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.



Congress to Vote on New Restrictions on US Investment in China

FILE PHOTO: A person sits on a bench near Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo
FILE PHOTO: A person sits on a bench near Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo
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Congress to Vote on New Restrictions on US Investment in China

FILE PHOTO: A person sits on a bench near Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo
FILE PHOTO: A person sits on a bench near Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo

Congress is set to vote in the coming days on legislation restricting US investments in China as part of a bill to fund government operations through mid-March, lawmakers said late on Tuesday.
In October, the Treasury finalized rules effective Jan. 2 that will limit US investments in artificial intelligence and other technology sectors in China that could threaten US national security.
The bill expands on those restrictions and also includes other provisions aimed at concerns about China, including a requirement to study national security risks posed by Chinese-made consumer routers and modems and mandate reviews of Chinese real estate purchases near additional national security sensitive sites.
"China is an economic adversary and we must take bold action to safeguard our future against the Chinese Communist Party," Reuters quoted Senator Bob Casey, a Democrat, as saying.

"This legislation takes bold action to restrict US investments to stop our national security technology from getting into the hands of our adversaries before they can use it against us.”
The Chinese Embassy in Washington did not immediately comment.
The bill will also require the Federal Communications Commission to publish a list of every entity that both holds an FCC license or authorization and has any ownership by foreign adversarial governments, including China to ensure the commission "knows when telecommunications and technology companies have a connection and foreign adversary."
Washington is moving on a number of fronts to further restrict Chinese products.
An annual defense bill could ban China-based DJI and Autel Robotics from selling new drones in the United States market, while the Commerce Department is working to finalize rules in the coming weeks that would bar Chinese automakers from selling vehicles in the United States and bar China Telecom from US operations.
Lawmakers have criticized major American index providers for directing billions of dollars from US investors into stocks of Chinese companies that the US believes are facilitating the development of China’s military.
The Treasury rules and legislation cover semiconductors and microelectronics, quantum information technologies and certain AI systems aimed at preventing investments in Chinese technologies like cutting-edge code-breaking computer systems or next-generation fighter jets.
Representative Rosa DeLauro, the top Democrat on the House Appropriations Committee, said "for years I have watched American dollars and intellectual property fuel the Chinese Community Party's technology and capabilities... This legislation builds on the regulations put into place this year by the Biden Administration, and sets the stage for continued bipartisan efforts to protect and rebuild our critical national capabilities."
The outbound legislation covers technologies listed in the Treasury order and adds additional AI models that use some semiconductors, AI systems designed for exclusive military or government surveillance end use, hypersonic systems and additional export-controlled technologies.