"Davos in the Desert": Saudi Arabia's shift from total oil dependence to diversified economies

Saudi Arabia is preparing to host the ninth edition of the Future Investment Initiative (FII9) in the capital Riyadh from October 27 to 30, 2025. The event will feature hundreds of speakers, 20 heads of state, and business leaders from over 90 countries. This year’s conference is held under the theme, “The Key to Prosperity: Unlocking New Growth Frontiers.” It appears that the Future Investment Initiative is poised to transform into an economic, developmental, and technological pathway, particularly given the numerous agreements preceding the forum's launch.

The year 2017 was not merely another starting point in economic events; it marked the beginning of a strategic transformation that reshaped the map of international economic gravity centers. Born in Riyadh and driven by the Saudi Public Investment Fund's (PIF) belief in the Kingdom's Vision 2030, the Future Investment Initiative ("FII") came to life. What started as a forum to explore opportunities has grown into a global non-profit organization known as the "FII Institute," which acts as a bridge connecting world leaders and investors to shape the future of the global economy.

Over eight consecutive editions, the forum has evolved beyond a mere annual economic gathering to become what Western media dubbed "Davos in the Desert." Riyadh has cemented its position as a yearly meeting point for investors, CEOs, and government leaders from more than 90 countries. The fundamental difference is that FII sessions have not only discussed economic and technological shifts but have also presented a tangible investment roadmap, showcasing mega-future projects like "NEOM," "The Line," and "Qiddiya," underscoring the Kingdom's role as a key player in clean energy, Artificial Intelligence, and sustainability.

Billion-Dollar Agreements

In recent days, it was announced that the value of the conference agreements would amount to at least $60 billion, potentially reaching $70 billion. Investments have been sealed with international firms such as the British bank Barclays to enhance cooperation in finance, sustainability, and AI, and a partnership with MARA Holdings (listed on Nasdaq) to develop digital energy technologies that reduce power consumption in AI and high-performance computing applications. Other agreements were announced with investment institutions like EFG Hermes, Mizuho Financial Group, and Guggenheim Investments, all aimed at supporting sustainability and energy transition projects.

It was not only the dialogue sessions that distinguished this initiative, but the agreements and announcements signed on its sidelines over the past years have served as practical proof of its success:

During the eighth edition (FII8) in October 2024, agreements and investments exceeding $70 billion were announced. These included a deal between the PIF and Google Cloud to establish a global AI headquarters within the Kingdom; Memoranda of Understanding between the PIF and major Japanese financial institutions valued up to $51 billion; the launch of the “Beta Lab Growth Fund” with a capital of $300 million to support startups; and investments by ACWA Power in renewable energy projects spanning from China to Uzbekistan.

Preceding this, the sixth edition (FII6) in October 2022 saw the signing of over 28 deals valued at more than $9 billion, such as Boeing's agreement with Saudi companies specializing in advanced metals, and partnerships in the field of biotechnology.

These agreements, although varied between final deals and MoUs, represent a strategic shift towards diversifying the Saudi economy and solidify global confidence in the Kingdom as an attractive investment destination. Despite the Institute’s international expansion through the "FII PRIORITY" summit series in cities like Miami, Tirana, Hong Kong, and Paris, the headquarters and the most prominent annual forum remain firmly established in Riyadh.

The Ninth Initiative 2025

The 2025 edition is the ninth (FII9) of the conference, held from October 27-30, 2025. Its theme is "The Key to Prosperity," with the participation of over 600 speakers across more than 230 sessions, including heads of state, ministers, fund managers, and representatives of global corporations. Pre-event expectations forecast the announcement of over 40 new deals/agreements, with a financial value exceeding $60 billion. Its core topics include Artificial Intelligence, Renewable Energy, Infrastructure, Biotechnology, and Economic Transformation.

The significance of this year's conference stems from the fact that "Saudi Vision 2030" is entering a phase of accelerated execution and economic transformation, making the conference a platform to showcase the Kingdom's achievements and investment initiatives. Furthermore, issues such as AI, Energy, Health, and Technology occupy a central place on the investors' and governance agenda, and the Kingdom seeks to be a hub for these initiatives.

Since its launch, the Future Investment Initiative has presented a new image of Saudi Arabia as a soft economic power that does not just participate in the global conversation but actively contributes to its creation and leadership. With the forum's transformation into an institution with international arms, Riyadh is no longer merely aiming to host a world event. Still, it is steadily working to establish itself as a Global Capital of the Future, where decisions are made, ideas are born, and capital is directed towards a more prosperous tomorrow for all.

Key Speakers

This year's list of speakers includes an elite group of heads of state and global CEOs, most notably: Prince Abdulaziz bin Salman, Saudi Minister of Energy; Yasir Al-Rumayyan, Governor of the Public Investment Fund, Chairman of Aramco and the FII Institute; Syrian President Ahmad Al-Shara; Han Zheng, Vice President of the People's Republic of China; and others including Ngozi Okonjo-Iweala, Director-General of the World Trade Organization; Rachel Reeves, British Chancellor of the Exchequer; as well as many other senior financial and technology leaders.