AI Challenges Take Center Stage at FII Summit in Miami

Artificial intelligence was at the heart of discussions at the Future Investing Initiative (FII) in Miami, where participants discussed its challenges amid investor enthusiasm for the technology.

It is the second time the FII "Priority" summit has been held in Miami, US, under "On the Edge of a New Frontier."

About 1,000 attendees at the summit discussed technologies, promoting innovation to invest and improve civil societies, harmoniously integrating technical developments in advanced AI, robotics, healthcare, finance, and sustainability.

Central to the summit's goals is to connect the two Americas to global markets and address critical challenges for a prosperous future in light of Miami's dynamic entrepreneurship and vibrant corporate scene.

PIF Governor

Saudi Public Investment Fund (PIF) Governor and Chairman of FII Institute Yasir al-Rumayyan stressed during a panel session at the summit opening on Thursday that the Kingdom is well positioned to be a significant global hub for AI and related industries.

Rumayyan explained that it has many competitive advantages to achieve this goal, including its leadership in clean energy resources, political determination, funding capabilities, and human competencies.

He also addressed PIF's strategy, saying that more than 70% of its investments are local and directed towards the Kingdom's economy, while the public share of international investments has declined to less than 25%.

Rumayyan explained that PIF investments mainly target new sectors under its goal to make a long-term impact by being the economic driver of the transformation journey within Vision 2030, which is distinguished from other international strategic plans by its success in achieving many of its goals before their set timelines.

"The fund invests between $40 billion to $50 billion annually, which will continue until 2025. We look at our investments in the Kingdom and their impact on the gross domestic product, job creation, and local content increase."

"We are looking forward to increasing local revenues generated from investments as per the framework to create a sustainable impact on the Saudi economy and realize the targets of Vision 2030," he said.

On the fund's international investments, Rumyyan said their value continues to rise in terms of volume despite a decline in their percentage compared to local investments.

He pointed out that investments in the US market amount to 40% of the fund's total international investments in the form of investments or purchases, which amounted to more than $100 billion between 2017 and the end of 2023.

Meanwhile, Nvidia's total revenue rose 265% from a year ago, based on solid sales for server AI chips, amounting to $22.1 billion in the fourth quarter. The company is anticipating stronger sales thanks to growing spending on artificial intelligence.

Blackstone

Stephen Schwarzman, co-founder and CEO of Blackstone and an early supporter of AI, was one of several executives at the summit.

He highlighted the ethical implications of artificial technology, warning that countries and leaders need to come together on AI to prevent its misuse.

Schwarzman said he wondered about the "astonishing power of AI" and its effect on the human condition.

He stressed that AI will likely impact society and humanity, especially healthcare.

Accenture

Accenture CEO Julie Sweet said that AI has the potential to bridge North-South divides, exploring the far-reaching impact of AI on addressing global challenges in a panel discussion titled "FII Priority Compass: What matters most to citizens?"

She said: "The question is how much AI can help the Global South and the countries that need help through precision farming, through telemedicine and better healthcare."

Sweet highlighted Saudi Arabia's proactive stance in utilizing artificial intelligence to achieve societal progress and stressed the importance of global cooperation in harnessing the potential of artificial intelligence to address complex issues.

"One of the things that's been great to see is Saudi Arabia taking the lead in many places to think through how AI can help and how can they be a leader," she said, adding, "I think it's really important to always stay focused on what are the opportunities with AI to solve the world's problems."

She also highlighted the efforts of organizations such as the United Nations and stressed the urgent need to understand how to harness technology to avoid widening disparities.

"Regulation needs to be the outcome of a very strong public-private partnership because most governments in the world don't have the access or the talent inside to know it," Sweet said, adding that there have been a few successful examples of governments balancing innovation and safety.

She added: "That's one of the most important things governments must do, particularly because the technology is changing rapidly. And I think the good news is that everyone has agreed that some regulation is needed."

Regarding the AI-related risks in the upcoming US elections, Sweet warned against relying solely on government regulation.

She called for increased cooperation between private entities.

The second and final day of the summit discussed topics related to finance, venture capital, IPO markets, innovation, and others.

Severe wildfire seasons are increasingly hurting western Canada's lucrative tourism industry, with some visitors beginning to avoid the busy late-summer months due to concerns about uncontrolled blazes, smoke-filled skies and road closures.

After a scorching start to July, nearly 600 wildfires are now ablaze across British Columbia and Alberta, including a huge fire that this week devastated the picturesque tourist town of Jasper in the Canadian Rockies.

Dozens of communities, including popular holiday spots in British Columbia's Kootenay region, are under evacuation orders and several highways are closed.

This year's surge in wildfire activity comes after Canada endured its worst-ever year for wildfires in 2023, when more than 15 million hectares (37 million acres) burned, including parts of the city of West Kelowna in the heart of British Columbia's wine region.

Ellen Walker-Matthews, head of the Thompson Okanagan Tourism Association, said the industry was seeing a lot more last-minute travel decisions instead of booking in advance.

"It's a huge blow. July and August are traditionally the busiest months in the region," said Walker-Matthews, adding that while her region has been relatively unscathed by wildfires this summer, some visitors are choosing to avoid interior British Columbia altogether.

The members of the British Columbia Lodging and Campgrounds Association are reporting a 5-15% drop in bookings from a year ago, with the biggest declines coming from the hotter Okanagan and Cariboo regions, said Joss Penny, who heads the association.

"The concern is that this is something we have to live with and we have it every year now," said Penny.

Although wildfires in Canada's forests are natural and common, scientists say drier, hotter conditions fueled by climate change are leading to more volatile and frequent blazes.

'SMOKEY SKIES'

Some events, like the Salmon Arm Roots and Blues Festival, usually held in August, have now been rescheduled to earlier in the summer to avoid what is now seen as peak smoke season. The festival, which was cancelled last year due to nearby wildfires, was this year moved to July to benefit from "less smokey skies."

Wildfires and extreme climatic events are prompting tourists to "change their plans not just temporarily, but permanently," said Elizabeth Halpenny, a tourism researcher and professor at the University of Alberta, noting that seasonal workers in the sector are often the hardest hit as they have few protections during a bad season or amid a cataclysmic fire.

Tourism contributed C$7.2 billion to the British Columbia economy in 2022, and C$9.9 billion to Alberta in 2023, according to the latest government data.

Jasper National Park is one of Canada's premier tourist destinations, with more than 2 million visitors a year flocking to see its pristine mountain landscapes and abundant wildlife, including grizzly bears, moose and elk.

Kelly Torrens, vice-president of product at international tour company Kensington Tours, described western Canada as a bucket-list destination. But the company now has 49 trips that were supposed to pass through Jasper this season in limbo. Six others were forced to evacuate the park when the fire hit.

Parks Canada has cancelled all camping reservations within Jasper National Park until Aug. 6 and with potentially 50% of the town's structures destroyed by fire, the cleanup and rebuild could take years.

Halpenny is among those hedging their bets.

"I've booked a campsite stay in the mountain parks but at the same time, I booked a campsite out on the prairie somewhere and that's my backup plan because I don't want to miss out on my vacation with my family."

AI Challenges Take Center Stage at FII Summit in Miami