Deals worth over 55 bln USD signed at Saudi investment conference

Source: Xinhua| 2018-10-24 16:06:11|Editor: xuxin
Video PlayerClose

RIYADH, Oct. 23 (Xinhua) -- Major deals in several sectors were signed on Tuesday at a Saudi investment conference in Riyadh, totaling over 55 billion U.S. dollars, with a range of international partner companies and entities, according to the organizers.

The contracts announced on the first day of Saudi Arabia's Future Investment Initiative (FII) 2018 covered a number of projects across the energy, petrochemicals and transportation sectors, including the second phase of Haramain high-speed railway and the Saudi Land Bridge project.

Opening the FII 2018, Yasir Al-Rumayyan, managing director of Saudi Arabia's Public Investment Fund (PIF), the country's main sovereign wealth fund said: "Investment can pave the way to solving some of the world's great challenges -- this is why FII was created."

"It is a global platform focused on identifying future trends and opportunities that will help define the future of industries and ensure investment contributes to sustained prosperity and development," Al-Rumayyan said.

Al-Rumayyan also announced that FII will work as a new institution with an independent board and CEO and have its own dedicated offices and staff and an annual program, instead of solely as an annual event.

The event running from Tuesday through Thursday is organized by the PIF. It aims to explore and develop new opportunities that would shape the future of investment in the world.

This year's conference is the second edition of the event. It will host more than 35 individual plenaries, summits, open discussions and taskforce sessions, featuring 150 speakers representing over 140 organizations.

TOP STORIES
EDITOR’S CHOICE
MOST VIEWED
EXPLORE XINHUANET
010020070750000000000000011100001375549871