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Abu Dhabi, UAETuesday 13 November 2018

Saudi Arabia to sign deals worth $50bn as Future Investment Initiative begins

Sheikh Mohammed bin Rashid attends the opening of the event in Riyadh

Saudi Arabia's Future Investment Initiative started in Riyadh on Tuesday as the country seeks to attract more investors from the business world.

Riyadh said it has started signing deals worth more than $50 billion in sectors including oil, gas and infrastructure.

Companies involved in the deals included Trafigura, Total , Hyundai, Norinco, Schlumberger, Halliburton and Baker Hughes, Saudi state television said.

Sheikh Mohammed bin Rashid, Vice President of UAE and Ruler of Dubai, attended the opening session of the event. He sat with Pakistan Prime Minister Imran Khan.

Mr Khan was due take part in a session on the event's opening day.

Jordan's King Abdullah is also among the high-profile leaders attending.

Top executives from Asia including Japan’s SoftBank, South Korea’s Samsung, Citigroup, Raytheon, Mubadala, Investcorp, McKinsey, Roland Berger, Oliver Wyman, Glencore and France’s Total are among those scheduled to attend.

Executives from Saudi Aramco, Saudi Arabian General Investment Authority, the kingdom’s sovereign investment vehicle the Public Investment Fund, the Saudi Stock Exchange, Neom and the Saudi economy minister Mohammed Al Tuwaijri will feature on different panels during the three-day event.

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