Top Wall Street and tech executives to gather in the desert for Davos event

Saudi Arabia will be hosting top figures from the finance and technology sectors next week in a significant test of investor interest in the kingdom’s efforts to position itself as a global hub amidst escalating regional conflicts.

International executives will be navigating through a region marked by geopolitical tensions, including the looming possibility of increased military confrontations between Israel and Iran. They will be arriving in a country that is coming to terms with the limitations of its vast oil wealth.

However, participants at the Future Investment Initiative, often referred to as the Davos in the desert, appear undeterred, seeing an opportunity to engage with Crown Prince Mohammed bin Salman’s ambitious Vision 2030 economic transformation. Key figures from Goldman Sachs, Citigroup, BlackRock, and prominent names in the technology and artificial intelligence sectors will be in attendance.

Wall Street and Silicon Valley have been increasingly looking towards the Middle East, given the tightening liquidity in other parts of the world. Saudi Arabia’s nearly $1 trillion sovereign wealth fund has attracted attention, with the Crown Prince seeking to redirect investments towards domestic projects.

Despite the focus on economic development, the region continues to face uncertainties. Saudi Arabia’s foreign policy has aimed at reducing regional tensions to attract foreign investments and technological expertise. However, recent events have highlighted the volatile nature of the region.

While Saudi Arabia remains committed to its development plans, the ongoing conflicts have impacted investor sentiment in the Middle East. The kingdom is also grappling with the realization that its financial resources have limits, leading to delays in some projects.

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Notwithstanding these challenges, the Future Investment Initiative is anticipated to announce deals worth over $28 billion, with a focus on technology, artificial intelligence, and sustainable energy. The event will also mark the debut of two exchange-traded funds in Riyadh, enhancing investment opportunities with China.

Despite global uncertainties, around 7,000 individuals have registered to attend the upcoming summit, indicating sustained international interest in Saudi Arabia’s economic vision.