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Saudi Arabia draws $173bn in early November investment push
Saudi Arabia booked $173 billion in investment commitments across multiple sectors in early November, driven by activity at the Biban forum, the inaugural TOURISE Summit and the Future Investment Initiative.
The Biban forum drew more than 100,000 visitors and generated agreements exceeding SR38 billion ($10 billion). The four-day event, held under the theme "Global Destination for Opportunities," also attracted significant international interest, including nearly 50 startups from South Korea, the Saudi Press Agency reported.
The opening edition of the TOURISE Summit secured investments worth $113 billion. Participating international and local companies announcing portfolios as part of the total included Melia Hotels, BWH Hotels, GOCO Hospitality, Cenomi, Radisson, Earth Hotels, Delonix and Ocean Link.
The summit supports Saudi Arabia's goal of emerging as a global tourism hub, with the Kingdom targeting more than 150 million visitors by the end of the decade.
The ninth edition of the Future Investment Initiative saw more than $50 billion in signed agreements and investment pledges, spanning artificial intelligence, advanced technology, renewable energy and infrastructure. Since its inception, the FII platform has enabled more than $250 billion in cumulative deals, reinforcing Saudi Arabia's ambition to become a global investment hub.
Source: Arabnews