The world’s political and business leaders descended on Riyadh this week for Saudi Arabia’s flagship investment conference. But absent India’s appetite for Saudi investment and some Aramco deals, little noteworthy came out of the proceedings.

The third iteration of Saudi Arabia’s glitzy Future Investment Initiative (FII) drew hordes of the business elite to Riyadh this week. The contrast with last year’s event which was held amid the fallout from the Jamal...