Future Investment Initiative: Innovation Is Key to Enhancing Global Human Capabilitieshttps://english.aawsat.com/home/article/3952286/future-investment-initiative-innovation-key-enhancing-global-human-capabilities
Future Investment Initiative: Innovation Is Key to Enhancing Global Human Capabilities
More than 6,000 participants are attending the Future Investment Initiative forum in Riyadh. (Asharq Al-Awsat)
Governor of the Saudi Public Investment Fund (PIF) Yasir Al-Rumayyan stressed the need for the world to be open to innovation, highlighting the importance of investors joining efforts to achieve long-term ambitions.
In remarks on Tuesday at the Future Investment Initiative forum, Al-Rumayyan said that Saudi Arabia has been able to create partnerships with international companies to achieve sustainability, pointing out that the Future Investment Initiative (FII) was the engine of global cooperation.
- Diversified industries
Various industries such as telecommunications, health, retail and other sectors are among the main factors that contributed to the global movement, the PIF governor said, stressing that the Covid-19 pandemic has accelerated the industrial movement, prompting the Kingdom to exploit the available opportunities.
He explained that the FII developed a framework for governance and social environment for new markets, with a focus on measuring performance and the impact of environmental and social governance on our lives.
Al-Rumayyan also noted that data was an important factor in dealing with global crises such as climate change. He said that the PIF was the first sovereign fund to issue green bonds, stressing that the voluntary carbon market was an opportunity for investors and entrepreneurs to unite efforts to find educational prospects for young people in the knowledge economy.
- Investment and technology
Participants in the session entitled, “The New Global Order: A View from the Change Makers Council”, touched on investment and technology and their ability to improve the lives of human society, noting that advanced technologies have entered all areas of life.
The speakers noted that 1.1 billion people were able to get out of poverty between 1990 and 2015, relying on progress in health, medicine and biotechnology, which contributed to the achievement of advanced health care, in addition to the widespread availability of food thanks to innovations in sustainable agriculture.
They emphasized that educational technology has contributed to personal progress, while consumer-centric technology - from smartphones to wearable devices - has increased productivity, enabled creativity, and accelerated overall self-awareness.
- Collective vision
Participants discussed humanity’s collective vision of the new global order, how investors and business leaders can contribute to innovations that enhance human capabilities around the world, and whether such direction will create a multipolar order, or hinder opportunities for collaborative progress.
During the session, Al-Rumayyan underlined the importance of assuming a proactive role to achieve an impact on humanity, while Catherine McGregor, global CEO of French ENGIE, said that investing heavily in renewable energy should be a priority, because it provides a vital solution to the shortage of modern and future energy supplies.
- The future of supply
On the other hand, Khaldoon Khalifa Al Mubarak, Managing Director and CEO of the UAE’s Mubadala Group, said that the future of sustainable supply chains depended on the cooperation of investors and energy entities, as he explained the potential solutions to supply chain disruptions.
For his part, David Solomon, CEO of Goldman Sachs, emphasized the importance for change makers to have insight into policy decision-making, and to keep pace with humanity’s collective vision of a new world order.
- Supporting humanity
Richard Attias, CEO of the Future Investment Initiative Foundation, said that the sixth edition of the FII forum would feature 180 sessions that will be held simultaneously, in addition to 30 workshops and 4 mini-summits distributed over three days.
He pointed to the importance of collective action to achieve a significant impact on areas that support human advancement.
- Survey
Attias presented a survey conducted by Ipsos on 130,000 adults from 13 countries, representing nearly 50 percent of the world’s population, in an attempt by the FII Foundation to provide insights into the world’s highest priorities in light of unprecedented social, environmental and identity challenges.
He revealed that 77 percent of the respondents said they were optimistic about a better future, according to the survey, which also found that financial security was one of the most important challenges faced by 50 percent of people around the world, in addition to the costs on income, as well as global warming and climate change.
- Investing in humanity
A panel discussion entitled, “Our Humanity, Our Priority”, touched upon the importance of investing in humanity to curb unemployment and poverty, as well as addressing climate change and caring for the planet.
The discussion was attended by the former Prime Minister of Bhutan, Tshering Tobgay, 2011 Nobel Peace Laureate Leymah Gbowee, the founder of Gbowee Peace Foundation Africa, and Nobel Peace Prize Laureate Kailash Satyarthi, the founder of Kailash Satyarthi Children’s Foundation.
Saudi Arabia, Türkiye Strengthen Supply Chains with Land Corridor Bypassing Maritime Chokepointshttps://english.aawsat.com/business/5282621-saudi-arabia-t%C3%BCrkiye-strengthen-supply-chains-land-corridor-bypassing-maritime
Saudi Arabia, Türkiye Strengthen Supply Chains with Land Corridor Bypassing Maritime Chokepoints
Saudi and Turkish transport ministers meet to strengthen cooperation (X)
At a time when the near-total closure of the Strait of Hormuz and the escalating U.S.-Iran war have put global supply chains under complex geopolitical strain since late February, a strategic land corridor is emerging from the heart of the maritime blockade, promising to redraw the map of international transport and trade.
Between Riyadh and Ankara, a surge in logistics activity is moving beyond conventional bilateral cooperation. It is shaping a secure, sustainable overland alternative for energy, goods and regional food supplies bound for global markets.
The official signing on Tuesday by Saudi Minister of Transport and Logistics Services Saleh Al-Jasser and his Turkish counterpart, Abdulkadir Uraloğlu, of comprehensive memorandums of understanding on railways, logistics operations and technology laid the operational foundation for that shift.
The agreements go beyond easing the immediate movement of goods. They aim to build a cross-border connectivity system that can serve as an operational line of defense against the current maritime crises.
According to the Turkish minister, the rail link rests on infrastructure that already exists in both Saudi Arabia and Türkiye. He said the Saudi side had completed its section up to the Jordanian border, while Türkiye’s rail network extends into Syrian territory. Iraq could later join the project, he added.
How the network connects
Technically and operationally, the corridor is taking shape as a connected rail network built around geography. The line starts in Istanbul, linking Türkiye’s advanced network to the Arab interior. It crosses Türkiye’s southern border into Syria through Aleppo, then runs south to Damascus, the project’s central anchor.
From the Syrian capital, the route crosses into Jordan, passes through Amman and reaches the Saudi border at the Haditha crossing. That strategic point is where the Syrian and Turkish networks meet the advanced infrastructure of Saudi Arabia Railways (SAR).
Inside Saudi Arabia, the route takes on major development weight. Its main and branch lines pass through major projects, such as the Port of Neom, which is seen as a future logistics corridor linking Red Sea ports. It then connects Makkah and Medina before integrating with the unified Gulf railway network.
That Gulf extension opens the way for the line’s long-term goal of reaching Oman and the Arabian Sea, giving it the profile of a comprehensive intercontinental land corridor that bypasses traditional maritime choke points.
Turning the kingdom into a transit hub
Logistics expert Nashmi Al-Harbi told Asharq Al-Awsat that the signed memorandums “translate in practical terms the vision of creating a land corridor that directly links the Gulf to Europe through Jordan, Syria and Türkiye.”
Al-Harbi said Saudi Arabia’s two maritime outlets, on the Red Sea and the Arabian Gulf, combined with Türkiye’s position as Europe’s natural land gateway, “turn Saudi Arabia from a logistics endpoint into a genuine strategic transit hub connecting three continents.”
“The added value for supply chain resilience lies in drawing on the lessons of Red Sea disruptions, which proved that diversifying corridors has become an urgent necessity, not an economic luxury,” he said.
He said the project would create alternative land routes that strengthen transport resilience between Asia and Europe, away from the impact of maritime chokepoint closures or swings in marine insurance costs. Required investment in the line is estimated at about $5.5 billion, he added.
Al-Harbi said the project “fully aligns with the National Transport and Logistics Strategy, which aims to consolidate the kingdom’s position as a global hub.”
It also supports regional connectivity and the localization of the railway industry, he said, building on a strong base after the kingdom ranked fifth globally in container handling speed.
He said the project’s practical impact, including the exchange of best practices in freight, last-mile services and joint logistics centers, would cut cargo transit times between the Gulf and Europe from more than 30 days on traditional sea routes to less than two weeks by land once completed.
Al-Jasser and Uraloğlu shake hands after signing the two memorandums of understanding (X)
Alternatives as shipping costs soar
Logistics expert Hassan Al-Hilal told Asharq Al-Awsat the Saudi-Turkish memorandums represent “a strategic step that strengthens the kingdom’s role as a major center for re-exporting and distributing goods.”
He said the move comes at a critical moment for global trade. “Geopolitical disruptions in vital maritime corridors in recent months have caused record jumps in shipping and marine insurance costs, exceeding 300% compared with pre-crisis levels, as ships have been forced to take longer and riskier alternative routes,” he said.
Al-Hilal said the Saudi-Turkish logistics corridor gives suppliers and exporters “multimodal transport options, combining maritime shipping through Saudi ports with land and rail transport extending through Türkiye toward European and Central Asian markets.”
“This operational diversity directly helps reduce costs linked to storage and rehandling, and limits reliance on a single maritime route,” he said. “It ensures the stable flow of goods and products with high competitive efficiency, maximizing the benefits of the kingdom’s large investments in its port infrastructure.”
Key differences
Comparing the route with the India-Middle East-Europe Economic Corridor, or IMEC, Al-Harbi identified three key differences that he said gave the Saudi-Turkish route the edge.
“The first is the geographic route, which passes through Syria and Jordan to Türkiye, rather than IMEC’s passage through Israel. The second is the nature of implementation, as the current project is based on signed memorandums with a clear technical road map, compared with IMEC, which has been suspended since 2023. The third difference lies in the geopolitical dimensions. Türkiye, which had previously criticized the corridor for bypassing its territory, is returning through this new route strongly to the heart of the strategic Eurasian connectivity map,” he said.
Al-Hilal added what he called a decisive operational difference. IMEC, he said, is “a long-term strategic project that requires massive structural investment,” while current Saudi-Turkish cooperation is based on “maximizing the use of infrastructure that already exists” and on immediate operational links between two advanced logistics networks.
That makes it capable of delivering tangible results in the foreseeable term and at a much faster pace to meet current market needs, he said.
Joseph Salem, partner and head of travel, transport and hospitality at Arthur D. Little Middle East, said: “Reviving the Hejaz Railway is one of the most prominent infrastructure projects in the region’s modern history. The two memorandums of understanding signed in Riyadh between Saudi Arabia and Türkiye, one covering logistics services and the other railway technology, bring the project one step closer to implementation.”
He said an operational line would give the Gulf a direct overland trade corridor to Europe, reducing reliance on sensitive maritime passages at a time when supply chain resilience has become a growing strategic priority.
“The most important challenge remains implementation, whether in terms of financing, the stability of transit routes, or turning feasibility studies expected to be completed by the end of the year into actual investments,” Salem said.
“The importance of these two memorandums stems from the fact that they address the essential pillars of any cross-border railway project, including the standardization of technical specifications, signaling standards and regulatory alignment,” he added.
“If these elements are in place, the Hejaz Railway could regain its position within the next decade as one of the most important strategic land corridors linking Europe and the Gulf.”
Reviving a century-old legacy
The emerging land artery is not new. It is an ambitious revival, with a modern investment mindset, of a legacy dating back more than a century. It is an extension of the Hejaz Railway, which began operations in 1908 and linked Istanbul with Medina and Mecca through Syria and Jordan.
At the time, Damascus was a main anchor point, with lines branching north and south, as well as vital extensions to Lebanon, especially Beirut, and the historically Palestinian port of Haifa. The railway formed an integrated regional network before it broke apart during World War I.
From Neom to the border
The agreements follow advanced operational steps by the parties to the route. Ankara announced the activation of a trilateral memorandum of understanding with Syria and Jordan to modernize networks and connect the rail line between Türkiye and Aleppo, before integrating the Aleppo-Damascus-Jordan line.
Saudi Transport Minister Saleh Al-Jasser said the Saudi rail network already extends to the Jordanian border via the Haditha crossing, giving the project significant implementation flexibility. Joint technical studies will be completed by the end of this year to strengthen a sustainable land transport system, he said.
According to technical information, the new route will pass through the Port of Neom, linking the kingdom’s giga-projects to the heart of Europe through Türkiye.
International financing and operational pressure
In a related move that strengthens the corridor’s readiness, the Asian Infrastructure Investment Bank, or AIIB, approved a 645.83 million euro loan, equivalent to about $750 million, as a first package to help finance a new 127-km green railway line in Türkiye.
The strategic project, known as the Northern Istanbul Railway Crossing Project, aims to bypass Istanbul’s congested urban area and provide a high-capacity land link for freight and passengers across the Istanbul Strait. It would help ease bottlenecks in international supply chains and connect Türkiye’s two largest airports to the rail network.
The Turkish project’s total strategic cost is estimated at about $8.27 billion, with participation from the World Bank and other international financing institutions to raise the share of Eurasian rail transport.
In the final analysis, the joint rail push lays the groundwork for an unprecedented shift in regional shipping by removing the time and geographic obstacles imposed by maritime disruption. Cutting goods delivery times to less than two weeks would redirect investment toward this emerging land artery, at the expense of traditional routes and suspended alternatives.
FII Institute Names Princess Maha bint Mishari Al Saud as CEOhttps://english.aawsat.com/business/5282409-fii-institute-names-princess-maha-bint-mishari-al-saud-ceo
FII Institute Names Princess Maha bint Mishari Al Saud as CEO
Princess Maha bint Mishari bin Abdulaziz Al Saud (Asharq Al-Awsat file photo)
The FII institute, run by a global nonprofit foundation of Saudi sovereign wealth fund PIF, has named Princess Maha bint Mishari bin Abdulaziz Al Saud as its CEO, according to the institute's website.
“With more than 25 years of leadership experience spanning healthcare, academia, strategic partnerships, and international engagement, Dr. Al Saud has built a distinguished career centered on creating impact through collaboration and institution-building. She has worked across the public, private, and nonprofit sectors to advance initiatives that strengthen organizations, expand opportunity, and improve lives,” the website said.
Before joining FII Institute, she served as Vice President of External Relations and Advancement at Alfaisal University.
She has helped expand strategic partnerships, deepen international engagement, and elevate the university’s global standing in education, research, and innovation.
“A recognized advocate for leadership, healthcare transformation, education, and human development, Dr. Al Saud has represented Saudi Arabia at major international forums, including the G20, and the fourth Eurasian Women’s Forum,” FII Institute said.
“Dr. Al Saud holds an MBBS degree and is certified by the American Board of Internal Medicine, having completed her residency training at George Washington University. Her executive credentials include the Senior Executive Leadership Program at Harvard Business School, IMD Business School and she holds the prestigious, peer-reviewed distinction of Master of the American College of Physicians (MACP),” it added.
Egypt Clears Arrears to Oil and Gas Companieshttps://english.aawsat.com/business/5282403-egypt-clears-arrears-oil-and-gas-companies
People walk past a shop selling football jerseys in Khan el-Khalily Bazar in Cairo on June 9, 2026. (AFP)
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Egypt Clears Arrears to Oil and Gas Companies
People walk past a shop selling football jerseys in Khan el-Khalily Bazar in Cairo on June 9, 2026. (AFP)
Egypt's Minister of Petroleum Karim Badawi said on Wednesday that the full settlement of arrears owed to oil and gas partners marked a turning point for the sector.
Badawi said payment of the arrears, "restores investor confidence and paves the way for increased upstream activity and accelerated project development".
Egypt had accumulated about $6.1 billion in arrears to foreign oil companies by June 30, 2024 due to a prolonged foreign currency shortage that delayed payments and weighed on investment and gas output. The shortage has since eased, though some companies have said that arrears kept accumulating.
The minister said clearing the debt removed a key obstacle to new investment inflows and would support increased exploration, drilling and field development activity, including projects in the Mediterranean where development typically requires significant capital spending and years of work before production begins.
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