Deals worth more than $50bn signed at KSA Future Investment Initiative

Saudi Energy Minister Khalid Al-Falih signed several of the deals announced at the FII. (Ziyad Alarfaj / AN)
Updated 23 October 2018

Deals worth more than $50bn signed at KSA Future Investment Initiative

RIYADH: At least 25 deals worth more than $50 billion have been signed at Future Investment Initiative (FII) in Riyadh.
The contracts struck on the first day of the event included what were described as 12 “mega deals.”

Among the projects announced on Tuesday in front of an audience of international bankers, investors and thought leaders, was the second phase of Haramain high-speed railway. 
The deals were struck across the energy and transportation sectors despite the boycott of the event by several company chiefs following the death of journalist Jamal Khashoggi at the Saudi embassy in Turkey earlier this month.
A number of major public transport projects, including the development of the Saudi Land Bridge project, a rail line connecting the Red Sea coast with Riyadh, were among the raft of deals signed.

Such large-scale infrastructure projects form a key part of Saudi Arabia’s Vision 2030 blueprint for economic and social diversifcation. It aims to reduce the country’s historical reliance on oil and gas revenues by investing in new industries that will also provide employment for the Kingdom’s youthful population.
Other deals were struck on Tuesday with Trafigura, Total, Hyundai, Norinco, Schlumberger, Halliburton and Baker Hughes.
Oil giant Saudi Aramco signed 15 initial agreements worth $34 billion.

Total CEO Patrick Pouyanné, told the gathering that the French oil and gas producer would announce a retail network in the Kingdom with Saudi Aramco.
The $10 billion Russian Direct Investment Fund also had a large presence at the event, led by Kirill Dmitriev.
Saudi Arabia’s Public Investment Fund (PIF), the main backer of the event, is driving the Kingdom’s economic reform agenda.
Managing director Yasir Al-Rumayyan said that the fund had invested in 50 or 60 firms via SoftBank Group’s Vision Fund and would bring most of those businesses to the Kingdom. PIF has committed to invest $45 billion in the Vision Fund.
The FII event, which debuted in the Kingdom last year, concludes on Thursday.

Saudi Arabia's Minister of Communications and IT Abdullah Al-Sawahah praised the speed at which Saudi Arabia is progressing in the digital worl, and said: "We are moving at light speed in becoming the tech hub of the region."

Meanwhile, Emirati businessman Mohamed Alabbar said: "There is so much room for technology growth and innovation in the Middle East, especially in Saudi Arabia, the UAE and the whole region." 


Apple, Google drop Fortnite from app stores over payments

Updated 14 August 2020

Apple, Google drop Fortnite from app stores over payments

  • Google said Fortnite will remain available on Android, just not through its app store
  • Apple and Google both take a 30% cut from in-app revenue purchases in games

NEW YORK: Apple and Google dropped the popular game Fortnite from their app stores after the game’s developer introduced a direct payment plan that bypasses their platforms.
Apple and Google both take a 30% cut from in-app revenue purchases in games, which has long been a sore spot with developers.
Fortnite is free, but users can pay for in game accoutrements like weapons and skins. Its developer, Epic Games, said in a blog post Thursday that it was introducing Epic Direct payments, a direct payment plan for Apple’s iOS and Google Play. Epic said the system is the same payment system it already uses to process payments on PC and Mac computers and Android phones.
Apple and Google said the service violates their guidelines.
“Epic enabled a feature in its app which was not reviewed or approved by Apple, and they did so with the express intent of violating the App Store guidelines regarding in-app payments that apply to every developer who sells digital goods or services,” Apple said in statement.
Google said Fortnite will remain available on Android, just not through its app store. Android users can download the app from other app stores, although that’s generally not an option for iPhone users.
Epic Games did not immediately return a request for comment. Epic’s Fortnite Twitter account said the company would debut a new short film called “Nineteen Eighty-Fortnite,” a seeming parody of Apple’s iconic “1984” commercial that introduced the Macintosh computer. It has also filed a complaint against Apple in the US District Court in Northern California for dropping Fortnite.