Saudi Arabia’s Future Investment Initiative 2018 (FII) forum kicked off on Tuesday in Riyadh with a panel discussion on global investments and technology.
The Saudi Public Investment Fund (PIF) unveiled its FII program which will hold more than 40 meetings over the span of three days.
Over 100 speakers, global leaders, investors and innovators from more than 140 different institutions are partaking in the mega event.
Open discussions and workshops, as well as side forums focusing on key pillars, namely investment in transformation and technology as a source of opportunity and human capacity development, will be held.
Partnerships joining together some 17 global institutions will highlight the role played by investment in stimulating growth opportunities, promoting innovation as well as meeting global challenges.
The event will be held under the patronage of Custodian of the Two Holy Mosques King Salman, and the leadership of Crown Prince Mohammed bin Salman, who is also the chairman of PIF and the Council of Economic and Development Affairs.
The FII 2018 will bring together eminent visionaries with the power to shape the future of global investment to discuss three broad themes. The first: “Investing in Transformation”, which focuses on how the world’s top investors are creating new cities and transforming economies.
Banks, large financial institutions, and global exchanges are evolving to stay ahead of technological disruptions and shifts to the global order. At the same time, the world’s leading financial centers are facing competition from emerging markets in wake of large-scale economic and geopolitical transformations.
Efficient financial markets and a strong banking sector are critical drivers of prosperity and economic growth everywhere. But for emerging economies, the expansion of digital connectivity, rise of the middle class, and new privatization measures require not only strong growth of domestic capital markets but greater access to financing and foreign direct investment.
The second theme is “Technology as Opportunity” that deals with considering how technologies are enabling new economic opportunities through personalization and industrialization at scale.
The third, “Advancing Human Potential”, looks at a world where humans and machines work together to create safer, happier and more productive lives.
"FII is being held for the second time while the Saudi economy grows rapidly compared to last year, with growth prospects exceeding 2.5 percent,” Joatha Consultancy Chairman Ihsan Abu Halaiqa told Asharq Al-Awsat.
Major bond credit rating agencies, the most recent of which was Moody's, have praised the Saudi financial performance and improved the growth prospects compared to 2017, Halaiqa said.
“For the second FII summit, there is clear interest from some partners with many initiatives,” Halaiqa added.
“Shortly after Crown Prince Mohammed announcing mega city project, Neom, the Russian Investment Agency expressed its interest in becoming a technical partner in the project.”
“Large initiatives that have been launched and those soon launching are an opportunity for all, not just the Kingdom,” said Halaiqa.
He stressed that FII is one of the main programs of the 2030 Vision to diversify the economy through invigorating non-oil activities.
“FII drew in global attention to the Kingdom’s rapid and tangible development,” said chairman of the Saudi International Chamber of Commerce Yaseen Al Sorour.
