HEARD AT MILKEN

Saudi ministers tout shift to investment from fossil-fuel dependence

Gulf offers alternative vision at Milken conference in Beverly Hills to investors reeling from bank collapses and high interest rates

World Economic Forum/Manuel Lopez

Saudi Economy Minister Faisal Alibrahim in January at World Economic Forum in Davos, Switzerland

Amid warnings of more U.S. bank closures and a world economic slowdown, Saudi Arabia is looking for new opportunities to pour the kingdom’s petroleum wealth into international investment.

Two Saudi cabinet ministers, accompanied by representatives of the country’s...