The Future Investment Initiative (FII) conference in Riyadh, held from October 29-31, 2023, is a major event attracting global leaders to discuss investment opportunities beyond oil. Dubbed “Davos in the desert,” the conference has facilitated significant deals, totaling around $109 billion since its inception in 2017. Middle Eastern sovereign wealth funds, like Saudi Arabia’s Public Investment Fund, are emerging as vital investors in technology and AI, compensating for declining global foreign direct investment. These funds are viewed as “ATM machines” for financing various sectors, reflecting a strategic shift towards economic diversification and sustainability in the region.