Future Investment Initiative: Saudi Arabia Brings Together the World to Shape Tomorrow’s Economy

A file photo of the sixth edition of the Future Investment Initiative conference in 2022. (SPA)
A file photo of the sixth edition of the Future Investment Initiative conference in 2022. (SPA)
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Future Investment Initiative: Saudi Arabia Brings Together the World to Shape Tomorrow’s Economy

A file photo of the sixth edition of the Future Investment Initiative conference in 2022. (SPA)
A file photo of the sixth edition of the Future Investment Initiative conference in 2022. (SPA)

The Future Investment Initiative conference kicked off in Riyadh on Tuesday with global and local investors stressing the importance of exploiting the available opportunities to advance international alliances and develop strategies that shape tomorrow’s economy.

In an interview with Asharq Al-Awsat, CEO of Skytower Eric Fang said the Future Investment Initiative will focus on the impact of investment on humanity as an interactive program designed to help investors reset pathways for their companies and for the global economy, while developing new strategies to cope with the challenges and opportunities of the new era.

Fang emphasized the need to discover new markets and expand the boundaries of economic growth, while adhering to environmental, social and governance standards. He stressed the importance of green development, including infrastructure, industry, manufacturing, supply chain and natural mineral resources, to be based on strong governance in order to achieve a positive impact on humanity.

The conference’s recommendations to address the challenges of economy, investment and trade should include a vision of adding value by creating a place to showcase ways to reduce carbon pollution, through re-engineering pollution from manufacturing, transportation, power generation and construction processes, he added.

Fang noted that hydrogen was a very useful commodity, but requires a lot of special processing because of its flammability. Ammonia, which consists of two hydrogen atoms and three nitrogen atoms, can be considered a non-flammable hydrogen carrier. Ammonia can also be broken down into hydrogen at the point of combustion.

In this context, he revealed cooperation between Skytower and its local partners in the special economic zone, such as King Abdullah Economic City, to build a hydrogen industry complex to manage all different types of hydrogen and ammonia technologies and modern manufacturing processes, in line with Saudi Arabia’s endeavor to promote artificial intelligence and robotics.

Chairman of the Saudi Excellence Holding Company Abdullah bin Zaid Al-Meleihi told Asharq Al-Awsat that the conference, in its seventh edition, was a global opportunity that would attract Saudi, American and Chinese investments.

Al-Meleihi, who is the Saudi partner in Skytower Investment Company, the fruit of the Saudi-American-Chinese green energy alliance, said that the rapid development of Saudi Arabia has become a measure of global evolution and a model for future development plans.

“Through this partnership, we can use our zero carbon standards to develop recommendations for future industry standards in the Kingdom by working alongside the Future Investment Initiative,” he added.



IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.