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Saudi Future Investment Initiative Institute Concludes Deal to Support Tourism

Saudi Future Investment Initiative Institute Concludes Deal to Support Tourism

Saturday, 24 September, 2022 - 09:00
The signing ceremony between Saudi Tourism Development Fund and the Future Investment Initiative Institute (FII) (Asharq Al-Awsat)

The Saudi Future Investment Initiative Institute (FII) announced it concluded an agreement to boost the tourism sector. It organized the "Priority Summit" in New York on the sidelines of the 77th session of the United Nations General Assembly.

CEO Richard Attias presented the global survey results aimed at determining the most critical priority for each individual.

The results revealed the priority in terms of population and continental composition to build an innovative roadmap to help humanity transition to assist humanity in surviving and thriving in a new complex world.

- A different experience

Attias explained that the Foundation made this report in 13 countries to understand the recent trends, which can monitor the emerging economies of the countries that represent approximately 50 percent of the population and see them on the map shown for the nations.

"In the ten main findings of the report, we noticed that people are very positive about themselves, as 77% of normal people in countries were going in the right direction," the CEO was quoted by SPA.

He pointed out that another analysis was done that shows the relationship between optimism and GDP that can gradually improve the citizen's outlook by paying attention to his priorities.

He reported that 53 percent of high-income countries enjoy a nutritionally better life.

- Quality of life

Saudi Minister of Investment Khalid al-Falih addressed the priority sectors in investment after the economic transformation the world is witnessing, highlighting the Kingdom's efforts and plans to invest in industries that focus on improving the quality of life.

The minister stressed that technology has a significant and fundamental impact on investing, living, and the interaction mechanisms between companies.

"In light of the outbreak of the epidemic, it has been proven that the use of technology is important to deal with the challenges we face and provide opportunities for investors," Falih said.

- Companies and individuals

Speaking at the summit, the governor of the Public Investment Fund (PIF) and Chairman of the Board of Directors of Saudi Aramco, Yasir al-Rumayyan, discussed the role of companies and investors in supporting the most critical priorities of individuals.

During a plenary session with the Honorary President of the University of Pennsylvania, Judith Rodin, he disclosed the difference between a crisis management approach and a crisis management approach that causes other crises.

PIF plays a significant role in stimulating the Saudi economy, noted Rumayyan, noting that the Fund has an initiative dedicated to ensuring the achievement of the goals set in the Vision Realization Program.

- Tourism development

The Saudi Tourism Development Fund and the FII signed a strategic partnership agreement to work together in advancing projects and initiatives in line with the Institute's core focus areas.

It will also support the curation of the upcoming sixth edition of the FII forum, which will be held in Riyadh from October 25-27 under the theme of "Impact on Humanity: Enabling a New Global Order."

The CEO of the Fund, Qusai al-Fakhri, explained that the partnership with FII will enhance efforts between the two parties and seek jointly to encourage and support investment in the tourism sector in Saudi Arabia.

"We look forward to exploring together how the face of tourism is changing and how we can work with global efforts to make tourism growth sustainable," said Fakhri.

The Fund's partnership with FII is a testament to the Fund's enthusiasm to contribute to the Institute's work and its investment in the four essential pillars of Sustainability, Healthcare, Education, Artificial Intelligence, and Robotics, on which the Institute was founded.

The Tourism Development Fund was established to empower one of Saudi Arabia's most rapidly growing industries. It aims to facilitate local and international investors access to tourism investments across the Kingdom.

The Fund's efforts align with Saudi Arabia's bold ambition to bolster the country's reputation as a top tourist destination.

- Foreign Trade

Furthermore, the Minister of Commerce and Chairman of the Board of Directors of the Saudi General Authority for Foreign Trade, Majid al-Qasabi, held bilateral meetings in Bali on the sidelines of the G20 working group on commerce, investment, and industry.

Qasabi with ministers of trade of Türkiye, India, Argentina, South Africa, and Russia.

During the meetings, opportunities for cooperation on investment and industry and an increase in trade exchanges were reviewed.

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