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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

Global Unemployment ‘Stable’ in 2026, but Decent Jobs Lacking

A Palestinian employee inspects sweet locally known as "al-Shatwi" (Winter) Crimbo sweets, as the Al-Arees factory gradually resumes operations after a hiatus caused by the Gaza war which led to shortages of raw materials used in their products, in Deir al-Balah, in the central Gaza Strip on January 12, 2026, following a US-brokered truce that halted the two-year war. (AFP)
A Palestinian employee inspects sweet locally known as "al-Shatwi" (Winter) Crimbo sweets, as the Al-Arees factory gradually resumes operations after a hiatus caused by the Gaza war which led to shortages of raw materials used in their products, in Deir al-Balah, in the central Gaza Strip on January 12, 2026, following a US-brokered truce that halted the two-year war. (AFP)
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Global Unemployment ‘Stable’ in 2026, but Decent Jobs Lacking

A Palestinian employee inspects sweet locally known as "al-Shatwi" (Winter) Crimbo sweets, as the Al-Arees factory gradually resumes operations after a hiatus caused by the Gaza war which led to shortages of raw materials used in their products, in Deir al-Balah, in the central Gaza Strip on January 12, 2026, following a US-brokered truce that halted the two-year war. (AFP)
A Palestinian employee inspects sweet locally known as "al-Shatwi" (Winter) Crimbo sweets, as the Al-Arees factory gradually resumes operations after a hiatus caused by the Gaza war which led to shortages of raw materials used in their products, in Deir al-Balah, in the central Gaza Strip on January 12, 2026, following a US-brokered truce that halted the two-year war. (AFP)

The global unemployment rate is expected to hold steady in 2026, the United Nations said Wednesday, but cautioned the labor market's seeming stability belies a dire shortage of decent jobs.

The UN's International Labor Organization said the global economy and labor market appeared to have weathered recent economic shocks better than expected.

But the ILO warned that efforts to improve global job quality had stagnated, leaving hundreds of millions of workers wallowing in poverty, even as trade uncertainty risked cutting into workers wages.

The global unemployment rate was estimated at 4.9 percent last year and the year before, and is now projected to remain at a similar level until 2027, a report from the UN labor agency said.

That amounts to 186 million people out of work this year, it said.

"Global labor markets look stable, but that stability is quite fragile," Caroline Fredrickson, head of the ILO's research department, told reporters, cautioning that the "apparent calm masks deeper and unresolved problems".

At a time when US President Donald Trump has slapped towering tariffs on friends and foes alike, the report cautioned that "disruptions caused by trade uncertainty, combined with ongoing long-term transformations in global trade, could significantly affect labor market outcomes".

Going forward, the ILO said its modelling suggested that a moderate increase in trade policy uncertainty "may reduce returns to labor and, as a consequence, real wages for both skilled and unskilled workers across all sectors", especially in Southeast Asia, Southern Asia and Europe.

The potential of trade to generate new employment opportunities was also being challenged by the ongoing disruptions, the report said, pointing out that 465 million jobs globally depended on foreign demand through exports of goods and services and related supply chains in 2024.

- Extreme poverty -

Another major concern highlighted by the ILO was the quality of jobs available.

"Resilient growth and stable unemployment figures should not distract us from the deeper reality: hundreds of millions of workers remain trapped in poverty, informality, and exclusion," ILO chief Gilbert Houngbo said in a statement.

Nearly 300 million workers continue to live in extreme poverty, earning less than $3 a day, Wednesday's report found.

At the same time, some 2.1 billion workers are expected to hold informal jobs this year, with limited access to social protection, labor rights and job security.

Young people remain particularly vulnerable, with unemployment among 15- to 24-year-olds projected to reach 12.4 percent for 2025, with around 260 million young people not engaged in education, employment or training, ILO said.

It warned that artificial intelligence and automation could exacerbate challenges, particularly for educated young people in wealthier countries seeking their first high-skill jobs.

"While the full impact of AI on youth employment remains uncertain, its potential magnitude warrants close monitoring," the report said.

The ILO also highlighted "entrenched gender inequalities", pointing out that women still account for just two-fifths of global employment.

"Stable labor markets are not necessarily healthy," Fredrickson said, stressing the growing need for "domestic policy choices to strengthen decent work outcomes".

"Without decisive action, today's stability risks giving way to deeper inequalities."

Business

China Had a Record $1.2 Trillion Trade Surplus in 2025, as Exports Rose 6.6% in December

Women dressed in traditional Chinese-style attire cross a street in Beijing, China, Tuesday, Jan. 13, 2026. (AP)
Women dressed in traditional Chinese-style attire cross a street in Beijing, China, Tuesday, Jan. 13, 2026. (AP)
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China Had a Record $1.2 Trillion Trade Surplus in 2025, as Exports Rose 6.6% in December

Women dressed in traditional Chinese-style attire cross a street in Beijing, China, Tuesday, Jan. 13, 2026. (AP)
Women dressed in traditional Chinese-style attire cross a street in Beijing, China, Tuesday, Jan. 13, 2026. (AP)

China’s trade surplus surged to a record of almost $1.2 trillion in 2025, the government said Wednesday, as exports to other countries made up for slowing shipments to the United States.

China's exports rose 5.5% for the whole of last year to $3.77 trillion, customs data showed, while imports flatlined at $2.58 trillion. The 2024 trade surplus was over $992 billion.

In December, China’s exports climbed 6.6% from the year before in dollar terms, better than economists’ estimates and higher than November’s 5.9% year-on-year increase. Imports in December were up 5.7% year-on-year, compared to November’s 1.9%.

China’s trade surplus surpassed the $1 trillion mark for the first time in November, when the trade surplus reached $1.08 trillion in the first 11 months of last year.

Economists expect exports will continue to support China’s economy this year, despite trade friction and geopolitical tensions.

“We continue to expect exports to act as a big growth driver in 2026,” said Jacqueline Rong, chief China economist at BNP Paribas.

While China’s exports to the US have fallen sharply for most of last year since President Donald Trump returned to office and escalated his trade war with the world’s second-largest economy, that decline has been largely offset by shipments to other markets in South America, Southeast Asia, Africa and Europe.

For the whole of 2025, China’s exports to the US fell 20%. In contrast, exports to Africa surged 26%. Those to Southeast Asian countries jumped 13%; to the European Union 8%, and to Latin America, 7%.

Strong global demand for computer chips and other devices and the materials needed to make them were among categories that supported China’s exports, analysts said. Car exports also grew last year.

China's strong exports have helped keep its economy growing at an annual rate close to its official target of about 5%. But that has triggered alarm in countries that fear a flood of cheap imports are damaging local industries.

China faces a “severe and complex” external trade environment in 2026, Wang Jun, vice minister of China’s customs administration, told reporters in Beijing. But he said China’s “foreign trade fundamentals remain solid.”

The head of the International Monetary Fund last month called for China to fix its economic imbalances and speed up its shift from reliance on exports by boosting domestic demand and investment.

A prolonged property downturn in China after the authorities cracked down on excessive borrowing, triggering defaults by many developers, is still weighing on consumer confidence and domestic demand.

China’s leaders have made increasing spending by consumers and businesses a focus of economic policy, but actions taken so far have had a limited impact. That included government trade-in subsidies over the past months that encouraged consumers to buy newer, more energy efficient items, such as home appliances and vehicles, and replace older models.

“We expect domestic demand growth to stay tepid,” said Rong of BNP Paribas. “In fact, the policy boost to domestic demand looks weaker than last year -- in particular the fiscal subsidy program for consumer goods.”

Gary Ng, a senior economist at French investment bank Natixis, forecasts that China’s exports will grow about 3% in 2026, less than the 5.5% growth in 2025. With slow import growth, he expects China's trade surplus to remain above $1 trillion this year.

Business

Saudi Arabia Signs Mineral Cooperation Deals with Chile, Canada, Brazil

The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF) in Riyadh. (SPA)
The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF) in Riyadh. (SPA)
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Saudi Arabia Signs Mineral Cooperation Deals with Chile, Canada, Brazil

The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF) in Riyadh. (SPA)
The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF) in Riyadh. (SPA)

Saudi Arabia, represented by the Ministry of Industry and Mineral Resources, signed on Tuesday three international memoranda of understanding (MoUs) on mineral resources cooperation with the Chile, Canada, and Brazil.

The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF), hosted by Riyadh from January 13 to 15.

The deals reflect the Kingdom’s efforts to expand its international partnerships and strengthen technical and investment cooperation in the mining and minerals sector in a manner that serves mutual interests and supports the sustainable development of mineral resources.

The signing ceremony included MoUs on cooperation in the mineral resources field with the Chilean Ministry of Mining, the Canadian Department of Natural Resources, and the Brazilian Ministry of Mines and Energy.

The Ministerial Roundtable recorded the largest level of international representation of its kind globally, with participation from more than 100 countries, including all G20 members in addition to the European Union, as well as 59 multilateral organizations, industry associations, and non-governmental organizations.

The attendance reflects the standing the ministerial meeting has attained as a leading international platform for aligning perspectives, building partnerships, and developing practical solutions to global challenges in the mining and minerals sector.