FII9 in Riyadh: Beyond the "Davos in the Desert" Label
The ninth edition of the Future Investment Initiative (FII9) concluded in Riyadh on October 30, 2025. Our CEO, Magdy Shehata, had the pleasure of attending this highly selective invite-only gathering and is sharing his thoughts here.
For European investors and policymakers accustomed to the annual pilgrimage to Davos, FII deserves closer attention — not as a replacement, but as an increasingly important complement to traditional Western-centric gatherings.
Since its launch in 2017, the Future Investment Initiative has grown from a Saudi-focused investment conference into a substantial global platform. Over its nine-year history, deals worth more than $250 billion have been concluded through the platform, a figure that demonstrates genuine capital deployment rather than merely aspirational memoranda of understanding.
What Sets FII Apart: East-West Convergence in Practice
FII9 attracted notable participation from major global powers, with Chinese Vice President Han Zheng attending and addressing the conference, alongside delegations from Western nations including UK Chancellor of the Exchequer Rachel Reeves. The event featured over 20 heads of state, including the presidents of Syria, Rwanda, and Colombia, as well as prime ministers from Pakistan, Albania, Kosovo, and Bulgaria.
This geographic diversity reflects a practical reality that European policymakers must acknowledge: global capital flows and economic partnerships are increasingly multipolar. FII provides a neutral ground where Eastern and Western interests can intersect without the geopolitical baggage that sometimes characterizes traditional forums.
Syria as Partner Country: A Strategic Bet on Regional Stability
Perhaps the most consequential development at FII9 was the prominent role given to Syria. Syrian President Ahmad Al-Sharaa delivered a keynote address, explaining that Syria had chosen the path of investment over dependency on aid, concluding that "today is a historic opportunity for investors to start investing in Syria".
This positioning is significant for several reasons. First, it signals Saudi Arabia's strategic intent to stabilize its regional neighborhood through economic integration rather than purely security-focused interventions. Second, it reflects a pragmatic approach to reconstruction that European policymakers, grappling with refugee flows and regional instability, should understand as complementary to their own interests.
Syria has attracted approximately $28 billion in investments over the past ten months, according to President Al-Sharaa, with recent amendments to investment laws facilitating foreign investors' ability to transfer funds. Saudi Arabia has signed $6.4 billion in investment and partnership deals with Syria, demonstrating that this commitment extends beyond rhetoric.
The Reconstruction Challenge and First Mover Advantage
Syria's reconstruction presents both immense challenges and substantial opportunities. The World Bank estimates reconstruction costs between €141 billion and €343 billion, with provinces like Aleppo and the Damascus countryside requiring the most investment.
The Syrian Development Fund, formally launched in September 2025 by Presidential Decree, aims to coordinate reconstruction efforts with full transparency, planning to build and rehabilitate 50,000 housing units in priority areas and accommodate an expected one million returnees in the short term. While the fund represents an internal Syrian initiative, it provides a structured vehicle through which international capital can engage.
For European investors, this presents a familiar dilemma: early entry offers potential advantages but carries elevated risk. However, the alternative—waiting for complete stability—may mean ceding first-mover position to Gulf and Asian investors who demonstrate greater risk appetite.
Technology and AI: The New Economic Frontier
FII9 marked a turning point in the event's focus, with technology leaders comprising over half of speakers, reflecting a major shift as sectors grapple with artificial intelligence's impact. Sessions addressed AI sovereignty, energy resilience for compute infrastructure, and the intersection of technology with economic development.
This technological orientation distinguishes FII from some traditional forums that have been slower to adapt their agendas to the pace of technological change.
What are the implications for European companies?
As growth slows across Europe and capital becomes more selective, the Gulf is accelerating investment in the very sectors where Europe has world-class capabilities: AI, deep tech, energy transition, industrial technologies, and future mobility. The combination of ambitious national programs, large-scale procurement, and fast regulatory pathways in Saudi Arabia is shifting global competition for both talent and technology.
For European policymakers, FII9 underscored a broader strategic reality: the global economy is no longer anchored in a single transatlantic axis. The emerging Gulf–Asia investment corridors mean that decisions in Riyadh and Beijing can shape market opportunities for European startups just as much as decisions in Brussels or Berlin. Engaging early — and understanding how Saudi Arabia prioritises technology adoption, supply-chain resilience, and regional stability — is becoming essential for maintaining European competitiveness.
For our clients, especially in AI, cleantech, circularity, and industrial innovation, FII9 reinforced three practical takeaways:
Market access windows are opening faster than before, particularly where Gulf states seek proven European solutions at scale.
Partnership-first market entry is becoming the norm, with sovereign funds and major corporates actively scouting international technologies.
First movers gain disproportionate advantages, as seen in reconstruction markets (such as Syria) and emerging AI infrastructure initiatives.
Those who understand these dynamics — and build the right partnerships early — will be best positioned to benefit.