Artificial intelligence dominated discussions on the second day of the Future Investment Initiative (FII) conference in Riyadh, held under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and attended by a large audience of local and international participants.
Speakers stressed the need to harness AI to reshape the global landscape and achieve a balance of power, prosperity and sustainable development.
The ninth edition of the FII continued its sessions at the King Abdulaziz International Conference Center, featuring panels on AI as a strategic field, the importance of critical and rare minerals underpinning the transition to clean energy and the digital economy, AI’s energy demands, and the role of digital trade as a growing pillar of the global economy.
Experts highlighted the need to build alliances and systems that keep pace with AI growth and to explore strategies ensuring the technology’s sustainable development. The global AI market, they noted, is expected to reach $4.8 trillion by 2033.
Leaders of major global companies and changemakers joined panel discussions to explore the latest AI advances and shape a more inclusive era of technological progress.
The sessions also addressed key sectors, emphasizing investment in renewable energy and how to strike a balance between cost and sustainability.
Non-Oil Growth
Minister of Economy and Planning Faisal Alibrahim said in a panel discussion that the private sector remains the main driver of non-oil growth, noting its rising contribution to GDP since the launch of Saudi Vision 2030 in 2016 - a sign, he said, of the effectiveness of economic policies and reforms that have strengthened the business environment.
The Kingdom gives top priority to structural reforms and enhancing private sector dynamism, Alibrahim said, adding that ongoing efforts have improved market efficiency, increased competitiveness and expanded economic opportunities for investors and entrepreneurs.
He said Saudi Arabia’s business culture had undergone a fundamental transformation since Vision 2030, becoming focused on efficiency, speed and innovation. This shift, he added, has strengthened the economy’s ability to keep pace with global transformations and achieve major gains in performance and productivity.
Alibrahim stressed that economic resilience should be seen as a competitive advantage, not merely an ability to withstand shocks.
Strengthening resilience, he said, helps attract investment, boost market confidence and ensure stable, sustainable growth. Saudi Arabia, he added, is deepening its global economic integration and accelerating innovation-driven entrepreneurship, reinforcing its position as a leading economic hub linking regional and international markets.
He concluded that technology has become a cornerstone of global economic stability, accelerating crisis response, identifying future risks and enhancing coordination among economies. “Investing in technology and innovation is a strategic path to sustainable growth,” he said.
Regional Headquarters
Minister of Investment Eng. Khalid al-Falih said Saudi Arabia has become a global investment destination under the guidance of Crown Prince and Prime Minister Mohammed bin Salman, who has directed efforts to enable multinational companies to operate in the Kingdom.
He said 700 global companies have now obtained licenses to conduct business in Saudi Arabia, while the government is also facilitating the work of international organizations such as the United Nations. The Kingdom, he added, is implementing a roadmap to become one of the most competitive environments for family businesses to grow and thrive.
Al-Falih said Saudi Arabia’s stable regulatory and investment climate makes it highly attractive to investors. Licensing procedures, he noted, have become faster and more flexible, enabling family-owned investment groups around the world to benefit from the Kingdom’s advanced business environment.
He said the Saudi stock market’s capitalization stands at around $3 trillion and is expected to grow by 20 percent over the next seven years — reflecting the strength and diversity of the national economy.
The minister added that the Kingdom continues to develop financial and regulatory incentives to attract investors. The “Invest in Saudi Arabia” platform, he said, will help highlight available investment opportunities and facilitate cross-border capital flows in coordination with financial institutions.
Tourism’s Expanding Role
Minister of Tourism Ahmed Al-Khateeb said Saudi Arabia’s tourism sector is growing rapidly, with plans to double its contribution to GDP to 10 percent by 2030, bringing it in line with the global average.
Speaking during an FII panel, Al-Khateeb said the Kingdom’s tourism activity is expanding at an unprecedented rate and aims to capture 3 to 4 percent of the global tourism market.
He said Saudi Arabia plans to welcome about 50 million international visitors annually by 2030, out of a total target of 150 million tourists. The focus, he added, will be on attracting upper-middle and high-income travelers. Tourism, he said, has become one of the main pillars of Vision 2030 and is undergoing a major transformation to diversify national income away from oil dependency.
Riyadh Expo 2030
Talal Al-Marri, CEO of Riyadh Expo 2030, said infrastructure work for the global exhibition will begin before the end of this year. He said 179 countries will be invited to participate in the event, which is expected to attract around 42 million visits across a total area of 6 million square meters.
Al-Marri said Saudi Arabia is committed to achieving the goals of Vision 2030, and described the FII conference as a global platform for exchanging views on the “future of development and innovation.”
He added that Expo 2030 would provide “a real opportunity for human connection and bringing people together in one place to share opportunities,” describing Riyadh as “the ideal city to lead this global challenge.”
AI as a Global Resource
In a panel titled AI and computing becoming a global resource, speakers said generative AI can help optimize portfolio structures but requires further model development and research.
They said investment in AI is now a key global trend amid surging demand and rapid progress, noting that Saudi Arabia — through its Public Investment Fund — is spearheading several leading initiatives in the field and positioning itself as a frontrunner in this emerging industry.
The panelists added that AI models must be built in more balanced and distinctive ways to avoid monotony and repetition, and that the availability of clean energy would open major opportunities for the sector and help achieve future goals.
