Yasir Al-Rumayyan, Governor of Saudi Arabia's Public Investment Fund (PIF) and Chairman of the Future Investment Initiative (FII) Institute, emphasized that the Fund's strategy hinges on a thorough understanding of needs, global trends, and emerging directions.
Al-Rumayyan highlighted the importance of aligning these factors in the most effective manner.
This involves a thorough examination of business and financial feasibility before making any investments.
Al-Rumayyan made these remarks during a panel discussion on humanitarian priorities at the FII PRIORITY Summit Hong Kong which brought together global investors, innovators and policymakers to tackle technology, climate, and economic threats.
The two-day summit was organized by the Hong Kong government, its stock exchange and the FII Institute— a nonprofit founded by PIF.
Al-Rumayyan discussed the impact of global trends on PIF’s investments.
He highlighted the expected economic growth in Asia this year, approximately 4.6%, contributing 52% to global economic growth.
Al-Rumayyan added, “43% of funding for startups, 51% of technological expenses, and 88% of patent applications all come from Asia.”
Saudi Arabia’s national transformation plan, known as Vision 2030, aims to diversify the country’s economy beyond reliance on energy, reaffirmed Al-Rumayyan.
On his part, Hong Kong Chief Executive John Lee called the summit “yet another significant step forward, in the deepening (of) ties between Hong Kong and the Middle East, particularly the Kingdom of Saudi Arabia.”
He described Hong Kong as one of the most competitive and free economies globally, acting as a major international financial center.
Lee noted that around a thousand fintech companies are currently operating in Hong Kong, a 25% increase from the previous year.
Moreover, Richard Attias, CEO of the FII Institute, stated that both Hong Kong and Saudi Arabia serve as “vital connectors” for people from diverse cultures and markets.
Attias praised Hong Kong as the gateway to Asia, citing its simple and low-tax system and robust legal framework.
Laura Cha, chair of the Hong Kong stock exchange, emphasized the increasing need for global communication.
“The world needs connection now more than ever,” she said.
Cha anticipated stronger relationships between the Middle East, mainland China, and Hong Kong throughout the event.
“Only by working together can we progress and overcome the most pressing challenges facing our generation,” she said.
The summit was attended by around a thousand investors, innovators, entrepreneurs, and policymakers from around the world, with over 100 speakers, including industry leaders, government officials, and academics.
Discussions focused on rapidly changing priorities in the social, economic, and geopolitical landscape.