The first day of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia, saw the announcement of more than 25 deals worth $56.5 billion, officials said.

 

The announcements included some 12 “mega deals”.  Among the projects announced on Tuesday in front of an audience of international bankers, investors and thought leaders were the second phase of Haramain high-speed railway. 

 

Oil giant Saudi Aramco said it has signed 15 initial agreements worth $34 billion. The Saudi Public Transport Authority (PTA) and China Civil Engineering Construction Corporation (CCECC) signed an MoU agreement to implement the Landbridge project that plans to link the Red Sea with Arabian Gulf and pass through Riyadh.

 

Other deals were struck with Trafigura, Total, Hyundai, Norinco, Schlumberger, Halliburton and Baker Hughes.

 

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, an Arab News report said.

 

The three-day event is being held under the aegis of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, organised by the Public Investment Fund, the investment arm of Saudi Arabia. It will include 25 discussion panels.

 

Supervisor of the Public Investment Fund Yasser Al-Rumayyan stressed the capability of investment to solve some hard challenges facing the world today, remarking that such a possibility is among the rationale of launching the initiative. The FII is a world-class platform aimed at exploring promising economic opportunities that would shape the outlines of the future economy, he said.

 

Under the theme "Roadmap to the 21st Century", the initiative will shed light on opportunities in emerging markets, which are recording the highest and fastest rates of growth.

 

Meanwhile, Saudi Crown Prince Prince Mohammed bin Salman met MasterCard chairman Richard Haythornthwaite on the sidelines of the event. The meeting reviewed many investment initiatives.

 

The crown prince also met Alberto Galassi, CEO of Ferretti Group, in the presence of supervisor of Public Investment Fund Yasir bin Othman Al-Rumayyan.