RIYADH: Officials and business leaders including US Treasury Secretary Steve Mnuchin, IMF Managing Director Christine Lagarde and JPMorgan Chase CEO Jamie Dimon are set to attend an investment summit in Saudi Arabia next week.
The Future Investment Initiative (FII) is going ahead despite the “disappointing” withdrawal of some speakers and partners.
It will be held in Riyadh from Oct. 23 to 25.
“Despite the disappointing withdrawal of some speakers and partners, we look forward to welcoming thousands of speakers, session managers and guests from around the world,” an FII spokesman said in a statement quoted by Asharq Al-Awsat.
An earlier statement gave an overview of the event, saying that “investing in transformation,” “technology as opportunity” and “advancing human potential” are among the FII’s broad themes.
Mohammed Khunaizi, a Shoura Council member, said that government and business leaders will map out a “collective vision for future” at the event.
“The FII conference has emerged as the largest investment event of its kind in the Middle East, which offers opportunities for billions of dollars in business deals besides being an educative forum,” he said.
JPMorgan chief Dimon has been quoted in media reports as saying: “I am looking forward to attending the Future Investment Initiative in Riyadh to discuss innovation in technology and what it means to all of us.”
Sami A. Al-Rajhi, a Saudi business executive, said: “The FII seeks to further explore how investment will drive growth opportunities regionally and globally.
“The event will help to bring many business opportunities to the country in particular and to the Middle East in general, which will support job creation, innovation and unlock economic opportunities.”
Riyadh Future Investment Initiative summit on schedule for next week
Riyadh Future Investment Initiative summit on schedule for next week
- Future Investment Initiative to go ahead despite ‘disappointing’ withdrawals.
- It will be held in Riyadh from Oct. 23 to 25.
Saudi POS spending jumps 28% in final week of Jan: SAMA
RIYADH: Saudi Arabia’s point-of-sale spending climbed sharply in the final week of January, rising nearly 28 percent from the previous week as consumer outlays increased across almost all sectors.
POS transactions reached SR16 billion ($4.27 billion) in the week ending Jan. 31, up 27.8 percent week on week, according to the Saudi Central Bank. Transaction volumes rose 16.5 percent to 248.8 million, reflecting stronger retail and service activity.
Spending on jewelry saw the biggest uptick at 55.5 percent to SR613.69 million, followed by laundry services which saw a 44.4 percent increase to SR62.83 million.
Expenditure on personal care rose 29.1 percent, while outlays on books and stationery increased 5.1 percent. Hotel spending climbed 7.4 percent to SR377.1 million.
Further gains were recorded across other categories. Spending in pharmacies and medical supplies rose 33.4 percent to SR259.19 million, while medical services increased 13.7 percent to SR515.44 million.
Food and beverage spending surged 38.6 percent to SR2.6 billion, accounting for the largest share of total POS value. Restaurants and cafes followed with a 20.4 percent increase to SR1.81 billion. Apparel and clothing spending rose 35.4 percent to SR1.33 billion, representing the third-largest share during the week.
The Kingdom’s key urban centers mirrored the national surge. Riyadh, which accounted for the largest share of total POS spending, saw a 22 percent rise to SR5.44 billion from SR4.46 billion the previous week. The number of transactions in the capital reached 78.6 million, up 13.8 percent week on week.
In Jeddah, transaction values increased 23.7 percent to SR2.16 billion, while Dammam reported a 22.2 percent rise to SR783.06 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
