Future Investment Initiative Conference Kicks off in Riyadh

The 8th edition of the Future Investment Initiative (FII) conference kicked off in Riyadh on Tuesday. (SPA)
The 8th edition of the Future Investment Initiative (FII) conference kicked off in Riyadh on Tuesday. (SPA)
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Future Investment Initiative Conference Kicks off in Riyadh

The 8th edition of the Future Investment Initiative (FII) conference kicked off in Riyadh on Tuesday. (SPA)
The 8th edition of the Future Investment Initiative (FII) conference kicked off in Riyadh on Tuesday. (SPA)

The 8th edition of the Future Investment Initiative (FII) conference kicked off in Riyadh on Tuesday under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud.

Held under the theme "Infinite Horizons: Investing Today, Shaping Tomorrow", the conference aims to contribute to driving future development and growth.

FII Institute CEO Richard Attias welcomed attendees and expressed gratitude to Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, for his visionary leadership.

Attias highlighted the success of previous FII conferences and expressed optimism about the impact the 8th edition will have on building a better future.

Governor of the Public Investment Fund, Chairman of Saudi Aramco, and Chairman of the FII Institute Yasir Al-Rumayyan emphasized the conference's role as a catalyst for action, progress, and solutions. He noted that the initiative has facilitated deals worth over $125 billion.

Al-Rumayyan underscored the FII Priority Index, launched this week, which highlights pressing global issues such as economic instability, rising living costs, healthcare disparities, social inequality, and political tensions, "all of which stretch across borders".

This year's conference theme hints to the pursuit of endless investment opportunities and future-shaping initiatives, and that the focus is on sustainable long-term investments that address global challenges, foster innovation, and deliver lasting impact, he added.

Priority sectors include next-generation green technologies, healthcare innovations, and youth engagement through sports.

"Economic, social, and environmental outcomes are interconnected, and these must be at the core of our decision making. Our world is rich in untapped potential. Emerging markets are examples of how long-term investments can ignite growth," Al-Rumayyan said.

"It is projected that the growth of emerging markets' economies will outpace developed markets' economies. This underscores the need for strategic investments in places that will drive tomorrow's global economy," he went on to say.

He underlined the Kingdom's unique resources and strategic geographic location, which have attracted investments in critical areas such as energy, infrastructure, and technology, and highlighted the potential of AI to add $20 trillion to the global economy by 2030, transforming industries, boosting productivity, and addressing critical challenges.

Al-Rumayyan underscored the importance of AI, stating that by 2027, "AI's role as an economic driver will become a benchmark of national power", capable of solving problems, driving productivity, and impacting sectors ranging from healthcare to energy.

He emphasized the transformative power of the energy sector, noting that major energy players have invested over $65 billion in low-carbon technologies since 2017.

He stressed the importance of long-term investment in ensuring a fair energy transition that balances current energy needs with a sustainable future.

"Our goal is not just to fuel economies but to empower a future where energy sustains progress and wealth for generations to come," he said.

Al-Rumayyan highlighted the FII Institute's commitment to inclusivity, hoping that the discussions at the 8th edition of the conference would influence and have an impact, setting a new standard that drives both financial returns and human progress.

By transforming today's challenges into tomorrow's opportunities, the conference aims to build a vibrant future for the global economy and humanity as a whole, he said.



Al-Khateeb: Saudi Arabia Plays Pivotal Role in Development of Responsible, Sustainable Global Tourism

Saudi Minister of Tourism Ahmed Al-Khateeb (Asharq Al-Awsat)
Saudi Minister of Tourism Ahmed Al-Khateeb (Asharq Al-Awsat)
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Al-Khateeb: Saudi Arabia Plays Pivotal Role in Development of Responsible, Sustainable Global Tourism

Saudi Minister of Tourism Ahmed Al-Khateeb (Asharq Al-Awsat)
Saudi Minister of Tourism Ahmed Al-Khateeb (Asharq Al-Awsat)

Saudi Minister of Tourism Ahmed Al-Khateeb emphasized that Saudi Arabia plays a central role in leading the development of responsible and sustainable global tourism.

“During our presidency of the G20 in 2020, we emphasized the establishment of the G20 Tourism Working Group, which has since created a comprehensive framework to drive flourishing, inclusive tourism that prioritizes the environment and encourages cooperation among nations and with the private sector,” he said.

In an interview with Asharq Al-Awsat, Al-Khateeb discussed the recent G20 tourism meeting in Brazil, noting a report from the World Travel and Tourism Council (WTTC), sponsored by Saudi Arabia, which highlighted the ongoing impact of COVID-19, particularly on women and young workers.

“The study, covering 185 countries, showcased creative initiatives, including those in Saudi Arabia, that address these issues and provide inspiration for G20 members and beyond,” the minister remarked.

Saudi Arabia has achieved top global rankings, marking the highest growth in international tourist numbers and tourism revenue among G20 countries in 2024 compared to 2019, outperforming other countries based on available data.

The minister affirmed that tourism is a key driver in the transformation underway in Saudi Arabia as part of Vision 2030, which has opened the Kingdom to the world.

“With our private sector partners, we will have invested $800 billion in this sector by the end of the decade, creating some of the world’s most advanced, innovative cities, resorts, and cultural sites. These developments embrace sustainability, aiding Saudi Arabia in its goal of achieving net-zero emissions by 2060,” he added.

He highlighted significant investments in infrastructure, including new and renovated airports, along with hosting major global sports and entertainment events.

“Our focus on tourism is driving notable economic, social, and cultural change. By the end of 2023, the tourism sector employed 925,500 people, a 62% increase compared to the end of 2019. Our investments in tourism destinations across the Kingdom are creating opportunities for both large and small communities,” he said.

Al-Khateeb stressed that tourism is a vital sector for the evolving Saudi economy, with preliminary estimates of its direct contribution to the Kingdom’s GDP at 4.4% in 2023, up from 3.6% in 2019. “Our goal is to reach 10% by 2030,” he said. “In 2023, we met our initial target of welcoming 100 million tourists to Saudi Arabia, seven years ahead of the 2030 goal, and we have now set a new target of 150 million tourists by the end of the decade.”

He noted that Saudi Arabia ranked 12th globally in 2023 in terms of international tourism revenue, rising 15 places since 2019, with tourists spending SAR141 billion ($38 billion).

Tourists benefit from investments in infrastructure and connectivity that make travel within Saudi Arabia easier and faster. The electronic visa program now covers 66 countries, facilitating smoother travel to the Kingdom.

“Saudi Arabia is at the forefront of integrating artificial intelligence in the tourism sector,” he continued. “In addition to designing customized experiences for tourists, Saudi Arabia recently hosted the Global AI Summit, a gathering of AI experts, policymakers, and influencers from around the world.”

The Minister reiterated Saudi Arabia’s commitment to ensuring a rewarding experience for pilgrims, with over SAR5.9 billion ($1.3 billion) invested in improving infrastructure at holy sites.

“We have introduced new tourist visa regulations and a smart Hajj identity, providing pilgrims with accessible information,” he added.

On Saudi Arabia’s role in transforming tourism into a driving force for inclusive development, Al-Khateeb said: “Tourism in Saudi Arabia is bringing about significant societal changes, creating opportunities, especially in empowering women and youth.”

By the end of 2023, women’s participation in the tourism sector reached 46%, with more than 925,000 employees, he underlined. The Ministry of Tourism has also launched initiatives investing over SAR375 million ($100 million) in human capital, in collaboration with top international colleges and schools to enhance the skills of Saudi trainees in the tourism sector.

He emphasized Saudi Arabia’s vision of tourism as a primary force for social change globally, promoting “greater tolerance, acceptance, and collaboration among the world’s peoples.”

Al-Khateeb anticipates significant growth in the travel and tourism sector over the next decade, with an estimated value of $16 trillion, accounting for 11.4% of the global economy, according to the WTTC.

He concluded by stating that Saudi Arabia is a global leader in achieving these goals, fostering partnerships between the public sector and governments worldwide, and encouraging knowledge sharing and innovation.

“We are proud of our pioneering work with various international organizations, including the G20, the United Nations World Tourism Organization, and the World Economic Forum, and we are committed to building a bright and lasting legacy for global tourism,” the minister stated.