Top executives converge on ‘Davos in desert’

Top finance executives and political leaders have converged on the Saudi capital Riyadh for a Davos-style investment forum. US officials and the heads of giant banks, top asset management firms and major sovereign wealth funds top the guest list at the three-day Future Investment Forum (FII) that starts today. The event, aimed at presenting the insular kingdom as a dynamic investment destination, is set for a reboot this year as it attracts figures from the global business and finance elite.

Now in its third edition, the summit dubbed “Davos in the desert” was launched by Saudi Crown Prince Mohammed bin Salman to promote his Vision 2030 economic diversification plan and attract foreign investment. The event will be held under the Patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al-Saud, and the leadership of HRH Prince Mohammed bin Salman bin Abdulaziz, the Crown Prince, Deputy Prime Minister, Chairman of the Council of Economic and Development Affairs and Chairman of the Public Investment Fund (PIF).

India’s Prime Minister Narendra Modi and Brazil’s President Jair Bolsonaro, whose countries are key emerging markets, are set to speak at the summit along with King Abdullah II of Jordan and four African leaders. US Treasury Secretary Steven Mnuchin leads a high-powered American delegation that includes Energy Secretary Rick Perry and Jared Kushner, sonin-law and senior advisor to President Donald Trump. Kushner will address a special session on the future of the United States.

The CEOs of asset management firms Blackstone and SoftBank, as well as chairs of the sovereign wealth funds of Kuwait, UAE, Singapore and Russia, are also expected to attend. Top executives from blue chips Bank of America and JPMorgan Chase, both working on the much-anticipated flotation of state oil behemoth Saudi Aramco, are on a long list of global bank representatives at the forum. Topics to be covered range from the future of the world economy and investments to UN Sustainable Development Goals as well as sports, entertainment and space.

This years event will focus on three key topics: Sustainable future, Technology for good and Advanced society. Alongside the main programme, FII will also host three summits, looking at how changes in business, entertainment and society are driving innovation and creating investment opportunities. The Bloomberg News moderators have been replaced with independent British journalists and members of a Chinese news network. Opening remarks will come from Saudi Public Investment Fund chief and Uber board member Yasir Al-Rumayyan.

Mukesh Ambani, Yusuff Ali

A plenary session moderated by Nik Gowing, International Broadcast Journalist that follows will have the presence of Mukesh Ambani, Chairman & Managing Director, Reliance Industries Limited, India and John Waldron, President & COO, The Goldman Sachs Group, the United States among others.

Yusuff Ali, Chairman & Managing Director, Lulu Group International, UAE will participate in a session on Investing for impact. David R. Malpass, President, The World Bank will speak on Confronting global challenges. A special address from His Majesty King Abdullah II of Jordan will highlight the day.

Jared Kushner

Blackstone Group CEO Stephen Schwarzman will not be just a panellist, but would also interview Jared Kushner, Senior Advisor, The White House, United States. Plenty of US tech startups will be on stage, including from companies like Plenty and Sprinklr.

Confirmed US venture capitalists include Jim Breyer (who spoke last year) and 500 Startups’ Christine Tsai, said Axios in a report.

Narendra Modi

Narendra Modi, Prime Minister, India, will speak on a session on ‘What’s next for India?’ moderated by Ray Dalio, Founder, Co-Chairman and Co-Chief Investment Officer, Bridgewater Associates, United States. The session will address longterm implications will India’s economic growth have on global business and financial markets.