Future Investment Initiative attracts global attention and high ‎attendance.. How international media sees tomorrow’s ‎launch‏?‏

The New York Times confirmed in a recent report that American executives are flocking to the FII Investment Initiative in Saudi Arabia, which will launch its activities tomorrow morning and for a period of 3 days, noting that some top American business leaders are heading to the Saudi Business Conference. But Biden administration officials, angry at the kingdom’s stance on oil production and relations with Russia, refrain from participating.

British media went in the same direction, as the British Financial Times noted the interest of American business leaders and bank heads to the Future Investment Initiative conference.

It said Jamie Dimon, CEO, JPMorgan Chase Bank, and Stephen Schwarzman, an American businessman and investor, are expected to participate. Chairman and CEO of the Blackstone Group, David Solomon, CEO of Goldman Sachs Bank, in addition to a group of Western executives will attend the conference.

International Interest:

While much of the world is concerned about the threat of a recession, Saudi Arabia is enjoying its first oil growth in nearly a decade, as Russia’s war in Ukraine has driven up crude costs.

The Kingdom is expected to have one of the fastest growing economies in the world this year, as its production is expected to increase by more than 7%.

A government official at an American financial institution said: “In a world where capital markets are closed and investment bank profits decline, the Gulf deserves attention.”

The massive gains from oil revenues come as Riyadh pushes forward with a bold plan to develop the kingdom. The Kingdom considers the Public Investment Fund (PIF) to be one of the region’s most active government financing motors, as it seizes international investment opportunities and is committed to spending $40 billion annually within the Kingdom’s economy as it oversees a series of mega projects.

The newspaper referred to the activity of initial public offerings in Saudi Arabia, including Aramco’s offering and the Public Investment Fund’s issuance of bonds for the first time.

Unlimited Ambition:

According to the newspaper, a government official in a large trust fund based in Europe warned of the growing activity of the Public Investment Fund, and the great ambition of Saudi officials, pointing out that the balance of power is shifting to the Middle East in private markets.

The newspaper pointed out that although the White House spokesman denied a report broadcast by the American NBC station that the US administration sought to dissuade US executives from attending the conference. Event organizers said US officials were not invited. But Jared Kushner, Donald Trump’s son-in-law, and Steven Mnuchin, who was the former US president’s Treasury secretary, may attend.

While France 24 indicated that hundreds of CEOs and bankers are expected to arrive in Riyadh from Tuesday for a Davos-style investment conference that analysts say will highlight Saudi Arabia’s geopolitical power.

France 24, a French state-run news channel that aims to present the news from a Western and French point of view, quoted Christian Ulrichen, a fellow for Middle East affairs at Rice University’s Baker Institute for Public Policy, as saying, “The combination of the war in Ukraine and the energy crisis. The rise in oil prices has given Saudi Arabia a greater level of geopolitical and economic influence this year compared to the previous events of the International Investment Conference, whose initial version was launched in 2017.

High-Level presence:

Richard Attias, CEO of the non-profit organization that organizes the “Future Investment Initiative”, told AFP that it is expected that up to 400 CEOs of US companies will participate in this year’s edition.

The initiative usually attracts Wall Street giants and high-ranking officials from all over the world.

Pointing out that they don’t invite many politicians, because he is convinced that when you have political leaders on the platform, the attention of the media, it is diverted to the political agenda, and they do not want the Future Investment Initiative to become a political platform.”

Atias said earlier in a press conference that “more than 12 ministers of economy and finance” will attend this year’s edition.