Wall Street's top financiers showed up in force at an annual financial conference in Saudi Arabia on Tuesday despite broad concerns over travel in the Middle East in the wake of an escalating conflict between Israel and Hamas militants.
Jane Fraser were among a group of high-profile bankers and asset managers speaking at the Future Investment Initiative conference at the Ritz Carlton Hotel in Riyadh.
The annual event is typically used by attendees as an opportunity to build relationships with some of Saudi Arabia's biggest companies and its $778-billion sovereign wealth fund, drawn by the promise of deals as the kingdom embarks on an ambitious reform plan to wean its economy off oil. But the risk of escalation of the war between Islamist group Hamas and Israel into a broader conflict has overshadowed the event now running in its seventh year and nicknamed by attendees as "Davos in the Desert", a nod to the annual gathering of world leaders and corporate bosses in the Swiss Alps.
The last year has seen Saudi Arabia spend billions on companies, from sports to gaming to aviation. This year, Saudi Telecom CorpThe United Auto Workers union went on strike at Chrysler-parent Stellantis's largest assembly plant on Monday, hitting the automaker's profitable RAM 1500 pickup truck production in a major expansion of the more than month-old strike.
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