Future Investment Summit Draws Roadmap for Global Challenges

CEO of Future Investment Initiative Institute Richard Attias during a previous global summit in New York (SPA)
CEO of Future Investment Initiative Institute Richard Attias during a previous global summit in New York (SPA)
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Future Investment Summit Draws Roadmap for Global Challenges

CEO of Future Investment Initiative Institute Richard Attias during a previous global summit in New York (SPA)
CEO of Future Investment Initiative Institute Richard Attias during a previous global summit in New York (SPA)

The Saudi Future Investment Initiative Institute (FII) is organizing "Priority Asia in Hong Kong" in December to discuss priorities such as evolving social, economic, and geopolitical climate.

The data-driven summit, which will host leaders, policymakers, CEOs, students, volunteers, academics, investors, and more, aims to lay a road map for overcoming the world's most pressing challenges.

It was designed as a regional platform to understand humanity's needs, desires, and expectations and then engage in discussions and debates that stimulate effective action and pioneering solutions.

FII CEO Richard Attias explained that the PRIORITY is held to open "our eyes to humanity's main concerns— a priceless tool in the hands of those capable of change."

Attias indicated that the summit focuses on what action we can take to address these concerns and how to redesign business models and economies to make way for more prosperous, fulfilling lives. It echoes the annual FII flagship conference.

"As part of the FII Institute's vision to make a lasting, positive impact on humanity, our priority is to ensure that no one's voice goes unheard—which is why we are determined to hold this global dialogue on all continents so that those in power can listen and connect to all of humanity,” he said.

FII PRIORITY is designed as a regional platform for understanding humanity's needs, wants, and expectations—then engaging in discussions and debates to prompt action and pioneering solutions.

Based on the FII Institute's global PRIORITY Report, which surveyed citizens worldwide, the goal is to empower leaders and decision-makers through information and dialogue as they address the key priorities for several segments of society.

For his part, the Financial Secretary of the Government of the Hong Kong Special Administrative Region of China, Paul Chan, welcomed the FII Institute's decision to host the first FII PRIORITY Asia Summit in Hong Kong.

Chan said it demonstrates Hong Kong's unique position and role in connecting the Mainland, Asia, and the world and will further deepen ties with partners and counterparts around the globe, especially with those in the Middle East.

He added, "The summit will be an important platform for gathering global political and business leaders, academics, and experts to exchange views on world trends and topical issues."

"I trust this Summit will be a great success with fruitful outcomes."

Furthermore, the Chairman of the Stock Exchange of Hong Kong Limited (HKEX), Laura M Cha, expressed HKEX's delight in partnering with FII Institute and the HKSAR Government to bring FII PRIORITY to Asia in December 2023.

She noted that the significant new summit fully aligns with HKEX's commitment to promoting connectivity across markets, economies, and societies, fostering a world where collaboration and innovation can help solve global challenges.

"We look forward to welcoming experts and leaders to Hong Kong and building a shared and sustainable future for us all."

FII is a global nonprofit foundation driven by data with an investment arm and one agenda: Impact on Humanity.

The Institute fosters great minds worldwide and turns ideas into real-world solutions in four critical areas: Artificial Intelligence (AI) & Robotics, Education, Healthcare, and Sustainability.



Israel’s ‘Economic War’ Chokes Occupied West Bank

Palestinians queue to withdraw money from an ATM in the main market in Ramallah city in the Israel-occupied West Bank on June 9, 2024.
Palestinians queue to withdraw money from an ATM in the main market in Ramallah city in the Israel-occupied West Bank on June 9, 2024.
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Israel’s ‘Economic War’ Chokes Occupied West Bank

Palestinians queue to withdraw money from an ATM in the main market in Ramallah city in the Israel-occupied West Bank on June 9, 2024.
Palestinians queue to withdraw money from an ATM in the main market in Ramallah city in the Israel-occupied West Bank on June 9, 2024.

Palestinian teenagers bounced on trampolines and jumped through hoops inside a towering tent on the outskirts of Ramallah, the financial hub of the occupied West Bank.

But the circus students weren't the only ones bending over backwards in the pavilion: the school's director faced financial hurdles to buy the tent from Europe and trampolines from Asia.

"We are suffering with international payments," said Mohamad Rabah, head of the Palestinian Circus School, describing a bureaucratic process that could delay equipment delivery by up to a month.

Banking in the Palestinian territories is challenging, with the Palestinian Authority (PA) under scrutiny for potential terror financing, hindering transactions.

Israel has occupied the West Bank since 1967, with strong economic ties allowing two Israeli lenders to serve as correspondent banks in the Palestinian territory.

But this may change if Israel's far-right Finance Minister Bezalel Smotrich carries out threats to sever a vital banking route next month.

Since Hamas's October 7 attack triggered the Gaza war, Israel has imposed economic curbs on the PA, withholding tax revenues it collects on its behalf.

Smotrich said this week he had redirected $35 million in PA tax revenues to families of "terrorism" victims, a move condemned by the United States.

After three European countries recognized Palestinian statehood in May, Smotrich told Prime Minister Benjamin Netanyahu he would not extend indemnity to banks that transfer the funds from the end of June.

Israel's Bank Hapoalim and Israel Discount Bank need protection, expiring on July 1, to avoid sanctions for dealing with Palestinian lenders.

Israel's central bank and finance ministry declined to comment when contacted by AFP.

A Palestinian fruit vendor arranges his street cart in the main market in Ramallah city in the Israel-occupied West Bank on June 9, 2024. (AFP)

- 'Humanitarian crisis' -

The banking channel used to pay for West Bank imports -- including essential goods like water, fuel and food -- handles $8 billion yearly.

Palestinian businesses receive nearly $1.7 billion annually for exports, according to the Palestine Monetary Authority.

"For us, because our economy is dependent on the Israeli economy, because Israel is controlling the border, the impact will be high," said PMA governor Feras Milhem.

The Palestinian economy is largely governed by the 1994 Paris Protocol, which granted sole control over the territories' borders to Israel, including the right to collect import duties and value-added tax for the PA.

Palestinian livelihoods have also been hurt by bans on laborers crossing into Israel and by a sharp downturn in tourism in the territory, including a quiet Christmas season in Bethlehem.

The United States has urged Israel to improve conditions, warning that severing the banking route would have a dire impact on the West Bank economy.

"I believe it would create a humanitarian crisis in due course if Palestinian banks are cut off from Israeli correspondence," US Treasury Secretary Janet Yellen said last month.

Western governments fear Israel's economic policies could destabilize the West Bank.

"The banking system may collapse and therefore the PA may collapse as well," a European diplomatic source in Jerusalem told AFP on condition of anonymity.

"The PA is in a financial crisis and it could collapse before August."

A Palestinian vendor unloads his stock in front of a shop in the main market in Ramallah city in the Israel-occupied West Bank on June 9, 2024. (AFP)

- Digital currency -

Palestinian businessmen say their bottom lines have been hit since October 7.

Imad Rabah, who owns a plastics company, said his net income had fallen 50 percent in one year.

Musa Shamieh, who owns a womenswear company said the Israeli policies were designed to push Palestinians to leave the West Bank.

"They want us to leave our land and they know it will be hard for us to stay if we can't do business," Shamieh said.

Israel's harsh economic policies could eventually drive Palestinian policymakers to pursue sweeping changes to the monetary system.

"We need to work on a plan B when it comes to the trade relations," said Milhem, governor of the PMA, which uses an image of the former Palestinian pound as its logo.

Yousef Daoud, professor at the West Bank's Birzeit University, said the territory could scrap the shekel as its de facto currency in favor of a digital alternative.

"We can make our e-currency, just collect all the shekels, issue an equivalent amount of Palestinian pounds, one-to-one fixed exchange rate, and have the Palestinians deal with e-currency," he said.

"Somehow, eventually, we'll get rid of the shekel."