Government finance leaders report that declining oil revenue and regional conflicts have not deterred investor interest in Saudi Arabia, the Middle East’s largest economy. The country is making significant strides in multibillion-dollar investments across various sectors, including car manufacturing, home construction, and artificial intelligence, at this year’s Future Investment Initiative (FII) conference.
The first two days of the event at Riyadh’s King Abdul Aziz International Conference Center featured more than a dozen sessions discussing the transformative potential of AI technology on global commerce. Notable speakers included Alex Clavel, Co-CEO of Softbank Vision Funds; Hani Enaya, Chief Investment Officer of Saudi Arabia’s Sanabil Investments; Julie Sweet, Chair and CEO of Accenture; former Google chief Eric Schmidt; and Tesla founder Elon Musk, who participated via video feed.
In light of reports that the kingdom’s Public Investment Fund (PIF) is negotiating a partnership with Silicon Valley’s Andreessen Horowitz on a $40 billion fund focused on AI, PIF Governor Yasser Al Rumayyan expressed optimism about Saudi Arabia becoming a regional hub for technology. “Artificial general intelligence marks the next frontier, promising machines capable of problem-solving and driving productivity that will impact every sector from healthcare to energy,” he stated.
As in previous years, the 2024 edition of FII attracted some of the world’s most prominent financiers, including former U.S. Treasury Secretary Steven Mnuchin, who founded Liberty Strategic Capital after leaving office with funding from Saudi Arabia, Qatar, and the UAE.
The conference featured engaging displays, such as AI-generated avatars posing questions during panels and a hologram doctor addressing medical inquiries at booths sponsored by technology companies. Attendees were also treated to traditional gifts, including baskets of dates and beauty products from Saudi Arabia’s National Center for Palms and Dates.
Saudi Finance Minister Mohammed Al-Jadaan emphasized that although oil revenues are dipping and regional conflicts loom, interest in Saudi Arabia remains strong. “Investors are investing in Saudi Arabia despite all the geopolitical tensions because Saudi plays a very important role as the anchor of stability,” Al-Jadaan remarked. “What investors want is to be part of the national transformation that is taking place.”
