Davos in the desert: Saudi hosts 8th edition of major investor forum

Saudi capital Riyadh is preparing to host business people, investors, government officials and policy-makers from across the globe for an eighth round of its investor forum event often dubbed as Davos in the desert.

The annual event, organized by the Saudi Future Investment Initiative since 2017, will shed light on international investment opportunities, bringing in heads of leading companies into one place.

The 2024 Davos in the desert has been titled "Infinite Horizons: Investing Today, Shaping Tomorrow". According to its website, this year's conference will "ignite discussions on how investment can serve as a catalyst for a prosperous and sustainable future, pushing the boundaries of what is possible for humanity."

AFP reports that more than 7,000 delegates are expected to attend this year's three-day conference, including TikTok CEO Shou Zi Chew and the chief executives of Citigroup and Goldman Sachs.

Davos in the desert annual event was inaugurated in KSA in 2017 as part of the Saudi Crown Prince Mohammed bin Salman’s Vision 2030 agenda, which aims to diversify Saudi Arabia’s economy beyond oil dependency by the year 2030.

Authorities have reportedly scaled back 2030 size and population targets for NEOM, a planned futuristic megacity in northwest Saudi Arabia meant to feature a ski resort and twin skyscrapers 170 kilometres (105 miles) long.

On Sunday, NEOM announced the opening of its "first physical showcase", a luxury Red Sea island known as Sindalah featuring restaurants, hotels and yachting berths.

Last year's FII took place just weeks after Hamas' attack on southern Israel triggered the war in Gaza, with high-level speakers warning about economic turmoil should the fighting draw in other countries.

A year later those fears have been realized, as Israel presses operations against Hezbollah in Lebanon and carries out tit-for-tat strikes with Iran.

FII Institute CEO Richard Attias told a press conference in Riyadh this month that the gathering is not meant to focus on "politics" and should instead tackle big-picture investments "to build a better world".

"We are an independent platform and we don't want to be, forgive me for the word, polluted by any political events," said Attias, former producer of the World Economic Forum in Davos, Switzerland.

"I am curating events for 35 years now, and I learned one thing: The show must go on."

(Additional input from AFP)