RIYADH (Dispatches) – Saudi Arabia opened the ninth edition of its Future Investment Initiative (FII) on Tuesday, seeking global investment for its ambitious “gigaprojects” and AI ventures, amid growing skepticism over the kingdom’s economic transformation. 
Dubbed “Davos in the desert,” the conference attracts heads of state and top business executives, but critics question whether it can deliver on promises amid delays and rising fiscal pressures.
Crown Prince Muhammad bin Salman is expected to travel to Washington soon for his first U.S. visit since 2018, highlighting Riyadh’s efforts to restore ties with key partners following years of international criticism, including over the 2018 killing of journalist Jamal Khashoggi. 
The kingdom has also signaled interest in closer contact with Israel, though normalization remains conditional on a Palestinian state, a position that complicates regional diplomacy.
The event’s roster is impressive: more than 20 heads of state, Chinese Vice President Han Zheng, Syria’s de facto ruler Abu Muhammad al-Jolani, and leading U.S. investors, including Goldman Sachs, JP Morgan, and BlackRock. 
Yet questions persist over Saudi Arabia’s $500 billion NEOM megacity and other flagship projects. Delays, personnel reshuffles, and redesigns have fueled doubts about feasibility, even as declining oil revenues exacerbate budget deficits.
Saudi officials, including Public Investment Fund head Yasir Al-Rumayyan, highlight a 24% rise in foreign investment last year, framing FII as proof of global confidence. 
Analysts, however, note the conference largely serves as a platform to showcase ambition rather than deliver tangible results. Even the kingdom’s tech and AI initiatives, while heavily promoted, remain in early stages and will require sustained funding and expertise to compete globally.
Observers say FII’s real value may lie in signaling Riyadh’s willingness to engage with the world, but long-term credibility depends on turning ambitious plans into actionable projects amid mounting economic and political pressures.