as he shared the stage with Falih.
"This is when you really strengthen a partnership."
: Prime Minister Imran Khan says looking for mix of loans from and “friendly governments.” Follow our coverage of the :
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: PM Imran Khan says has spoken to Crown Prince Mohammed bin Salman about boosting investment ties between countries. Follow our coverage of the :
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On the energy and investment panel, Al-Falih noted that global oil demand would hit 120 million barrels a day in the next few decades, and that the Kingdom could boost its crude production by 1-2 million barrels a day.
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The world's media turned their attention to a future technology presentation when the Crown Prince and Jordan's King Abdullah II arrived.
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At thesession,Ƶ's Minister of Communications and IT Abdullah Al-Sawahah said:"Ƶ ismoving at light speed in becoming the tech hub of the region."
Meanwhile, Emirati investorMohamed Alabbar added:"There is so much room for technology growth in the Middle East, especially in Ƶ, the UAE and the whole region."
: 's Minister of Communications and IT Abdullah Al-Sawahah at :" We are moving at light speed in becoming the tech hub of the region"
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: Mohamed Alabbar - "There is so much room for growth in the , especially in , and the whole region."
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The three-day FII event will likely see more investment partnerships from Russia and China being forged, as noted by Ellen Wald, president of the Transversal Consulting think-tank and author of the recent book “Saudi Inc,” with executives still looking to do business at the Riyadh meeting despite some having pulled out.
Click for more coverage of the event: Future Investment Initiative.
