A future Investment Campaign that the Kingdom expected to go online amid a persistent pandemic.
Saudi Arabia, the largest economy in the Arab world, is expected to maintain its Future Investment Initiative (FII) amid the coronavirus pandemic and a new U.S. administration willing to complying with the strategic requirements of the kingdom.
The conference, which begins Wednesday and is called Davos in the Desert, will see plenty of government officials and top CEOs – from businesses ranging from finance to pharmaceuticals to entertainment – take part.
“The 4th edition of FII will see the most innovative technologies to enable global dialogue and be inclusive at the benefit of all of humanity,” Richard Attias, Head of the FII Institute, said earlier this month.
“The FII institute acts as a civilian and pioneer to allow for the interaction and exchange of worrying ideas. There has never been a more important time to bring together the greatest minds to take advantage of this opportunity to retell our world. “
Vision 2030
Saudi Crown Prince Mohammed bin Salman (MBS) announced in 2016 that the country was raising its public investment funds to become heavily involved in global markets, and unveiled a reform plan A broad-based economic event, known as Vision 2030, highlights how the state-trusted oil is expected to diversify its economy over the next 14 years.
Saudi Arabia has announced plans to sell shares in state oil giant Aramco and set up the world’s largest wealth fund according to plan. MBS’s ambitious targets expected an increase in private sector contribution to gross domestic product (GDP) from 40 per cent to 65 per cent.
A key aspect of the vision was the development of a new $ 500bn high-tech economic zone on the Red Sea called Neom – an area close to the size of Belgium.
Biden’s judgment
Viewers see the high-profile conference as a way to liberate the kingdom itself in the eyes of U.S. President Joe Biden and the international community at large.
Previous summits have been killed by the assassination of Saudi journalist Jamal Khashoggi at the state consulate in Istanbul by what Saudi authorities said was a squad hit by a “false” government.
The assassination sparked an exodus of CEOs, with many stating that they completely refused to attend the meeting or were replaced by young delegations.
Another potential obstacle to the conference’s successful rejection, according to analysts, is Biden’s disregard for some of the country’s policies in the region, including its war in Yemen and the recently ended ban against the tiny neighbor of the Gulf of Qatar.
Riyadh led an Arab-led coalition in 2015 after Houthi rebels in Yemen crossed the capital of Sanaa from the internationally recognized government of President Abd-Rabbu Mansour Hadi.
Since then the war has led to what the United Nations described as the worst humanitarian crisis in the world, with 80 percent of the country ‘s 24 million people in need of humanitarian assistance.
“Under the Biden-Harris administration, we will reassess our relationship with the kingdom, end U.S. support for Saudi Arabia’s war in Yemen, and ensure that America does not review its value at the a door to selling arms or buying oil, “Biden said on the campaign trail ahead of the U.S. election in November.
Riyadh is said to have won back some of the goodwill by ending the ban on Qatar, which it imposed in June 2017 after accusing Doha of supporting “Terrorism” and supporting his bow under Iran – allegations that Qatar has consistently denied.
This year’s conference, which will feature 140 speakers, will be broadcast live on the outbreak of coronavirus infection. The final edition of the meeting, held in Riyadh in October 2019, saw the participation of more than 6,000 officials and officials.