Saudi Arabia’s sovereign wealth fund’s Future Investment Initiative conference is slated to attract movers and shakers from across the business world later this month.
Following the success of last year’s event where Crown Prince Mohammed bin Salman announced plans to build Neom, a $500 billion (Dh1.8 trillion) futuristic economic zone, the kingdom is set to draw thousands of participants from more than 90 countries. The Arab world’s biggest economy and Opec’s top oil exporter, is pressing ahead with its reform agenda with an emphasis on building a knowledge-based economy and developing the country’s non-oil sector whose revenue it aims to boost to 1 trillion riyals (Dh979bn) by 2030 from 163bn riyals.
The three-day event this year will take place from October 23 to 25. Though some executives said they are withdrawing attendance because of allegations regarding the disappearance of Saudi journalist Jamal Khashoggi in Turkey.
Participants from across the finance and technology industry include:Stephen Shwarzman, the chairman and chief executive of Blackstone; Thomas Barrack, the executive chairman of Colony Capital; Jamie Dimon the chief executive of American banking giant JP Morgan Chase; Joe Kaeser, the president and chief executive of Europe's biggest technology firm Siemens; HSBC's John Flint; Christine Lagarde, the managing director of the International Monetary Fund; Masayoshi Son of SoftBank; Thomas Kennedy, the chief executive of US defence contractor Raytheon; former US Army General David Petraeus; senior executives from Mubadala Investment Company; along with regional and global heads of State Street Global Advisors, Deutsche Bank, Credit Suisse, Standard Chartered, Merrill Lynch, BNP Paribas, auction house Sotheby's and Avram Glazer, the chairman of Manchester United.
Top executives from government entities including the world’s biggest oil exporter Saudi Aramco, Saudi Arabian General Investment Authority, the kingdom’s sovereign investment vehicle the Public Investment Fund, the Saudi Stock Exchange, Neom, and the country’s Economy Minister Mohammed Al Tuwaijri will also feature on different panels during the three-day event.
Panel discussions will focus on a range of subjects from the value and development of human capital, how the shifting geography of investment will change the future of innovation, how the convergence of money and data changes global commerce, and how technology and globalisation is impacting the business of entertainment. Most importantly, the business leaders and government officials will discuss what economic models of privatisation the kingdom can present to bring foreign direct investment to an economy where oil still accounts for about 90 per cent of state revenues.
Riyadh expects the economy to expand 2.1 per cent in 2018 and 2.3 per cent in 2019. The International Monetary Fund forecasts growth of 2.2 per cent and 2.4 per cent in the respective years.
$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
Honeymoonish
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Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
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Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
