Saudi Arabia is set to welcome some of the world’s top leaders in finance and technology at the Future Investment Initiative (FII) this week, as it seeks to showcase its Vision 2030 ambitions amid increasing geopolitical challenges. The FII, often referred to as “Davos in the Desert,” will serve as a platform to highlight the Kingdom’s aim to position itself as a global economic hub, despite a backdrop of heightened tensions, with the threat of military escalation between Israel and Iran reaching its highest levels in decades.
High-profile figures like Goldman Sachs’ David Solomon, Citigroup’s Jane Fraser, and BlackRock’s Larry Fink will return to Riyadh, joined by tech luminaries such as Alphabet’s Ruth Porat, TikTok’s Shou Chew, and venture capitalist Benjamin Horowitz. Their attendance reflects the Kingdom’s focus on technology and AI, as it seeks to attract foreign capital and expertise to support its domestic transformation.
While the Kingdom’s nearly $1 trillion in sovereign wealth provides a strong foundation, Crown Prince Mohammed bin Salman aims to shift investments locally to fuel his ambitious economic remake. Yet, regional instability could dampen foreign investment, says Gregory Gause, Professor of International Affairs at Texas A&M, as capital typically steers clear of conflict zones.
Saudi Arabia’s recent diplomatic efforts have centered on reducing regional tensions, yet recent developments underscore the area’s volatility. The FII conference will test how willing global investors are to back the Kingdom’s transformation amid this challenging environment.