In order to attend the Saudi Future Investment Initiative (FII) Summit, which some have dubbed “Davos in the Desert,” and speak with Crown Prince Mohammed bin Salman, Prime Minister Shehbaz Sharif landed in Riyadh on Monday for a two-day official visit to Saudi Arabia.
Prince Faisal Bin Bandar Bin Abdul Aziz Al Saud, the governor of Riyadh, met PM Shehbaz at the airport when he landed. Information Minister Marriyum Aurangzeb, Defense Minister Khawaja Asif, Finance Minister Ishaq Dar, and other high-ranking officials accompanied him.
Crown Prince Salman, the newly appointed prime minister of the kingdom, invited the prime minister to visit Riyadh, according to a statement released by the Foreign Office (FO) prior to his departure. The visit, according to the FO, is a chance to revisit and deepen the long-standing fraternal connections between Saudi Arabia and Pakistan, especially in the economic sphere.
In addition, PM Shehbaz will attend the yearly FII Summit, which was introduced in 2017 and is regarded by some global finance watchdogs as a forum for determining the direction of international collaboration and investment.
“The current state of the global economy requires fresh thinking and a bold vision to overcome existing challenges and forge new pathways,” the premier said in a Twitter confirmation of his participation. Developing nations are under tremendous hardship due to the impending recession, the pandemic, and climate-related disasters. It is past time that the globe engaged in open discussion to find answers to these growing problems.
The Future Investment Initiative Institute, which operates under Crown Prince Salman’s patronage but is not officially connected to the Saudi government, is hosting the FII conference.
Dawn cited diplomatic observers as saying that PM Shehbaz will be one of the main speakers and use the occasion to highlight Pakistan’s investment prospects. With the subject “Investing in Humanity: Enabling a New Global Order,” this year’s summit will take place from Tuesday to Thursday and attract around 6,000 attendees, including investors, legislators, business executives, entrepreneurs, and young leaders.
The event is being held in the midst of tense US-Saudi relations after Opec+ decided to cut oil production by two million barrels per day beginning in November, a decision that infuriated Washington. In fact, President Joe Biden promised Riyadh “consequences” for siding with Russia on the matter.
As guardians of the summit’s agenda stressed, the organisers aim to keep the focus firmly on business and investment, avoiding political disputes. While US officials were reportedly not invited due to tensions, nearly 400 leading American business executives have nevertheless confirmed their attendance.
