The curtains drew to a close on the seventh edition of the Future Investment Initiative (FII) summit, dubbed as ‘Davos in the desert’, amidst a gathering of global policymakers, executives, and thought leaders in Riyadh.
Spearheaded by the FII Institute, a non-profit affiliate of Saudi Arabia’s Public Investment Fund (PIF), the summit has evolved into a global platform since its inception in 2017, aimed at fostering discussions and collaborations on pioneering solutions.
The platform, initially launched to amalgamate a global cadre of investors, policymakers, and private sector stalwarts, has seen luminaries such as Jordan’s King Abdullah and BlackRock CEO Larry Fink grace its stage.
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This year’s edition saw a roster of speakers including IMF Managing Director Kristalina Georgieva, World Bank President Ajay Banga, and FIFA chief Gianni Infantino.
The summit registered a substantial uptick in participation, with more than 5,000 attendees and 500 speakers, reflecting the growing global significance of the discussions held in Riyadh, as reported by the organizers.
AI was a much-discussed theme in the summit. The CEO of Saudi Research and Media Group predicts that artificial intelligence is poised to contribute approximately $160 billion to Saudi Arabia by 2030. With governments embracing AI technologies to promote economic growth, the FII has advocated for the formation of an AI Coalition to bring together investors, corporations, government officials, and scholars from both advanced and emerging markets to engage in an open and sincere discussion about aligning AI efforts. “For emerging markets, the internet provided information but didn’t educate. AI serves as a patient teacher for the next generation,” explained Max Song, founder and CEO of Carbonbase, during the event.
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New strategic partnerships for Saudi Arabia
Among the pivotal announcements was a joint venture between Pirelli and the PIF, marking a significant stride towards augmenting local manufacturing capabilities by establishing a tire manufacturing facility in Saudi Arabia. The agreement, envisaging the PIF holding a 75% stake and Pirelli the remaining 25%, was orchestrated by notable figures including H.E Yasir Al-Rumayyan and Marco Tronchetti Provera, Executive Vice Chairman of Pirelli. With operations slated to commence in 2026, the facility is projected to churn out an annual capacity of 3.5 million units.
As #FII7 comes to a close, CEO of the FII Institute Richard Attias looks ahead to an exciting future and announces the next #FIIPrioritySummit in Hong Kong. As we expand our global reach, we expand our #ImpactOnHumanity. See you there! pic.twitter.com/REuGdLzwpL
— FII Institute (@FIIKSA) October 26, 2023
Moreover, the Minister of Investment of Saudi Arabia disclosed a series of international agreements across varied sectors. Notable mentions encompass agreements with Hong Kong’s ASPACE, overseen by H.E. Mohammed Altamimi, Governor of Communications, Space & Technology Commission, and engagements with entities like American biotech titan Biogen, British global fund firm Gemcorp Capital, and Glasspoint Solar, tasked with erecting a solar manufacturing facility in Saudi Arabia.
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