LONDON: Saudi Arabia’s Public Investment Fund (PIF) has confirmed more than 100 global investors, CEOs and disruptive innovators as speakers at the Future Investment Initiative (FII) in Riyadh next month.
The meeting which debuted last year, will run between Oct. 23 to Oct. 25 and focus on three core themes of Investing in Transformation, Technology as Opportunity and Advancing Human Potential.
Last year’s event made global headlines when a robot called “Sophia” took to the stage and engaged in an entertaining exchange with the host. Her appearance underscored the Kingdom’s ambitions to become a driving force in artificial intelligence and robotics as part of a push to add high tech jobs and diversify away from oil.
Jamie Dimon, CEO of JPMorgan Chase is among the speakers attending the FII.
He said: “Technology is the greatest thing that has ever happened to mankind. Artificial intelligence, big data and machine learning are helping JPMorgan Chase reduce risk and fraud, upgrade service, improve underwriting and enhance marketing across the firm. We know technology has been a great force, and for the benefit of all of us, that force should not be left unleashed.”
Nicknamed “Davos in the Desert,” a reference to the annual gathering of thought leaders at the World Economic Forum in Switzerland, the FII attracts both established industry titans and emerging entrepreneurs working in disruptive sectors.
Next month’s event will explore a number of subjects, including how leaders from business and government can develop a collective vision for the future, how venture capital is changing the future of innovation, and how immersive technology is changing the way we live, work and create.
Among the speakers set to attend the event are BlackRock boss Larry Fink, JP Morgan Chase CEO Jamie Dimon and Dara Khosrowshahi, the CEO of Uber Technologies.
IMF president Christine Lagarde will also make an appearance along with Steven Mnuchin, US Treasury Secretary.
100 global business chiefs confirmed for Saudi PIF gathering
100 global business chiefs confirmed for Saudi PIF gathering
- Business chiefs and technology innovators to gather in Riyadh
- Annual meet reflect's Kingdom's technological ambitions
Closing Bell: Saudi main market closes the week in red at 10,526
RIYADH: Saudi equities ended Thursday’s session modestly lower, with the Tadawul All Share Index slipping 14.63 points, or 0.14 percent, to close at 10,526.09.
The MSCI Tadawul 30 Index also declined 3.66 points, or 0.26 percent, to 1,389.66. In contrast, the parallel market outperformed, as Nomu jumped 237.72 points, or 1.02 percent, to close at 23,430.93.
Market breadth on the main market remained tilted to the downside, with 156 stocks ending lower against 99 gainers.
Trading activity eased further, with volumes reaching 80.46 million shares and total traded value amounting to SR1.66 billion ($442 million).
On the movers’ board, Saudi Industrial Export Co. led the gainers, rising 6.6 percent to SR2.10, followed by Consolidated Grunenfelder Saady Holding Co., which advanced 6.43 percent to SR9.60.
Raoom Trading Co. climbed 4.36 percent to SR61.05, while Astra Industrial Group gained 4.35 percent to close at SR139. Riyadh Cables Group Co. added 3.77 percent to end the session at SR135.00.
On the downside, Methanol Chemicals Co. topped the losers’ list, falling 5.96 percent to SR7.41.
Flynas Co. retreated 5.43 percent to SR61.00, while Leejam Sports Co. dropped 5 percent to close at SR100.80.
Alramz Real Estate Co. slipped 4.64 percent to SR55.50, and Almasane Alkobra Mining Co. declined 4.55 percent to SR84.00.
On the announcement front, ACWA Power said it has completed the financial close for the Ras Mohaisen First Water Desalination Co., a reverse osmosis desalination project with a capacity of up to 300,000 cubic meters per day, alongside associated potable water storage facilities totaling 600,000 cubic meters in Saudi Arabia’s Western Province.
The project was financed through a consortium of local and international banks, with total funding of SR2.07 billion and a tenor of up to 29.5 years, while ACWA Power holds an effective 45 percent equity stake.
Shares of ACWA Power ended the session at SR185.90, up SR0.2, or 0.11 percent.
Meanwhile, Consolidated Grunenfelder Saady Holding Co. announced the sign-off of a customized solutions project with Saudi Aramco Nabors Drilling Co., valued at SR166.0 million excluding VAT.
The 24-month contract covers the sale and maintenance of field camp facilities, with the financial impact expected to begin from the first quarter of 2026.
