PM Modi’s second visit to Saudi Arabia within three years marks the growing strategic convergence of interests between India and Saudi Arabia, in the context of the changes that have marked the international order in the last decade and a half. PM Modi delivered the keynote address at the third edition of the Future Investment Initiative (FII). The FII, first organised in 2017 is also dubbed as “Davos in the Desert”. It is the brainchild of Crown Prince Muhammad.
The FII is organised by the Kingdom’s sovereign wealth fund (Public Investment Fund) under 'Vision 2030', the policy which seeks to transform the economy of Saudi Arabia from an oil-based economy to a more diversified economy. Under “Vision 2030”, Saudi Arabia has identified eight countries - India, China, UK, US, France, Germany, South Korea and Japan - for forging strategic partnerships.
With age old ties with India it was a natural choice for Saudi Arabia to seek closer economic engagement with the growing Indian economy.