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Financial, technology leaders go to Saudi investment conference

Prominent leaders from business, innovation and monetary world ended up to address an essential investment conference in Saudi Arabia on Tuesday, as the kingdom looks for to attract foreign funds to assist its plans to transition its economy from oil.

Stephane Bancel, CEO of Moderna, BlackRock CEO Laurence Fink, Blackstone CEO Stephen Schwarzman and Alphabet President and CIO Ruth Porat were amongst the high-profile figures who participated in a panel dispute at the Future Financial Investment Initiative (FII) conference in Riyadh.

The event is an opportunity for attendees to forge relations with a few of Saudi Arabia's biggest business and its $925. billion sovereign wealth fund.

Nevertheless, it comes at a time when the fund, the main. automobile for Crown Prince Mohammed bin Salman's plans to steer. the Saudi economy far from oil, has actually been downsizing some of. its flagship giga-projects due to rising costs.

Speaking on the panel, the general public Mutual Fund. governor Yasir Al-Rumayyan stated the sovereign wealth fund was. more focused on the domestic economy and intending to bring the. fund's international financial investments down to in between 18% and 20%. from 30%.

The conference organised two large panels on Tuesday,. which were set to also include banking leaders such as Citi. CEO Jane Fraser, Morgan Stanley CEO Ted Select,. Standard Chartered CEO Bill Winters and Goldman Sachs. Chairman and CEO David Solomon.

(source: Reuters)