FII 6th Edition Kicks off on Oct. 25, to Discuss ‘Enabling a New Global Order’

Richard Attias, CEO of the FII Institute, speaks during a press conference organized on Monday by the Saudi Press Agency (SPA) at the Convention Center in Riyadh. (Asharq Al-Awsat)
Richard Attias, CEO of the FII Institute, speaks during a press conference organized on Monday by the Saudi Press Agency (SPA) at the Convention Center in Riyadh. (Asharq Al-Awsat)
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FII 6th Edition Kicks off on Oct. 25, to Discuss ‘Enabling a New Global Order’

Richard Attias, CEO of the FII Institute, speaks during a press conference organized on Monday by the Saudi Press Agency (SPA) at the Convention Center in Riyadh. (Asharq Al-Awsat)
Richard Attias, CEO of the FII Institute, speaks during a press conference organized on Monday by the Saudi Press Agency (SPA) at the Convention Center in Riyadh. (Asharq Al-Awsat)

The sixth edition of the Future Investment Initiative (FII) conference will be held in Riyadh on Oct. 25-27, under the slogan “Investing in Humanity - Enabling a New World Order”.

Over 6,000 CEOs, policymakers, investors, entrepreneurs, Nobel Prize laureates and young leaders from across the globe are expected to attend the international event, with the aim to develop sustainable solutions to the economic and humanitarian challenges facing the world.

In a press conference organized on Monday by the Saudi Press Agency (SPA) at the Convention Center in Riyadh, Richard Attias, CEO of the FII Institute, said that the three-day conference would bring together around 500 speakers, who will participate in 180 sessions, 30 workshops and four mini-summits.

He added that major topics would be discussed, including the balance between and sustainability, the rise of geo-economics and equality in the world, efforts to address the repercussions of the Covid-19 pandemic, and the intractable and unexpected challenges.

Economic system

Attias said the first day of the conference would feature discussions by a group of Nobel laureates, who will try to find sustainable solutions to meet the basic needs of the world’s population.

He noted that talks would revolve around the challenges posed by the new world order, as well as the opportunities, such as creating an economic system that improves the quality of life for citizens around the world.

The first summit will be held on Oct. 25, under the theme, “The Conflict of Generations”.

He indicated that the second day would include the “New Energy Economy” summit, with the participation of senior speakers, who will present their vision on the current state of the finance sector and the global economy, and the role of some countries, such as Japan, in financing sustainable energy.

Crypto currency

Attias told the press conference that the third day would witness mini-summits on the rise of digital currencies and the future of Africa, with the participation of a number of speakers from China and Hong Kong.

Discussions will focus on the importance of partnership between China and the Middle East.

Another session will review the future of environmental and social governance.

Private sector participation

Attias stressed the importance of the participation of the public and private sectors in the international event.

He highlighted in this regard the approach adopted by the Saudi government in its large projects, which have brought about a great change through cooperation between the two sectors.

Moreover, he noted that speakers would address during one of the sessions the energy sector, the rising prices and the global health economy, with the participation of Prince Abdulaziz bin Salman bin Abdulaziz, the Saudi Minister of Energy, and a number of international stakeholders.

Sustainable environment

According to Attias, Saudi Arabia focuses on the well-being of the people and the creation of a sustainable environment. He said that this was clearly reflected in the NEOM project, which was launched by Saudi Crown Prince Mohammed bin Salman, with the aim to achieve a qualitative leap for the country’s future.

He added that the Kingdom is constantly launching new projects that take into account the quality of life.

Attias went on to say that the Future Investment Initiative was based on four main pillars, including education, artificial intelligence, health care, and solutions that guarantee sustainability.

He noted that the conference would be the first of its kind in the world to identify and address priorities in the new world order.

Activate advanced technologies

According to Attias, the sixth edition of the conference would address the most important risks and challenges and examine the opportunities and the new horizons, through a number of dialogue sessions and various workshops.

The Future Investment Initiative is a leading international investment platform and annual forum, bringing together investors, innovators and leaders from around the world, who have the power to shape the future of global investment.

The initiative aims to benefit from investment opportunities to drive economic growth, enable innovation and activate advanced technologies, in addition to exploring and addressing global challenges.

Since its launch in 2017, the Future Investment Initiative has been seeking to build an effective network of the most important stakeholders in the global arena, in addition to shedding light on emerging sectors that will shape the international investment landscape and the future of global economy.



Saudi Cabinet Approves Cancellation of Expat Levy on Foreign Workers in Licensed Industrial Establishments

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chairs a cabinet meeting. (SPA)
Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chairs a cabinet meeting. (SPA)
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Saudi Cabinet Approves Cancellation of Expat Levy on Foreign Workers in Licensed Industrial Establishments

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chairs a cabinet meeting. (SPA)
Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chairs a cabinet meeting. (SPA)

The Saudi Cabinet, chaired by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, approved on Wednesday the cancellation of the expat levy on foreign workers in licensed industrial establishments.

The decision is based on the recommendation of the Council of Economic and Development Affairs.

It reflects the continued support and empowerment the industrial sector receives from the Kingdom’s leadership.

It also underscores the Crown Prince’s commitment to enabling national factories, strengthening their sustainability, and enhancing their global competitiveness.

The step aligns with the Kingdom’s ambitious vision to build a competitive and resilient industrial economy, recognizing industry as a cornerstone of national economic diversification under Saudi Vision 2030.

Minister of Industry and Mineral Resources Bandar Alkhorayef expressed his sincere gratitude and appreciation to Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and to Crown Prince Mohammed on the Cabinet’s decisions.

The move reflects the continued support and empowerment the industrial sector receives from the Crown Prince, he added.

He noted that the move will boost the global competitiveness of the Saudi industry and further increase the reach and presence of non-oil exports in international markets.

Alkhorayef stressed that the exemption of the expat levy over the past six years - through the first and second exemption periods from October 1, 2019, to December 31, 2025 - played a critical role in driving qualitative growth in the industrial sector and expanding the Kingdom’s industrial base.

Between 2019 and the end of 2024, the sector achieved significant milestones: the number of industrial facilities increased from 8,822 factories to more than 12,000; total industrial investments rose by 35%, from SAR908 billion to SAR1.22 trillion; non-oil exports grew by 16%, rising from SAR187 billion to SAR217 billion; employment grew by 74%, from 488,000 workers to 847,000; localization increased from 29% to 31%; and industrial GDP rose by 56%, from SAR322 billion to more than SAR501 billion.

Alkhorayef said that these achievements would not have been possible without the unwavering support provided to the industry and mineral resources ecosystem by the Kingdom’s leadership.

The minister added that the Cabinet’s decision to cancel the expat levy for the licensed industrial establishments will further strengthen sustainable industrial development in the Kingdom, bolster national industrial capabilities, and attract more high-quality investments, especially given the incentives and enablers offered by the industrial ecosystem.

The decision will also reduce operational costs for factories, helping them expand, grow, and increase their output, and accelerate the adoption of modern operating models such as automation, artificial intelligence, and advanced manufacturing technologies. This, he said, will boost the sector’s efficiency and enhance its ability to compete globally.

Alkhorayef reaffirmed the ministry’s commitment to supporting the continued growth of the industrial sector in the coming period through close cooperation with all relevant entities, empowering the private sector, and providing an investment-friendly industrial environment that fosters innovation and technology.

These efforts reflect the Kingdom’s commitment to its vision of becoming a global industrial powerhouse by enabling advanced industries, attracting international investment, offering 800 industrial investment opportunities worth SAR1 trillion, and tripling industrial GDP to SAR895 billion by 2035 and reinforcing industry as a central pillar of national economic diversification, he said.


UK Exempts Egypt's Zohr Gas Field from Russia Sanctions

Rosneft and Lukoil, Russia's top oil producers, were sanctioned by Britain and the United States in October over their role in financing Moscow's invasion of Ukraine (File Photo via AFP)
Rosneft and Lukoil, Russia's top oil producers, were sanctioned by Britain and the United States in October over their role in financing Moscow's invasion of Ukraine (File Photo via AFP)
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UK Exempts Egypt's Zohr Gas Field from Russia Sanctions

Rosneft and Lukoil, Russia's top oil producers, were sanctioned by Britain and the United States in October over their role in financing Moscow's invasion of Ukraine (File Photo via AFP)
Rosneft and Lukoil, Russia's top oil producers, were sanctioned by Britain and the United States in October over their role in financing Moscow's invasion of Ukraine (File Photo via AFP)

Britain on Wednesday added Egypt's Zohr gas field, in which Russian oil major Rosneft holds a 30% stake and London-based BP has a 10% holding, to a list of projects exempt from its Russia sanctions.

Rosneft and Lukoil, Russia's top oil producers, were sanctioned by Britain and the United States in October over their role in financing Moscow's invasion of Ukraine.

The general licence, amended on Wednesday, now also allows payments and business operations linked to Zohr until October 2027, Reuters reported.
BP holds its stake in Zohr alongside majority stakeholder Eni, Rosneft and other partners.

The licence gave no reason for the exemption. The British government did not immediately respond to a request for comment.

Other projects exempted by the licence include other large oil and gas ventures in Russia, Kazakhstan and the Caspian region.

Zohr is operated by Italy's Eni and with an estimated 30 trillion cubic feet (Tfc) of gas is the Mediterranean's biggest field, though production has fallen well below its peak in 2019.

Eni has pledged about $8 billion of investment in Egypt and recently launched a Mediterranean drilling campaign to boost output.


Italy, France Say it's 'Premature' to Sign EU-Mercosur Trade Deal

Italy's Prime Minister Giorgia Meloni speaks at the the lower house of Parliament, ahead of a European Union leaders' summit, in Rome, Italy, December 17, 2025. REUTERS/Remo Casilli
Italy's Prime Minister Giorgia Meloni speaks at the the lower house of Parliament, ahead of a European Union leaders' summit, in Rome, Italy, December 17, 2025. REUTERS/Remo Casilli
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Italy, France Say it's 'Premature' to Sign EU-Mercosur Trade Deal

Italy's Prime Minister Giorgia Meloni speaks at the the lower house of Parliament, ahead of a European Union leaders' summit, in Rome, Italy, December 17, 2025. REUTERS/Remo Casilli
Italy's Prime Minister Giorgia Meloni speaks at the the lower house of Parliament, ahead of a European Union leaders' summit, in Rome, Italy, December 17, 2025. REUTERS/Remo Casilli

Italy and France on Wednesday said they were not ready to back a trade agreement between the European Union and the South American trade bloc Mercosur, dealing a blow to hopes of finalizing the deal in the coming days.

European Commission President Ursula von der Leyen had been expected to fly to Brazil at the end of this week to sign the accord, reached a year ago after a quarter-century of talks with the bloc of Argentina, Bolivia, Brazil, Paraguay and Uruguay.

Germany, Spain and Nordic countries say the agreement will help exports hit by US tariffs and reduce dependence on China by providing access to minerals. Confirming an earlier Reuters report, Italian Prime Minister Giorgia Meloni sided with French President Emmanuel Macron in calling for a delay in approving the deal, which Poland and Hungary also oppose. "The Italian government has always been clear in saying that the agreement must be beneficial for all sectors and that it is therefore necessary to address, in particular, the concerns of our farmers," Meloni told the lower house of Italy's parliament. She told lawmakers it would be "premature" to sign the deal before further measures to protect farmers were finalised, adding the deal needed adequate reciprocity guarantees for the agricultural sector, Reuters reported.

PARIS, ROME DEMAND TOUGHER SAFEGUARDS

France too wants tougher safeguards, including "mirror clauses" requiring Mercosur products to comply with EU rules on the use of pesticide and chlorine and tighter food safety inspections.

"No-one would understand if vegetables, beef and chicken that are chemically treated with products banned in France were to arrive on our soil," French government spokesperson Maud Bregeon told a news briefing. Supporters of the deal say it would not override existing EU regulations on food standards. The European Parliament, Commission and the Council, the grouping of EU governments, are set to negotiate an agreement on Mercosur safeguards later on Wednesday after EU lawmakers backed tightening some controls on imports of some farm products. Meloni's Brothers of Italy party said those controls were still not sufficient to ensure farmers could compete on even terms.

"This does not mean that Italy intends to block or oppose the agreement as a whole ... I am very confident that, come the start of next year, all these conditions can be met," Meloni said.

Latin American officials have grown impatient, with one Brazilian official warning it was "now or never". The Mercosur bloc is pursuing deals with other nations such as Japan, India and Canada.