By Innovation-sa on November 4, 2019 in News
Saudi Arabia’s Future Investment Initiative (FII) forum in Riyadh closed with $20 billion worth deals signed and a commitment that Saudi Arabia would address the issues of social empowerment and sustainability when it hosts the G20 gathering of heads of state in 2020.
As the Arab world’s biggest economy continues to further open up to foreign investments in line with Crown Prince Muhammad Bin Salman’s diversification plans, 23 deals worth $15 billion were inked across energy, transport, oil and gas, petrochemicals and manufacturing sectors on the first day of the three-day event. Saudi Aramco signed a $1 billion deal with Spanish company Tubacex, Saudi Arabian General Investment Authority (SAGIA) secured a $700 million deal with Modular Middle East, a prefabricated building company, a $300 billion investment deal with Chinese shopping platform OneDeal for a new distribution hub and a $200 million deal with Shiloh Minerals to develop production capacity and invest in upstream mining in the Kingdom.
The highlight of the final day was a $5 billion investment agreement between Saudi Real Estate Company, Al Akaria and Triple 5, the owner and developer of three of the largest commercial malls in North America to develop the Arabian Dream project-the world’s largest mixed-use entertainment and shopping complex.
Thousands of policy-makers, top executives and business magnates from over 30 countries added luster to the forum held at Riyadh’s Ritz Carlton hotel. As Saudi Arabia made history again, the event witnessed an all-star lineup of speakers, including Indian Prime Minister Narendra Modi to business tycoon Mukesh Ambani to Brazil’s President Jair Bolsonaro.
The attendees were impressed with the turnout of the event. Carlos Hernandez, JPMorgan’s global banking head said the Kingdom was on the right path in terms of opening up its capital markets and reforms to make its stock exchange more attractive to foreign investors.