U.S. business leaders to flock to the annual FII in Riyadh

A public spat between the United States and Saudi Arabia will not deter top Wall Street executives and U.S. business leaders from a flagship investment event starting on Tuesday where the kingdom will seek deals to reduce its economy's reliance on oil.

More than 400 U.S. delegates are expected to attend this week, Richard Attias, CEO of the FII Institute, told Reuters, adding this was the largest representation of a foreign country.

This year's edition, running Oct. 25-27, includes JPMorgan boss Jamie Dimon, Pimco Vice Chairman John Studzinski and a BNY Mellon executive as speakers, and they still plan to go, spokespeople for the companies told Reuters.

Top executives from Goldman Sachs, Blackstone, Bridgewater Associates, Boeing and Franklin Templeton are on the agenda.

JPMorgan and Goldman Sachs made nearly $77 million and $42 million respectively in investment banking fees in Saudi Arabia last year, Refinitiv data showed. JPM remains at the top of the league table in 2022 with over $39 million so far.

The FII is a showcase for Crown Prince Mohammed bin Salman's Vision 2030 development plan to wean the economy off oil by creating new industries that also generate jobs for millions of Saudis, and to lure foreign capital and talent.