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Future Investment Initiative Calls for Taking Advantage of AI to Address Global Challenges

Richard Attias, CEO of the Future Investment Initiative, addresses robots during one of the conference sessions. (Asharq Al-Awsat)
Richard Attias, CEO of the Future Investment Initiative, addresses robots during one of the conference sessions. (Asharq Al-Awsat)
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Future Investment Initiative Calls for Taking Advantage of AI to Address Global Challenges

Richard Attias, CEO of the Future Investment Initiative, addresses robots during one of the conference sessions. (Asharq Al-Awsat)
Richard Attias, CEO of the Future Investment Initiative, addresses robots during one of the conference sessions. (Asharq Al-Awsat)

The Future Investment Initiative (FII) called for taking advantage of Artificial Intelligence in facing challenges, and to benefit from the rapid transformation in various sectors of the global economy.

The 7th edition of the Future Investment Initiative (FII) Institute concluded on Thursday in Riyadh, with participants emphasizing the importance of AI in providing promising solutions to address economic challenges, especially in light of the potential to enhance productivity and enable data-based decision-making to promote economic growth.

Speakers at the event called for the need for governments and organizations to invest in AI, especially in education and training, in order to ensure that the workforce is prepared for the changing career landscape. They also highlighted the necessity to develop regulatory frameworks to address ethical concerns and guarantee the responsible use of artificial intelligence.

The three-day forum, which opened its seventh edition on Tuesday under the title, The New Compass, was attended by around 6,000 participants from more than 90 countries, and 500 speakers from different sectors inside and outside the Kingdom. Among its objectives was to highlight possible solutions for economic challenges and rely on the optimal use of new technologies, including artificial intelligence, in order to advance global economies.

During a session entitled, The Next Era of Investment in the Middle East, Daniel Loeb, CEO and founder of Third Point, said that 10 percent of businesses in Saudi Arabia are growing at a double-digit rate, which he described as “exciting and not to be underestimated.”

Hong Namkoong, the CEO of the Korean Samsung Engineering Company, stressed that artificial intelligence will come to complement human work.

For his part, Richard Attias, CEO of the Future Investment Initiative, addressed “Sophia,” the first human-like robot, in one of the sessions on the last day of the conference.

Attias asked “Sophia” what she believes about the ability of artificial intelligence and robots to help humans. The robot replied that she had worked to help many people on various global issues and challenges, with a focus on enhancing health policies using technology.

She added that innovation always comes with risks, stressing that technology will greatly help in providing economic opportunities.

Attias revealed that the next edition of the Future Investment Initiative will be held in Hong Kong in December.

“We aspire to focus on many issues related to humanity. We will also be present in Asia, Europe and America,” he said.

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Azerbaijan Proposes Joint Investment Fund with Saudi Arabia to Strengthen Economic Partnership

Key agreements were signed during the 8th session of the Saudi-Azerbaijani Joint Committee. (Asharq Al-Awsat)
Key agreements were signed during the 8th session of the Saudi-Azerbaijani Joint Committee. (Asharq Al-Awsat)
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Azerbaijan Proposes Joint Investment Fund with Saudi Arabia to Strengthen Economic Partnership

Key agreements were signed during the 8th session of the Saudi-Azerbaijani Joint Committee. (Asharq Al-Awsat)
Key agreements were signed during the 8th session of the Saudi-Azerbaijani Joint Committee. (Asharq Al-Awsat)

In a significant step toward deepening economic and strategic ties, Azerbaijan is working to transform its growing partnership with Saudi Arabia into tangible investment initiatives.

At the forefront of this effort is a proposal to establish a joint sovereign investment fund that would support priority sectors in both countries and finance joint ventures in third markets. The plan, revealed by Azerbaijani Ambassador to Saudi Arabia Shahin Abdullayev in an interview with Asharq Al-Awsat, reflects Baku’s intention to build on the momentum of recent high-level engagements and turn bilateral cooperation into long-term, shared economic value.

The proposed fund comes in the wake of the 8th Saudi-Azerbaijani Joint Government Committee meeting held in Riyadh in April, co-chaired by Saudi Investment Minister Khalid Al-Falih and Azerbaijani Deputy Prime Minister Samir Sharifov.

The talks resulted in several memorandums of understanding covering energy, transport, logistics, and water, as well as endorsement of recommendations from the 6th Saudi-Azerbaijani Business Council.

Abdullayev highlighted the rapid growth in ties between Baku and Riyadh across multiple sectors, especially energy, investment, tourism, and culture. He praised Saudi-based ACWA Power for its role as a leading investor in Azerbaijan’s renewable energy sector.

In 2024, both countries signed a joint executive program during COP29 in Baku, aimed at strengthening cooperation in renewable energy development and transfer. The agreement was signed in the presence of Saudi Energy Minister Prince Abdulaziz bin Salman and Azerbaijani President Ilham Aliyev. It includes large-scale wind power projects with a combined capacity of 2.5 gigawatts, along with battery-based energy storage systems.

The ambassador noted that Azerbaijani Economy Minister Mikayil Jabbarov proposed the creation of a joint sovereign wealth fund during a visit to Riyadh in December 2024. The fund would target priority sectors outlined in both countries’ economic agendas and invest in third countries as well.

Abdullayev underscored the importance of finalizing an investment protection agreement between the two nations, along with offering incentives to encourage Saudi investors to explore opportunities in Azerbaijan’s free economic zones. Areas of cooperation under discussion include oil, renewables, industry, tourism, infrastructure, agriculture, livestock, and mining.

Tourism is another bright spot in the growing partnership. More than 100,000 Saudi tourists visited Azerbaijan in 2024, up over 31% from the previous year. The ambassador expects further growth through the development of joint tourism programs, sustainable tourism initiatives, and shared exhibitions and events.

On the strategic level, Abdullayev emphasized the importance of Azerbaijan’s oil policy, initiated by former President Heydar Aliyev, as a foundation for national development. That strategy has enabled Azerbaijan to invest in key sectors such as infrastructure, education, and healthcare, positioning the country as one of the region’s most advanced economies.

Azerbaijan also plays a vital regional role in energy security through its major pipeline projects, including the Baku-Tbilisi-Ceyhan oil pipeline and the TANAP and TAP natural gas lines, which serve European markets.

The ambassador highlighted Baku’s successful bid to host COP29 as a sign of Azerbaijan’s growing global presence. The conference resulted in a pledge urging developed nations to allocate $300 billion annually by 2035 to help developing countries mitigate climate change impacts.

He also praised Saudi Arabia’s humanitarian support, particularly through the King Salman Humanitarian Aid and Relief Center, which signed a demining agreement in January 2024 to assist in clearing liberated areas in Azerbaijan, a step that has helped accelerate reconstruction and enable safe civilian return to their homes.