Gulf

1. East and West at FII
2. JPMorgan’s Riyadh party
3. HP’s ‘Saudi Made’ plans
4. 400 private jets to AlUla
5. Saudi fashion’s moment

Our guide on what to see and where to be seen in Riyadh next week.

In 2018, Crown Prince Mohammed bin Salman declared that “the new Europe is the Middle East,” saying his mission in life was to put the region “at the forefront of the world.” He made those remarks at the Future Investment Initiative (FII) conference, which returns to Riyadh for its ninth edition next week.

Back then, the Gulf was fractured, with an embargo on Qatar and wars raging around it. Today, the picture is different: Iranian proxies have been weakened and hopes for peace and reconstruction in Gaza are rising, while Riyadh is teeming with business leaders and foreign dignitaries aiming to deepen ties with the kingdom.

This year’s FII arrives at a rare moment of optimism — with renewed US engagement, upgraded economic forecasts across much of the region, and growing sovereign wealth funds fueling new industries from technology to tourism, and manufacturing to fashion (as seen in our mix of stories from Saudi Arabia in this special edition).

The outlook isn’t entirely rosy. FII will also reveal the region’s challenges, shifting priorities, and mounting risks as political, business, and financial leaders gather to assess what comes next.

I’m looking forward to covering FII once again, with my colleagues Matthew Martin and Manal Albarakati. If you’ll be in Riyadh, let us know by replying to this email.

Global elite descend on Riyadh for FII

Top US executives will mingle with Russian and Chinese government officials and heads of state from the Global South this week at Saudi Arabia’s flagship international conference.

The Future Investment Initiative is a key part of Crown Prince Mohammed bin Salman’s aim to balance East and West, and position his country as a leader among emerging nations. Yet it also comes as the kingdom wrestles with the vast scale and cost of its domestic economic ambitions, which is limiting its ability to pour cash into deals abroad and projects at home.

That has not deterred a who’s who of the global economy from trekking to Riyadh. Citigroup CEO Jane Fraser, Goldman Sachs boss David Solomon, and JPMorgan’s Jamie Dimon, will join Chinese Vice President Han Zheng and Kirill Dmitriev, the head of Russia’s sovereign wealth fund and a key ally of the country’s President Vladimir Putin.

They all know that MBS still commands trillions of dollars and holds sway over the global oil industry. Expect to see big AI announcements and infrastructure investments, with a focus on deals that help the Saudi economy rather than ones that just involve money leaving the country, which was the theme of earlier editions of the event.

And maybe, some are whispering, an appearance by MBS himself.

— Matthew Martin

JPMorgan to celebrate Saudi legacy

JPMorgan Chase CEO Jamie Dimon will host a 90th anniversary celebration in Riyadh on Sunday, joined by Saudi ministers and the head of oil giant Aramco. The party, which will also mark the opening of its new regional headquarters, underscores the close links between the world’s biggest bank and key Saudi institutions. Dimon will also speak at FII on Tuesday.

JPMorgan’s history in the kingdom runs deep, from financing oil operations in the 1930s to helping the PIF’s recent $55 billion purchase of Electronic Arts. Numerous alumni hold top roles in the kingdom, including Royal Court adviser Mohammed Al Tuwaijri and Rayan Fayez, deputy CEO of the futuristic city of NEOM.

— Matthew Martin

HP to build millions of computers in Saudi

HP will build millions of PCs in Saudi Arabia, with most of them earmarked for export, an HP executive told Semafor, in a significant win for the kingdom’s efforts to boost its manufacturing base.

The US electronics maker is partnering with a subsidiary of Saudi Arabia’s sovereign wealth fund, PIF, to develop a manufacturing plant in Riyadh. Working with SAMI Advanced Electronics Company, it will initially produce a desktop PC aimed at business customers.

Another PIF company, ALAT, already has an agreement with China’s Lenovo to build PCs in the kingdom from next year. Such deals are part of a strategy to promote local manufacturing — a “Saudi Made” stamp is appearing on everything from bottled water to Lucid cars — and turn the country into a regional logistics hub.

— Matthew Martin

AlUla aims for luxury growth

The Saudi UNESCO World Heritage site of AlUla aims to almost triple its hotel room count while still trying to remain exclusive, a top official said.

AlUla has morphed from a sleepy archaeological site into an adventure playground over the past decade, with sunrise yoga, raves, and festivals in a valley the Nabataeans once roamed. The area currently has around 1,200 rooms but that could reach 5,000 by 2030. Some $1.6 billion worth of projects are planned, in hospitality and supporting infrastructure such as water and power. But annual visitor numbers will be capped at 1 million.

“We want to be responsible in how we develop,” Phillip Jones, chief tourism officer at the Royal Commission for AlUla, told Semafor. “We don’t ever want to be a mass tourism destination.”

AlUla attracts an elite clientele, with visitors spending an average of $1,000 a day: “We had 400 private planes last year,” Jones said. “Billionaires come to AlUla and fall in love with it.”

— Mohammed Sergie

Saudi fashion finds its voice

Riyadh Fashion Week opened in October under the sandstone cliffs of Diriyah, with couture from Vivienne Westwood and Stella McCartney giving the event global cachet. Now in its third edition, it’s part of the kingdom’s Vision 2030 drive to reduce imports and promote Saudi designers on the global stage.

Westwood’s debut capsule collection, crafted with Saudi artisans through Art of Heritage, fused rebellion and tradition, but the buzz was all local. Designers like Mihyar, once known as the place your uncle buys his thobe, sent a revolution down the runway: sharper cuts, heavier fabrics, layered with puffer coats and vests.

The message was clear: Men’s traditional wear is no longer about preservation, it’s evolution. Local icons like Hindamme and Leem carried that forward, blending heritage with modernity, turning symbols of the past into canvases for what’s next… a notion that is very telling of the moment Saudi is experiencing.

— Manal Albarakati

On Nov. 12 at Cipriani South Street in New York, the Dubai Business Forum will convene CEOs, senior executives, and policymakers for a day of high-level conversations on global growth, AI disruption, and cross-border collaboration — examining the strategic opportunity Dubai provides for adaptive, forward-thinking companies. Featured speakers include H.E. Sultan bin Saeed Al Mansoori (Chairman, Dubai Chambers), Jose Minaya (Global Head, BNY Investments and Wealth), Jared Cohen (President of Global Affairs and Co-Head of the Goldman Sachs Global Institute, Goldman Sachs) and Ola Doudin (CEO, BitOasis).

Request your delegate invitation here.

The Dubai Business Forum USA, powered by Dubai Chambers, is produced in partnership with Semafor’s events and marketing teams, with select editorial sessions independently developed and led by Semafor’s newsroom.

Recommendations from Semafor Saudi Arabia Correspondent Manal Albarakati on where to eat and what to see on your visit to the kingdom’s capital city.

EAT

Authentic

• Najd Village offers hearty local plates, traditional décor, floor seating, and many photo ops.
• Aseeb is good for large groups, with consistent service and food that is a touch more elevated than Najd Village.
• TAKYA is modern Saudi cuisine in the heart of Diriyah, the revived heritage district.
• Tameesa’s Hejazi fool and its namesake tamees are a must-try at this beloved breakfast spot.

Upscale

• COYA offers Peruvian small plates and pretty mocktails — and keep an eye out for Manal, this is her favorite spot.
• Hōchō is a Michelin Guide pick that serves contemporary Japanese.
• Scott’s may be one of the oldest restaurants in London, but the Riyadh outpost offers a fresh spin on seafood.