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Ninth FII Conference Launches Economy of the Future from Riyadh

People are seen at last year's edition of the conference. (AFP)
People are seen at last year's edition of the conference. (AFP)
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Ninth FII Conference Launches Economy of the Future from Riyadh

People are seen at last year's edition of the conference. (AFP)
People are seen at last year's edition of the conference. (AFP)

Under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the ninth edition of the Future Investment Initiative (FII) Conference opened on Monday at the King Abdulaziz International Conference Center in Riyadh under the theme “The Key to Prosperity”.  

The event began with closed sessions where experts exchanged ideas and experiences. Discussions focused on various topics including the role of carbon accounting innovation in measuring corporate climate performance, the potential of cryptocurrency infrastructure to redefine the global financial system, quantum computing and its capacity to generate returns, and strategies for investing in future leadership.  

From October 28 to 30, the conference will host a wide range of sessions covering pressing issues such as the impact of AI and robotics on productivity, wealth creation amid growing inequality, the geoeconomic implications of resource scarcity, demographic shifts shaping the future workforce, and strategies for balancing economic growth with environmental sustainability.  

Heads of state, sovereign wealth fund representatives, senior executives, and pioneers from technology, energy, healthcare, climate, finance, and culture will engage in high-level discussions aimed at shaping the future of global growth, investment, and human progress.  

The conference is expected to draw over 8,000 participants and feature 650 prominent speakers across 250 dialogue sessions, reinforcing Riyadh’s role as a leading global hub that brings together leaders and innovators to turn visionary ideas into actionable strategies that define the future of investment. 

Action over rhetoric 

Edward Mermelstein, former New York City Commissioner for International Affairs, told Asharq Al-Awsat that FII “is far more than a traditional conference. It is where global capital, innovation, and policy intersect. Its distinction lies in action over rhetoric.” 

“FII brings together sovereign funds, global CEOs, and policymakers who are focused on execution, building partnerships that move markets and create opportunity across regions,” he stressed. 

“What makes it truly unique is Saudi Arabia’s role as a convener,” he explained. “Under Vision 2030, the Kingdom has positioned Riyadh as the hub where developed and emerging economies connect. FII reflects that ambition, advancing discussions on sustainable development, AI integration, and frontier market investment that will define the global economy for decades to come.” 

He continued: “I have followed the Initiative’s remarkable evolution and would be honored to contribute in future editions. My work remains closely aligned with its mission of mobilizing global investment toward emerging markets and reconstruction efforts.” 

“As New York City’s Commissioner for International Affairs from 2022 to 2025, I had the honor of strengthening the city’s global relationships and advancing foreign investment, technology, and sustainability initiatives,” Mermelstein said. “In that capacity, I visited the Kingdom many times and witnessed firsthand its remarkable transformation and openness to partnership. Today, through Atlantic Bridge Capital, I am focused on mobilizing institutional investment into emerging and frontier markets, with a particular emphasis on reconstruction, resilience, and technology-driven growth.” 

“Most recently, at the Kyiv International Economic Forum, I focused on how international partnerships and private capital can help rebuild post-conflict economies. I believe similar frameworks can extend to regions across Africa, Asia, and the Middle East, where Saudi leadership and capital play a defining role in shaping sustainable growth,” he added. 

On the Saudi investment environment and its advantages, Mermelstein stated: “Saudi Arabia has established itself as the standard-bearer for emerging market transformation. Vision 2030 has produced a stable, investor-friendly environment supported by strong governance, modern regulation, and clear long-term strategy. The Kingdom’s ability to mobilize capital through the Public Investment Fund and its growing private sector makes it a global magnet for innovation and investment.” 

“From my own engagements with Saudi leaders and institutions, I have seen firsthand the depth of ambition and professionalism driving this transformation. Beyond diversifying its own economy, the Kingdom is exporting a model of success that merges strategic planning, technological advancement, and inclusive development,” he told Asharq Al-Awsat. 

“Saudi Arabia today stands as the shining example of how visionary leadership and disciplined execution can redefine what is possible for emerging markets around the world.” 

What makes FII unique 

Sem M. Köksal, Co-founder and Chief Executive Officer, GSL Holding GmbH, told Asharq Al-Awsat that “FII feels like coming home. I've been to many conferences around the world. But FII is different. Here, things actually happen.” 

He said three things make FII special. “First – the speed. In other places, you discuss ideas for months, maybe years. Here in Riyadh? Three days and it's done. That is what Vision 2030 means in practice – when this nation decides to do something, it gets done.” 

“Second – real partnership,” he said. “I work with Sheikh Abdullah bin Zaid Al-Meleihi, Chairman of Al-Ramez International Group and Saudi Excellence Holding. He is a visionary who understood where technology was heading long before others did.” The partnerships have bolstered work in future technologies and opened doors for communication between Europe and the Kingdom. 

“Third – access to decision-makers. At FII, you sit with ministers and the people who actually make decisions. I want to especially thank the Ministry of Investment for their incredible support. They are problem-solvers,” Köksal said. 

“FII is not just another conference. It is where the future gets made,” he remarked. 

Asked about his participation at FII9, Köksal said: “I bring German engineering excellence and connections to world-leading companies across critical infrastructure. Whether it's Bosch in hydrogen technology – we were together in NEOM, meeting with the Ministry of Investment and PIF – or Lyten in advanced battery systems, or working with one of the largest US infrastructure funds in the data center space.” 

“My focus spans the full spectrum: data centers, complete security solutions, not just cyber but real defense hardware and integrated systems and next-generation energy technology. I work exclusively with global leaders in their fields,” he stressed. 

Moreover, he revealed that he will be signing agreements covering three main areas: “Data centers for the AI revolution: Saudi Arabia is building NEOM, The Line – incredible projects that need secure, sovereign data infrastructure.” 

“I am working with one of the largest US infrastructure funds in this space, and together with Saudi Excellence, we have concrete plans for Saudi Arabia,” he said. “I can't go into details yet, but it's about knowledge transfer, local manufacturing, and real technological sovereignty. We don't just sell technology – we transfer it. That is what Saudi Arabia wants and deserves. True sovereignty, not just buying from abroad.” 

The second area is advanced battery and energy technology. “I am advisor to Lyten – the absolute world leader in lithium-sulfur battery technology from Silicon Valley. Dan Cook, the founder and CEO, is a true visionary. He has built something revolutionary. I have the advisory mandate for Europe, but I am already developing concepts for Saudi Arabia.” 

This matters because “energy storage is the new oil,” Köksal explained. “It's about sovereignty, about powering data centers and about critical infrastructure. AI data centers need massive power and backup. Critical infrastructure needs reliable energy storage. This isn't just business, it's strategic.” 

“Energy independence is national security. Saudi Arabia has always understood energy better than anyone. Now it's about the next generation of energy technology. And Lyten is leading that revolution globally,” he stressed. 

The third area is defense and critical infrastructure: Beyond cybersecurity. “We are talking complete security solutions. Hardware, defense systems, integrated infrastructure protection. Working with leading European and international partners to develop sovereign capabilities. Sensitive, but crucial for independence. Saudi Arabia is the best place in the world for technology companies right now.” 

Furthermore, he described Riyadh as strategic. “The Public Investment Fund, private investors – everyone's investing in the future. If you have a good plan and the right partners, you find capital that wants to grow with you, not just make a quick return. The location is perfect. From Riyadh, you reach Europe in five hours, Asia in six, Africa in four.” 

“Saudi Arabia is the new center. Infrastructure of the future. NEOM is being built right now. The Line is becoming real. These are testbeds for tomorrow's technology,” Köksal added. 

Major deals, solutions to global challenges 

Abdullah bin Zaid Al-Mullahi, Chairman of the Saudi Excellence Holding Company, told Asharq Al-Awsat that the launch of FII9 has positioned the Kingdom among the world's leading countries. “This conference is a cornerstone of the Crown Prince's Vision 2030, which all Saudis are working to achieve,” he remarked. 

“The Kingdom's support for artificial intelligence projects has been extensive in this field. Major deals and a significant global presence are expected from all over the world. The education and artificial intelligence sectors are a key part of the conference discussion panels,” he noted. 

“The launch of the initiative in 2017 marks the Kingdom's entry as one of the world's sponsors of global investment conferences. It is working to unify efforts and invest in finding solutions to global challenges that contribute to a positive impact on humanity,” he added. 

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Business

Saudi Arabia Boosts Firms’ Readiness for Supply Chain Challenges

Container ship at King Abdullah Port (SPA)
Container ship at King Abdullah Port (SPA)
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Saudi Arabia Boosts Firms’ Readiness for Supply Chain Challenges

Container ship at King Abdullah Port (SPA)
Container ship at King Abdullah Port (SPA)

Amid mounting geopolitical tensions threatening global supply chains, particularly disruptions in the Strait of Hormuz, Saudi Arabia is stepping up efforts to shield its economy by strengthening private sector readiness to withstand external shocks.

Asharq Al-Awsat has learned that the Federation of Saudi Chambers is moving to boost companies’ preparedness, unify procedures, and keep business flowing smoothly amid rising logistical risks.

The push underscores authorities’ focus on safeguarding the domestic market by helping businesses adapt quickly and strengthen operational resilience, supporting economic stability and sustained growth.

Future decisions

As part of efforts to bolster supply chain resilience, the Federation of Saudi Chambers is mapping challenges facing companies and national institutions, aiming to present the sector’s voice directly, build a clear picture of on-the-ground obstacles, and help shape future decisions.

It is tracking operational and logistical hurdles and turning them into inputs for relevant authorities to improve regulations and support market-based decision-making.

Improving the regulatory environment

The federation has asked companies to pinpoint challenges across ports, airports, logistics hubs, and warehouses, as well as those tied to regulators.

It urged firms to specify issues such as clearance or transit delays, procedural disruptions, added costs, lack of information, conflicting instructions, and regulatory requirements, along with their impact, whether financial or operational, including delivery delays, lost clients, suspended contracts, damaged cargo, and supply chain breakdowns.

The findings are expected to feed into regulatory improvements and more informed policymaking.

Alternative routes

Saudi Arabia has rolled out proactive logistics measures to reduce reliance on the Strait of Hormuz, including new corridors linking Gulf ports through alternative land and sea routes, Red Sea options, and additional shipping services to expand port capacity.

The Transport General Authority said licensed operators will be allowed to carry goods for third parties until Sept. 25, aiming to boost fleet efficiency and flexibility.

The authority said the step will help companies make better use of capacity, support supply chain continuity, and improve cargo movement within the kingdom and to neighboring countries.

On Thursday, it also approved regulatory updates extending deadlines for land freight firms to adjust their status, aiming to raise efficiency and compliance.

The extension covers heavy and light transport activities until Aug. 27, 2026, giving companies more time to meet regulatory requirements.

It also includes cases involving the reclassification of vehicle registration from private to public use in heavy freight, in a move to better regulate the sector and improve fleet utilization.

Business

War Hits Lebanon Dollar Lifeline, Remittances Fall Sharply

Lebanon’s central bank (National News Agency)
Lebanon’s central bank (National News Agency)
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War Hits Lebanon Dollar Lifeline, Remittances Fall Sharply

Lebanon’s central bank (National News Agency)
Lebanon’s central bank (National News Agency)

A Lebanese mother described the sharp decline in one of her last sources of income, once a pillar of her financial stability, as remittances from her son abroad dwindled in the wake of the war.

“My son used to send me $600 a month. I lived on it, covered my medication and basic needs. After the war, the transfer does not exceed $200,” she told Asharq Al-Awsat.

Her account reflects a broader trend among Lebanese households, in which remittances from relatives abroad have dropped by 10% to 15% during the war. The conflict has left its mark on multiple countries, including Lebanon, driving inflation and creating obstacles to money transfers.

The financial situation was also discussed in a meeting between Lebanese President Joseph Aoun and central bank governor Karim Saeed, where current monetary and financial conditions, exchange rate stability, and precautionary measures to maintain liquidity were reviewed.

Rapid contraction and rising pressure

The issue has reached the government. Economy Minister Amer Bisat presented updated wartime estimates to the cabinet on Thursday, highlighting economic contraction and declining incomes driven by large-scale displacement, along with a notable rise in unemployment.

He cited sectoral and field studies showing deteriorating indicators, estimating the contraction at 7%-10%, coupled with slower inflows of funds into the country.

Bisat said the situation remains “relatively under control,” noting that the ministry continues to pursue cases of monopoly and fraud through dozens of reports, judicial referrals, and the seizure of non-compliant goods.

He warned that a prolonged war would heighten economic risks, describing inflation as a real challenge, while the balance of payments remains within acceptable limits.

Impact on daily life

The Lebanese mother told Asharq Al-Awsat: “I used to organize my life around the $600 my son sent me every month. I would pay for medication first, then cover household needs. Now I have to ration spending. I can no longer pay the electricity bill regularly.”

She added: “I buy smaller quantities of everything and postpone whatever I can. Sometimes I ask the pharmacy for medicine on credit. I never imagined I would reach this point.”

In the Bekaa Valley, Abu Mohammad described a similar experience: “My son used to send $400 a month, now it barely reaches $200.”

“I relied on that amount to cover rent and basic expenses. Now everything has changed. We live day to day on installments. We buy only the bare minimum and delay everything, rent, bills, even some essentials,” he said.

“Sometimes we sit together as a family to decide what we can pay this month and what to postpone. This did not exist before. Now it is part of our daily life.”

A shrinking economic backbone

Economist Walid Abou Suleiman said remittances have formed the “backbone of Lebanon’s economy since the 2019 crisis,” noting that the country relies heavily on them to secure foreign currency, as Lebanon imports about 85% of its consumer needs.

He told Asharq Al-Awsat that annual remittances are estimated at around $6 billion, including roughly $3 billion from Gulf countries, but have begun to decline, with at least a 5% drop recorded in the first month of the crisis.

“The impact of crises does not appear immediately; it builds gradually in the following months, meaning the decline is likely to worsen,” he said.

Hundreds of millions in losses

Abou Suleiman expects remittances to fall by 10% to 15%, equivalent to annual losses of between $450 million and $500 million, or about $40 million per month.

This decline is compounded by job losses among Lebanese expatriates in the Gulf, increasing domestic pressure as some return to Lebanon.

He added that the war has also affected other sources of foreign currency, particularly tourism. “Seasons that used to inject dollars into the market, such as Easter, have been absent this year,” he said, adding that rising global oil prices are worsening the crisis, as Lebanon is among the countries most affected by energy costs.

“The treasury is bearing additional burdens estimated at around 18% due to these increases,” he said.

Abou Suleiman warned that global inflation directly impacts Lebanon. “We do not only import goods, but we also import inflation with them, given the absence of local production and self-sufficiency,” he said, cautioning that the economic outlook will deteriorate further if the war continues.

Ongoing decline and uncertain outlook

Economist Professor Jassem Ajaka said remittances to Lebanon have recorded a notable decline, estimating a drop of around 5% last week, possibly rising to between 5% and 10% as conditions continue to evolve, with no precise figure due to constantly changing data.

He said the decline is logical, as Lebanese workers in the Gulf and Europe have also been affected by slowing economic conditions there.

“The crisis is no longer confined to one country or region; it is global, though its impact varies from place to place,” he said.

Ajaka stressed that remittances remain a key pillar, alongside tourism, which is largely driven by expatriates. “The tourism sector is almost entirely halted. The season can be considered lost, and even the upcoming summer season is not guaranteed. Recovery will not be quick, even if the war ends,” he said.

Tourism revenues were estimated at between $4 billion and $4.5 billion annually, making them a major source of foreign currency.

Exports are also expected to decline by around 10% due to damage to the agricultural sector in the south and Bekaa, as well as higher industrial production costs driven by rising oil prices.

Dollar inflows shrink, risks expand

Ajaka said remittances now represent the last line of resilience for many Lebanese families, but this pillar is weakening with the current decline.

He warned that the most serious consequence is a shortage of dollars in the market, raising questions about Lebanon’s ability to finance imports of fuel, food, and medicine.

A temporary solution could involve the central bank financing imports from its foreign currency reserves, he said, but this would amount to crisis management, with repercussions worsening the longer it continues.

He added that pressures are not limited to economic factors, but also include measures that restrict dollar inflows, further reducing liquidity in the market.

Business

Dollar Jumps as Trump Pledges More Iran Strikes

FILE PHOTO: US dollar banknotes are seen in this illustration taken March 24, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: US dollar banknotes are seen in this illustration taken March 24, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
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Dollar Jumps as Trump Pledges More Iran Strikes

FILE PHOTO: US dollar banknotes are seen in this illustration taken March 24, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: US dollar banknotes are seen in this illustration taken March 24, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

The dollar rose sharply on Thursday after US President Donald Trump's address on Iran shattered hopes for a swift end to the conflict, sending investors towards safe-haven assets as oil prices jumped and stocks tumbled.

In a televised speech, Trump vowed more aggressive strikes on Iran in the next two to three weeks, offering no concrete timeline to open the Strait of Hormuz or end a war that has rattled investors and roiled markets, Reuters reported.

Iran's military responded with a warning for the United States and Israel of "more crushing, broader and more destructive" attacks in store.

Investors were quick to sell riskier assets such as stocks and buy the US dollar, pushing the yen, euro and sterling lower.

The dollar index, which measures the greenback against a basket of currencies, climbed 0.68% to 100.24 as the safe-haven trade came back on, putting it on track for its best day since March 18.

Thursday's advance wiped out most of the greenback's declines from the past two days amid earlier optimism about de-escalating the Iran war, putting it on track for another winning week.

Stocks slid and oil prices surged, with Brent crude futures rising almost 8% to $109.10 per barrel, after Trump's address sparked fresh concerns about sustained disruption.

"Trump's comments failed to reassure markets ... markets are starting to realize that the war will probably escalate further from here before de-escalating," said Carol Kong, a currency strategist at Commonwealth Bank of Australia.

"The dollar can definitely increase further from here against all the major currencies" as markets wake up to the fact that the global economy will slow down materially, she added.

Non-dollar currencies extended their falls as oil prices climbed in European trading.

The euro fell 0.66% to $1.1513 and sterling slid 0.88% to $1.319, both giving up some recent gains.

The risk-sensitive Australian dollar, commonly seen as a barometer of global growth expectations, fell 0.95% to $0.6863.

The Japanese yen traded 0.6% weaker at 159.72 per dollar , nearing the psychologically important 160 level that is viewed as the line in the sand for intervention by Japanese authorities.

Trump's comments also sent US Treasury yields higher on growing fears that inflation from higher oil prices would close the door to rate cuts.

That sets the stage for Friday's US non-farm payrolls report. The market is looking for a 60,000 rise in jobs for March, according to the median estimate of economists polled by Reuters.

"Another miss could rattle the markets and crank the volume up on the chorus warning about stagflation," said Kyle Rodda, senior financial market analyst at Capital.com.

"The markets could be extra choppy going into the Easter long weekend."