Saudi to launch Future Investment Initiative event

Riyadh where the two-day event will be taking place (Shutterstock)
Updated 23 October 2017
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Saudi to launch Future Investment Initiative event

DUBAI: The Public Investment Fund of the Kingdom of Saudi Arabia (PIF) announced Monday the launch of the Future Investment Initiative (FII) under the patronage of King Salman.
Hosted and organized by PIF, the Kingdom’s main investment arm and one of the world’s leading sovereign wealth funds, the FII will take place from Oct. 24 to 26, 2017, in Riyadh.
The event has been billed as a game-changing platform exploring the new trends, opportunities, challenges and emerging industries that will shape the world economy and investment environment over the coming decades.

This inaugural FII will be held under the leadership Crown Prince Mohammed bin Salman who is also the chairman of the PIF.

The invitation-only event will bring together internationally-renowned business and investment leaders. There will also be a number of high profile speakers, covering major investors, global financial institutions and established and emerging businesses, including: Larry Fink, BlackRock chairman and CEO; Stuart Gulliver, HSBC group chief executive; Joe Kaeser, Siemens president and CEO; Tong Li, Bank of China CEO; Masayoshi Son, SoftBank Group chairman and CEO; George Whitesides, Virgin Galatic CEO.

Yasir bin Othman Al-Rumayyan, managing director of the PIF said: “The Future Investment Initiative will provide an unprecedented opportunity for many leaders and influencers around the world to better understand the future of the global investment landscape.
“It will also act as a platform to showcase the PIF’s redefined investment mandate and strategy, as it progresses toward becoming the world’s largest sovereign wealth fund.”
Through a highly collaborative and interactive program, over 2,000 attendees will discuss long-term investment and global trends across a broad range of topics. The event is designed around three key pillars: Shifting centers of power; the new investment paradigm and innovation for a better world.

The FII is being organized in the context of Saudi Arabia’s Vision 2030, a blueprint that is already charting the path for the Kingdom to harness its strategic location and strong investment capabilities.
The core principles of the event are aligned with the strategic objectives and targets of the Kingdom’s National Transformation Plan, which is key to achieving the targets set for Vision 2030.


Stronger US dollar unlikely to derail bullish view on commodities — Goldman Sachs

Updated 6 min 1 sec ago
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Stronger US dollar unlikely to derail bullish view on commodities — Goldman Sachs

  • The dollar has been lifted by a stronger-than-expected US economy, the world’s largest
  • A stronger greenback makes the purchase of dollar-denominated international commodities more expensive for holders of other currencies
BENGALURU: Goldman Sachs said a stronger dollar is unlikely to derail its bullish view on commodities, which are likely to find support from physical shortages.
The dollar has been lifted by a stronger-than-expected US economy, the world’s largest, and that’s a positive sign for global growth, the US investment bank said.
The US dollar index has lost more than 1 percent this week, but this follows months of strong demand over US-China trade-related tensions, as investors bet the greenback would gain at the expense of riskier currencies.
“The risk aversion this summer created significant emerging market destocking, particularly in China, as consumers attempted to avoid a strong dollar and tariffs by liquidating inventories,” Goldman said in a note dated on Thursday.
A stronger greenback makes the purchase of dollar-denominated international commodities more expensive for holders of other currencies, making buyers and users more likely to draw on any stored materials in preference to imports.
“This liquidation, however, has a physical limit with Chinese destocking having already created significant increases in physical (premiums) for oil and metals – a sign of physical shortages.”
Going forward, oil had a strong fundamental outlook helped by US demand growth, supply losses and disruptions, and still constrained US shale output, Goldman said.
The bank said its near-term Brent crude oil price target remained at $80 a barrel.
The bank said it was moderating its bullish view for gold due to a sell-off in emerging markets, and it lowered its 12-month price forecast for the metal to $1,325 per ounce, down from $1,450 an ounce earlier.