AI Challenges Take Center Stage at FII Summit in Miami

Artificial intelligence was at the heart of discussions at the Future Investing Initiative (FII) in Miami, where participants discussed its challenges amid investor enthusiasm for the technology.

It is the second time the FII "Priority" summit has been held in Miami, US, under "On the Edge of a New Frontier."

About 1,000 attendees at the summit discussed technologies, promoting innovation to invest and improve civil societies, harmoniously integrating technical developments in advanced AI, robotics, healthcare, finance, and sustainability.

Central to the summit's goals is to connect the two Americas to global markets and address critical challenges for a prosperous future in light of Miami's dynamic entrepreneurship and vibrant corporate scene.

PIF Governor

Saudi Public Investment Fund (PIF) Governor and Chairman of FII Institute Yasir al-Rumayyan stressed during a panel session at the summit opening on Thursday that the Kingdom is well positioned to be a significant global hub for AI and related industries.

Rumayyan explained that it has many competitive advantages to achieve this goal, including its leadership in clean energy resources, political determination, funding capabilities, and human competencies.

He also addressed PIF's strategy, saying that more than 70% of its investments are local and directed towards the Kingdom's economy, while the public share of international investments has declined to less than 25%.

Rumayyan explained that PIF investments mainly target new sectors under its goal to make a long-term impact by being the economic driver of the transformation journey within Vision 2030, which is distinguished from other international strategic plans by its success in achieving many of its goals before their set timelines.

"The fund invests between $40 billion to $50 billion annually, which will continue until 2025. We look at our investments in the Kingdom and their impact on the gross domestic product, job creation, and local content increase."

"We are looking forward to increasing local revenues generated from investments as per the framework to create a sustainable impact on the Saudi economy and realize the targets of Vision 2030," he said.

On the fund's international investments, Rumyyan said their value continues to rise in terms of volume despite a decline in their percentage compared to local investments.

He pointed out that investments in the US market amount to 40% of the fund's total international investments in the form of investments or purchases, which amounted to more than $100 billion between 2017 and the end of 2023.

Meanwhile, Nvidia's total revenue rose 265% from a year ago, based on solid sales for server AI chips, amounting to $22.1 billion in the fourth quarter. The company is anticipating stronger sales thanks to growing spending on artificial intelligence.

Blackstone

Stephen Schwarzman, co-founder and CEO of Blackstone and an early supporter of AI, was one of several executives at the summit.

He highlighted the ethical implications of artificial technology, warning that countries and leaders need to come together on AI to prevent its misuse.

Schwarzman said he wondered about the "astonishing power of AI" and its effect on the human condition.

He stressed that AI will likely impact society and humanity, especially healthcare.

Accenture

Accenture CEO Julie Sweet said that AI has the potential to bridge North-South divides, exploring the far-reaching impact of AI on addressing global challenges in a panel discussion titled "FII Priority Compass: What matters most to citizens?"

She said: "The question is how much AI can help the Global South and the countries that need help through precision farming, through telemedicine and better healthcare."

Sweet highlighted Saudi Arabia's proactive stance in utilizing artificial intelligence to achieve societal progress and stressed the importance of global cooperation in harnessing the potential of artificial intelligence to address complex issues.

"One of the things that's been great to see is Saudi Arabia taking the lead in many places to think through how AI can help and how can they be a leader," she said, adding, "I think it's really important to always stay focused on what are the opportunities with AI to solve the world's problems."

She also highlighted the efforts of organizations such as the United Nations and stressed the urgent need to understand how to harness technology to avoid widening disparities.

"Regulation needs to be the outcome of a very strong public-private partnership because most governments in the world don't have the access or the talent inside to know it," Sweet said, adding that there have been a few successful examples of governments balancing innovation and safety.

She added: "That's one of the most important things governments must do, particularly because the technology is changing rapidly. And I think the good news is that everyone has agreed that some regulation is needed."

Regarding the AI-related risks in the upcoming US elections, Sweet warned against relying solely on government regulation.

She called for increased cooperation between private entities.

The second and final day of the summit discussed topics related to finance, venture capital, IPO markets, innovation, and others.

Saudi Arabia has achieved the lowest unemployment rate in its history, dropping to 6.3% in the first quarter of 2025. The milestone was driven largely by the growing participation of Saudi women in the workforce, marking a major shift in employment under Vision 2030. The figure represents an unprecedented annual decline of 1.3 percentage points and a drop of 0.7 points from the previous quarter.

The General Authority for Statistics reported that Saudi women’s unemployment fell to 10.5%, its lowest level ever recorded, after dropping more than 11 percentage points since 2021. Women’s labor force participation also rose to 36.3%, while their employment rate climbed to 32.5% of the total population.

These gains reflect the impact of policies designed to expand opportunities and improve the quality of jobs available to women.

Human resources specialist Ali Al Eid described the achievement as the result of effective collaboration between government entities and the private sector. “What we see today is the outcome of years of focused policies to empower national talent and create a work environment that fosters growth,” he told Asharq Al-Awsat.

Al Eid noted that targeted initiatives such as Saudization, skills development, and support for entrepreneurs contributed significantly to reducing unemployment. He added that shifts in employment preferences, especially among young Saudis, have accelerated these changes.

He emphasized that the Saudi labor market has proven resilient despite recent global challenges. The expanding role of women has been especially critical in lowering unemployment and strengthening economic participation.

Al Eid highlighted that young Saudis’ increasing focus on vocational training and acquiring specialized skills has lifted labor participation to record highs in recent years.

“Continuing professional development programs is essential to ensure national talent is prepared for the future,” Al Eid said, pointing to Vision 2030 projects in tourism, technology, industry, and logistics as key sources of quality jobs.

He also underscored the importance of aligning education outcomes with labor market needs to close skill gaps and prepare young people for emerging sectors.

“What has been accomplished is a significant milestone on the road to broader success,” he added. “The next priority is to focus on the quality and sustainability of jobs and to enable Saudis to take on leadership and specialized roles that will drive long-term development.”

Dr. Abdullah Al-Jassar, a member of the Saudi Association for Energy Economics, said the results demonstrate the effectiveness of the Kingdom’s economic and social reforms. He noted that the creation of more diverse, higher-quality roles - particularly those suited to women’s skills - has been instrumental in lowering unemployment.

“These positive indicators will help attract new investment, especially as the country prepares for major projects extending through 2034,” Al-Jassar said. He added that reaching a 5% unemployment rate under Vision 2030 has become a realistic goal.

Among Saudi men, the unemployment rate declined slightly to 4%, while their participation rate rose to 66.4%. Employment among Saudis aged 25–54 increased to nearly 66%, with unemployment falling to 5.4%.

Overall, including Saudis and expatriates, unemployment dropped to 2.8%, compared to 3.5% a year earlier. Labor participation rose to 68.2%. These results follow Saudi Arabia’s early success in meeting its target of reducing unemployment to 7%, five years ahead of schedule, prompting a new objective of 5% by the decade’s end.

AI Challenges Take Center Stage at FII Summit in Miami