RIYADH: At least 25 deals worth more than $50 billion have been signed at Future Investment Initiative (FII) in Riyadh.
The contracts struck on the first day of the event included what were described as 12 “mega deals.”
BREAKING: : Deals worth more than $50 billion being signed at Future Investment Initiative in , including 12 “mega deals.”
— Arab News (@arabnews)
Among the projects announced on Tuesday in front of an audience of international bankers, investors and thought leaders, was the second phase of Haramain high-speed railway.
The deals were struck across the energy and transportation sectors despite the boycott of the event by several company chiefs following the death of journalist Jamal Khashoggi at the Saudi embassy in Turkey earlier this month.
A number of major public transport projects, including the development of the Saudi Land Bridge project, a rail line connecting the Red Sea coast with Riyadh, were among the raft of deals signed.
Public transport projects among raft of deals signed at - including development of Land Bridge project and the Haramain high-speed railway in Ƶ
— Arab News (@arabnews)
Such large-scale infrastructure projects form a key part of Ƶ’s Vision 2030 blueprint for economic and social diversifcation. It aims to reduce the country’s historical reliance on oil and gas revenues by investing in new industries that will also provide employment for the Kingdom’s youthful population.
Other deals were struck on Tuesday with Trafigura, Total, Hyundai, Norinco, Schlumberger, Halliburton and Baker Hughes.
Oil giant Saudi Aramco signed 15 initial agreements worth $34 billion.
: An MoU between and was also signed, one of the 25 deals sealed in
— Arab News (@arabnews)
Total CEO Patrick Pouyanné, told the gathering that the French oil and gas producer would announce a retail network in the Kingdom with Saudi Aramco.
The $10 billion Russian Direct Investment Fund also had a large presence at the event, led by Kirill Dmitriev.
Ƶ’s Public Investment Fund (PIF), the main backer of the event, is driving the Kingdom’s economic reform agenda.
Managing director Yasir Al-Rumayyan said that the fund had invested in 50 or 60 firms via SoftBank Group’s Vision Fund and would bring most of those businesses to the Kingdom. PIF has committed to invest $45 billion in the Vision Fund.
The FII event, which debuted in the Kingdom last year, concludes on Thursday.
Ƶ's Minister of Communications and IT Abdullah Al-Sawahah praised the speed at which Ƶ is progressing in the digital worl, and said: "We are moving at light speed in becoming the tech hub of the 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"
— Arab News (@arabnews)
Meanwhile, Emirati businessman Mohamed Alabbar said: "There is so much room for technology growth and innovation in the Middle East, especially in Ƶ, the UAE and the whole region."
: Mohamed Alabbar - "There is so much room for growth in the , especially in , and the whole region."
— Arab News (@arabnews)
