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Tue 23 Oct 2018 05:16 PM

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Saudi Arabia unveils deals worth $50bn at investment summit

State oil giant Saudi Aramco accounts for more than half of the 25 agreements signed in Riyadh

Saudi Arabia unveils deals worth $50bn at investment summit
A Saudi man walks past a sign at the start of a threeday conference called Future Investment Initiative FII in Riyadh. Photo: FAYEZ NURELDINE/AFP/Getty Images.

Saudi Arabia showcased international deals worth about $50 billion at the Future Investment Initiative summit in Riyadh on Tuesday.

While some of the deals were new, others had been made public previously or were merely incremental, Bloomberg reported.

Among fresh commitments, commodities trading house Trafigura Group signed a venture to develop a smelter and refining complex while state oil giant Saudi Aramco accounted for more than half of the 25 agreements.

Many of the agreements signed were memorandums of understanding rather than final investment decisions, in what appears to be an effort to shore up confidence among international business leaders after the killing of Jamal Khashoggi.

Aramco inked $34 billion of agreements with companies ranging from French oil giant Total to South Korea’s Hyundai Heavy Industries Co and Chinese conglomerate Norinco.

The event, first held last year, is the brainchild of Saudi Crown Prince Mohammed bin Salman, who runs day-to-day business in the kingdom, and was envisaged as a forum for international investors to engage with his ambitious economic agenda.