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Tech & Business

10.27.2022

FII 2022 in Saudi Arabia: the Davos in the Desert in the face of global crises

The sixth edition of the Future Investment Initiative, a Saudi economic forum regularly referred to as the “Davos of the desert”, came to an end today. Punctuated by strong announcements, notably on environmental issues, the event, which brought together no less than 520 speakers from more than 50 countries and some 7,000 visitors, reinforces its position as a key meeting place for decision-makers from around the world.

The engine of global cooperation

It brings together investors, politicians, state institutions and even supra-state institutions with the aim of defining the major orientations of the years to come in terms of economy, investments and public policies in almost all the key sectors of society, from energy to tourism, transport and entertainment. In just a few years, the Future Investment Initiative, or FII, has established itself as a must-attend event, making Saudi Arabia, its host country, a real focal point of the global conversation.

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2022 is no exception to the rule. From the very first minutes of the event, Yasir Al-Rumayyan, governor of the PIF, the Saudi investment fund that stands behind virtually all the major initiatives that are driving the country’s transformation (Neom, Red Sea, Qiddiya, to name but a few), sets the tone: “In a context where the rate of inflation is the highest it has been in 40 years, with record interest rates, it is no longer a question of micro-economy, or even macro-economy, but of geo-economy. We live in an interconnected world where a local action can have an impact on the other side of the world.

Concrete responses

In order to face this new world order with action, and thus silence the possible detractors of this type of events that could be considered as a big talk full of promises but without action, the governor announced the launch earlier this month by the PiF of the first “green bond”, which extends over 100 years, following up on the promises made during the last edition. This is an unprecedented product for a sovereign wealth fund of this magnitude.

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The special attention paid to the environmental cause was also reflected in the launch of a tool developed by the FII Institute to analyze the performance and impact of CSR in a given market and to make investment choices accordingly.

And the number of strong announcements is increasing. For example, Aramco Venture Capital, which promotes the Saudi oil company’s investment policy, announced today the launch of the world’s largest investment fund dedicated to sustainable development. 1.5 billion dollars that will be used to support, incubate and encourage the most innovative solutions in the fight against climate change, throughout the world.

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An energy sector that feels concerned, as shown by the words of Prince Abdulaziz Ben Salmane, Saudi Minister of Energy. In a very realistic and perhaps slightly defensive speech, no doubt motivated by the current state of relations between the Kingdom and the United States and the tense situation surrounding oil production, he acknowledged that the world was “going through a critical period, in which Saudi Arabia would play its historic role as a seamless supplier, but could not find all the solutions to the energy crisis on its own. A way of urging all stakeholders to innovate, intervene, reflect together, as a member of this “new world order”, which is the theme of this edition.

An undeniable must

It is clear that the show is popular. We meet representatives of the most fashionable sectors of the last -and next- years, from aerospace to video games, including the web3 and crypto-currencies. Some are there to take the stage and evangelize decision-makers on new emerging trends, others simply to forge business partnerships. And not only with regional prospects, because the attendance is global.

 

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Thus, the show oscillates between well identified challenges -energy crisis, war in Ukraine, recession in sight, rising cost of living, poverty, unemployment and, of course, environment- and ever more creative and relevant solutions presented by startups on site -robots that detect cancer, anti-bacterial rays, AIs that study and improve flow management, and many others-. A great gap between an exacerbated realism and a full awareness of global issues -normal, given the level of responsibility of the guests-, and a willingness to look forward in an optimistic way.

Published on 27 October 2022

#Saudi Arabia