عربي English Türkçe اردو فارسى
Logo
Latest News
Business

FII Institute PRIORITY Summit to Be Held in US on February 22-23

FII Institute PRIORITY Summit to Be Held in US on February 22-23
TT
TT

FII Institute PRIORITY Summit to Be Held in US on February 22-23

FII Institute PRIORITY Summit to Be Held in US on February 22-23

Leaders from across the world, and across the political spectrum will gather in Miami for the Future Investment Initiative PRIORITY Summit on February 22 and 23.

The event will bring together 1,000 investors, business leaders and policy experts at a time of heightened global tensions.

With the world experiencing an array of immediate and long-term risks, including geopolitical tension, contested elections, polarized discourse, climate concerns, AI threats and economic headwinds, the FII Institute is convening an international summit to encourage the mobilization of investment as a force for good.

The summit, held under the theme “On the Edge of a New Frontier”, will address the changing economic, social and political realities, and the issues that are of concern to citizens the world over. Discussions will include the digitization of every economic sector, investor outlook, climate tech, the new AI ecosystem, innovations for better urban environments, and the forthcoming US elections.

Over one hundred luminaries from finance, business and government are due to speak, including Michael Dell, Founder, Chairman, & CEO, Dell Technologies; Larry Summers, President Emeritus, Harvard University & Board Member at OpenAI; Jennifer Johnson, President & CEO, Franklin Templeton; Pamela Liebman, President and CEO, The Corcoran Group; Julie Sweet, Chair and CEO, Accenture; Tom Vice, CEO, Sierra Space; Magda Wierzycka, Sygnia Ltd; Josh Harris, Founder, 26North and Managing Partner, Washington Commanders; Dr Chloé Bakalar, Chief Ethicist, Responsible AI, Meta; Caroline Yap, Managing Director, Global AI Business, Google; and Todd Boehly, Co-Founder, Chairman & CEO, Eldridge Industries

The Future Investment Initiative’s (FII) Founding Partner, the Public Investment Fund of Saudi Arabia, will be joined by 25 Strategic Partners, including international companies Pepsico, Franklin Templeton, HSBC, Softbank Vision Fund, Standard Chartered, Straight Street, and GFH Financial Group. Strategic Partners support the ongoing work of the institute.

The FII Institute conducts ongoing research to identify the issues that matter to citizens worldwide. This year’s polling sampled 50,000 people from 23 countries to identify humanity’s priorities. The findings are used to shape FII’s policy agenda and program of summits.

This year’s research revealed a dramatic global drop of 20% in satisfaction levels, and discontent across a range of issues, including cost of living, loneliness, technology, and climate concerns. Meanwhile, 62% of respondents in the United States say their government is not doing enough to regulate the impact of emerging technology on society.

FII PRIORITY Summit Miami continues conversations held in Hong Kong and Riyadh in fall 2023. It is part of an ongoing global program of summits held next in forward looking global cities throughout the year, with summits coming up in Rio de Janeiro and Nairobi in the spring and summer.

Miami has been chosen for its vibrancy, diversity, economic significance, and its role as a vital link between continents, economies, and societies.

Richard Attias, CEO of the Future Investment Initiative Institute said: “This year marks an historic moment with nearly half of the world’s population participating in national elections in 2024, underscoring the significance of citizen priorities and leaders’ effective responses to them.”

“The choices made by leaders in government and investment during this period will have far-reaching consequences for global peace, prosperity, and stability and I am delighted that over 1,000 leaders will spend time in Miami deliberating on those issues that matter to the world,” he added.

Most Viewed

 
 
Business

Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
TT
TT

Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)

Telecommunications companies listed on the Saudi Stock Exchange (Tadawul) achieved a 12.46 percent growth in their net profits, which reached SAR 4.07 billion ($1.09 billion) during the second quarter of 2024, compared to SAR 3.62 billion ($965 million) during the same period last year.

They also recorded a 4.76 percent growth in revenues during the same quarter, after achieving sales worth more than SAR 26.18 billion ($7 billion), compared to SAR 24.99 billion ($6.66 billion) in the same quarter of 2023.

The growth in the revenues and net profitability is the result of several factors, including the increase in sales volume and revenues, especially in the business sector and fifth generation services, as well as the decrease in operating expenses and the focus on improving operational efficiency, controlling costs, and moving towards investment in infrastructure.

The sector comprises four companies, three of which conclude their fiscal year in December: Saudi Telecom Company (STC), Mobily, and Zain Saudi Arabia. The fiscal year of Etihad Atheeb Telecommunications Company (GO) ends on March 31.

According to its financial results announced on Tadawul, Etihad Etisalat Company (Mobily) achieved a 33 percent growth rate of profits, bringing its profits to SAR 661 million by the end of the second quarter of 2024, compared to SAR 497 million during the same period in 2023. The company also achieved a 4.59 percent growth in revenues to reach SAR 4.47 billion, compared to SAR 4.27 billion in the same quarter of last year.

The Saudi Telecom Company achieved the highest net profits among the sector’s companies, at about SAR 3.304 billion in the second quarter of 2024, compared to SAR 3.008 billion in the same quarter of 2023. The company registered a growth of 4.52 percent in revenues.

On the other hand, the revenues of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) increased by about 6.69 percent, as it recorded SAR 2.55 billion during the second quarter of 2024, compared to SAR 2.39 billion in the same period last year.

Commenting on the quarterly results of the sector’s companies, and the varying net profits, the head of asset management at Rassanah Capital, Thamer Al-Saeed, told Asharq Al-Awsat that the Saudi Telecom Company remains the sector leader in terms of customer base expansion.

He also noted the continued efforts of Mobily and Zain to offer many diverse products and other services.

Financial advisor at the Arab Trader Mohammed Al-Maymouni said the financial results of telecom sector companies have maintained a steady growth, up to 12 percent, adding that Mobily witnessed strong progress compared to the rest of the companies, despite the great competition which affected its revenues.

He added that Zain was moving at a good pace and its revenues have improved during the second quarter of 2024. However, its profits were affected by an increase in the financing cost by SAR 26.5 million riyals and a rise in interest, while net income declined significantly compared to the previous year, during which the company made exceptional returns.