From the Trading Floor to Saudi Arabia’s Skyline: CAFE Students Step into the Global Market
ܽƵ’s Center for Advanced Financial Education recently brought Finance majors to the Middle East for rare, high-level meetings with the Kingdom’s top financial institutions.
RIYADH, SAUDI ARABIA – In a quiet corner of ܽƵ’s Mario J. Gabelli School of Business, students in the Center for Advanced Financial Education (CAFE) don’t just talk about markets – they run them. Managing real-money portfolios under the watch of Professor of Finance Michael “Doc” Melton, undergraduates make buy-and-sell decisions with the same urgency and accountability as professional fund managers.
This spring, that leadership and foresight stretched all the way to Saudi Arabia, where students participated in a weeklong immersion with the Kingdom’s Vision 2030 economic transformation. The program brought students face-to-face with executives, ܽƵ alumni who are now in senior financial roles, and the cultural and historical forces reshaping the Middle East.
The trip, sponsored by MJX Asset Management CEO Han Christensen, reflects a tradition of taking the program abroad. Over 20 years, Melton’s students have presented their investment methodology to institutions and financial markets all over the world, from Oxford and the London Business School to the University of Hong Kong and Tokyo University, to name a few. For the students, these encounters abroad offer a rare chance to see how global markets are interpreted in different corners of the world and how finance can become both a bridge between cultures.
“Visiting the Kingdom of Saudi Arabia was particularly special,” said Melton, who was named to an endowed professorship as the Yeaton Professor of Finance at ܽƵ last year. “Being the only U.S. academic institution to meet with the Kingdom’s Public Investment Fund has truly enhanced the CAFE’s international recognition. These opportunities are what truly differentiate the CAFE Portfolio Management Program at ܽƵ from our peer institutions.”
Here’s how the recent trip to Saudi Arabia went – in the voices of the students who experienced it.
The Pulse of Saudi Finance
As Told By Sam Quattrocchi, a senior Finance major and Accounting minor
At the Tadawul Group’s new headquarters in the King Abdullah Financial District, it was evident how dramatically Saudi Arabia’s economy has evolved. Once almost entirely dependent on oil – nearly 90% of its revenue – Saudi Arabia has in recent years pushed into healthcare, tourism, mining, and consumer goods.
Executives described a strategy centered on bringing more small and medium-sized enterprises to market, improving transparency and access to capital. A newly implemented 15 percent value-added tax, they explained, helps fund public services and infrastructure. Listening in the boardroom, the scope of the changes felt less like an adjustment than a transformation.
Vision 2030 isn’t just a dream, it’s an active transformation in motion, reshaping sectors, society, and the global role of Saudi Arabia.
The experience extended beyond boardrooms into evenings shared with ܽƵ alumni. Dining at restaurants like Beirut Khanum and Mama Noura, we quickly discovered the warmth and generosity that define Saudi hospitality. My colleague and CAFE Associate Director Sam Sirois – nicknamed “Chomp” for his impressive appetite – was put to the test by the abundant meals and welcoming spirit. These moments offered a personal window into the culture supporting the Kingdom’s ambitious Vision 2030.
The food culture in Saudi Arabia was an unknown experience for our management team, but one we quickly came to appreciate … meals are abundant, and you’ll be encouraged to eat until you physically can't anymore.
Banking on Stability
As Told By Dominic DeFeo, a senior Finance major and Sustainability Studies minor
Visiting Saudi National Bank, the largest financial institution in the Kingdom, revealed a conservative approach to investing that stands in marked contrast to many Western portfolios. Approximately 90 percent of its holdings are in fixed income assets, a strategy designed to preserve liquidity and shield against market volatility. The bank maintains a balanced allocation, splitting its portfolio evenly between domestic and international markets, aiming to foster growth while managing risk.
During a series of discussions, bank executives highlighted how Riyadh’s rapid urban growth, particularly the ambitious Diriyah development project, is opening new avenues for both tourism and domestic economic expansion. This experience impressed upon me the broader role finance plays in Saudi Arabia – not merely as a mechanism for profit, but as a critical foundation for building long-term stability and infrastructure.
Providing a foreign perspective on our U.S. market, it was incredibly educational to hear how they interpreted news coming out of the U.S. and how this impacted not only the fixed income side of things globally, but also the public equity side of things in the Kingdom.
Powering the Nation’s Future
As Told By Sam Sirois, a senior Management and Finance double major
A visit to the Public Investment Fund (PIF), one of the world’s largest sovereign wealth funds, offered a rare glimpse into Saudi Arabia’s economic transformation. Hosted by ܽƵ alum Faisal Almoqbel ’18, we explored how the PIF is strategically directing investments into emerging sectors such as gaming, renewable energy, and tourism in an effort to reduce the Kingdom’s longstanding dependence on oil.
Among the projects discussed were NEOM, the futuristic $500 billion city; Qiddiya, an ambitious entertainment hub; and the Red Sea Development, a luxury tourism destination focused on ecological preservation. These initiatives underscore how sovereign investment is being leveraged to drive both cultural and economic evolution.
Particularly notable was the fund’s approach to encouraging companies to relocate their headquarters to Saudi Arabia – a move that has significantly boosted economic growth and improved operational efficiency. “By merely relocating the headquarters of companies operating in Saudi Arabia domestically, it has proven itself to not only yield a strong return on investment but also has stimulated strong economic growth and operational efficiency,” Almoqbel explained.
This visit gave us exclusive insights into how the actual government has been reforming financial operations, and we are so thankful for this incredible opportunity.
Nightlife and New Horizons
As Told By Max Kimmel, a senior Finance major and Psychology minor
In Saudi Arabia’s push to diversify under Vision 2030, the changes extend well beyond the economy. At Boulevard City, the capital’s bustling entertainment district, the air was filled with music, the splash of water fountains, and the chatter of families gathering well into the evening. A short drive away, VIA Riyadh offered a more rarefied experience: Michelin-starred restaurants, luxury boutiques, and sleek lounges beside the Ritz-Carlton.
Over dinner at Beirut Khanum, a Lebanese restaurant framed by an illuminated fountain show, one detail stood out – the ubiquity of familiar American brands. Starbucks, KFC, Domino’s, Dunkin’, and McDonald’s lined commercial streets. The strong presence of these American brands will likely play a valuable role in supporting Saudi Arabia’s Vision 2030 by creating a sense of comfort and familiarity for international visitors. Later, French classics at Raoul’s highlighted Riyadh’s evolving identity: modern, confident, and open to the world.
Beyond the city lights, a visit to the Edge of the World – a dramatic cliff overlooking a golden expanse of desert – offered a moment of stillness. Encounters with camel herders and cups of traditional Saudi coffee, poured in the customary three rounds, revealed a different facet of the country’s hospitality.
In Diriyah, the birthplace of the Saudi Kingdom and a UNESCO World Heritage Site, the blend of heritage and modernity came into sharp focus. At the At-Turaif District, the group toured extensive redevelopment plans aimed at making the site a global cultural destination.
The group was able to meet with leaders from the Diriyah Gate Development Authority in their state-of-the-art showcase facility to receive an intimate viewing of this leg of the vision … and taken on the same tour that President Donald Trump had received just a week before, underpinning the true significance of the growth of Diriyah on an international level.