By Anthon Garcia
The Future Investment Initiative (FII) recently concluded its 8th edition with the theme “Infinite Horizons: Investing Today, Shaping Tomorrow”. The event was held in Riyadh, Saudi Arabia, from October 29 to 31.
Called “Davos in the Desert,” the FII conference is one of the region’s leading events for global investment and innovation. This year, it underscored the event’s mission to drive meaningful progress across a wide range of critical areas, including global connectivity, artificial intelligence (AI), and more.
On collaboration and collective responsibility
The opening day kicked off at the King Abdulaziz International Conference Center. Richard Attias, CEO of FII Institute, provided insightful remarks at the Opening Plenary Session.
“The Future Investment Initiative is about breaking traditional boundaries in thinking and expanding the possibilities of human achievement,” Attias noted.
He also emphasized the need for collaboration, “I believe that through collective efforts, we can create a world that is more inclusive, more sustainable.”
Yasir Al-Rumayyan, governor of the Public Investment Fund and chairman of FII Institute, shared the same sentiment.
“Today, more than ever, we recognize that economic, social, and environmental outcomes are interconnected. And these must be the core of our decision-making. We have the responsibilities and the opportunities to share a future that invests not only in our economies but in humanity itself,” he noted.
As Al-Rumayyan emphasized, the FII has been pivotal in sealing over $125 billion worth of deals over the past seven years.
Global priorities in focus
The FII chairman also introduced the findings of the 2024 FII PRIORITY Compass, a global survey that highlighted several global priorities.
Over half of the respondents, who came from around 24 countries representing 62 percent of the world’s population, expressed dissatisfaction with today’s global situation. This represents an 11 percent drop from last year.
For the third year in a row, 40 percent of people surveyed cited the cost of living as their top concern, with inflation worsening for 57 percent of respondents. Meanwhile, governance ranks as the second-highest concern, with 71 percent.
Healthcare is the third priority, with over half reporting inadequate access to doctors. Environmental concerns are low globally, with 13 percent considering it a primary issue. India is the only country where it tops citizens’ concerns. Meanwhile, views on AI remain mixed, with 37 percent seeing it as a threat and 39 percent uncertain.
Notably, Saudi Arabians reported the highest satisfaction with life (84 percent).
Saudi Arabia’s role in the energy transition
In the session, “Special Conversation on Energy: H.R.H. Prince Abdulaziz bin Salman Al Saud,” Saudi Arabia’s role in the energy transition was highlighted. Al Saud is the country’s minister of Energy.
“We honestly believe — learning from our experience, learning from the partners that we have — that, actually, this country can become a hub for supplying all of the region and beyond the region,” the energy minister noted in his speech.
“This is our commitment. Transitioning is definitely a part of our DNA. We will set the example for everybody to follow,” he added, underscoring the role that the youth will play.
Saudi Arabia’s holistic approach includes supporting the energy transition with the right workforce and talent, which is crucial for operational readiness. The country’s initiatives include the expansion of education offerings, upskilling and reskilling programs, and industry placement programs.
Ahead of the FII conference, the country has signed 107 energy-related strategic agreements and memorandums of understanding. The agreements were valued at $27.69 billion.
AI’s growing influence
The latest edition of FII also emphasized the growing importance of AI.
During Day 1, the AI Inclusive Initiative was launched. At the announcement, FII Institute Board Member Dr. Peter Diamandis said, “It’s the first important step and endeavor in uplifting the emerging markets through the power of artificial intelligence. The key objectives of this initiative will support the development of safe and responsible AI ecosystems within the Global South.”
To achieve this, the FII Institute plans to identify AI startups that prioritize positive contributions to society. To support these startups, FII will secure an initial investment of $100,000 each from at least 50 private-sector stakeholders.
In addition, the institute will partner with knowledge experts to ensure global talent is equipped with essential AI skills and collaborate with tech companies to provide training, scalability, and foster innovation. FII will also advocate for government policies that offer tax incentives to investors, creating an AI-friendly environment
In a separate session, the Board of Changemakers also tackled AI. Titled, “Future of AI”, the panel gathered tech titans, such as Shou Chew, CEO of TikTok; Jack Hidary, CEO of SandboxAQ; and Ruth Porat, President & CIO of Alphabet and Google, among others. They discussed recent advancements in AI (particularly in generative AI), the complex impact of AI on employment, and ethical concerns.
Chew also spoke at the “Titan of Industry” session, spotlighting the impact of social media and digital platforms on global community-building, creativity, and cultural exchange.
Geoeconomics and the financial future
Two other Board of Changemakers sessions were held, featuring a different set of panelists.
In “Geoeconomics”, prominent figures such as BlackRock’s Laurence Fink, Moderna’s Stephane Bancel, and Citadel’s Ken Griffin, along with other executives from companies like Google, HSBC, and Blackstone, explored the growing influence of the Global South.
Meanwhile, the “Banking & Investment” session brought together leading financial industry figures, including H.E. Dr. Muhammad Al Jasser of the Islamic Development Bank, Citi CEO Jane Fraser, and Goldman Sachs CEO David Solomon, among others, to talk about the rapidly shifting landscape of financial management.
Commenting on the achievements and discussions held during the FII conference kickoff, Attias stated, “On Day 1, we’ve seen global visionaries lay out powerful ideas and strategies that will shape how we address today’s most pressing challenges and open up new horizons for humanity.”
