Ninth FII Conference Launches Economy of the Future from Riyadh

People are seen at last year's edition of the conference. (AFP)
People are seen at last year's edition of the conference. (AFP)
TT

Ninth FII Conference Launches Economy of the Future from Riyadh

People are seen at last year's edition of the conference. (AFP)
People are seen at last year's edition of the conference. (AFP)

Under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the ninth edition of the Future Investment Initiative (FII) Conference opened on Monday at the King Abdulaziz International Conference Center in Riyadh under the theme “The Key to Prosperity”.  

The event began with closed sessions where experts exchanged ideas and experiences. Discussions focused on various topics including the role of carbon accounting innovation in measuring corporate climate performance, the potential of cryptocurrency infrastructure to redefine the global financial system, quantum computing and its capacity to generate returns, and strategies for investing in future leadership.  

From October 28 to 30, the conference will host a wide range of sessions covering pressing issues such as the impact of AI and robotics on productivity, wealth creation amid growing inequality, the geoeconomic implications of resource scarcity, demographic shifts shaping the future workforce, and strategies for balancing economic growth with environmental sustainability.  

Heads of state, sovereign wealth fund representatives, senior executives, and pioneers from technology, energy, healthcare, climate, finance, and culture will engage in high-level discussions aimed at shaping the future of global growth, investment, and human progress.  

The conference is expected to draw over 8,000 participants and feature 650 prominent speakers across 250 dialogue sessions, reinforcing Riyadh’s role as a leading global hub that brings together leaders and innovators to turn visionary ideas into actionable strategies that define the future of investment. 

Action over rhetoric 

Edward Mermelstein, former New York City Commissioner for International Affairs, told Asharq Al-Awsat that FII “is far more than a traditional conference. It is where global capital, innovation, and policy intersect. Its distinction lies in action over rhetoric.” 

“FII brings together sovereign funds, global CEOs, and policymakers who are focused on execution, building partnerships that move markets and create opportunity across regions,” he stressed. 

“What makes it truly unique is Saudi Arabia’s role as a convener,” he explained. “Under Vision 2030, the Kingdom has positioned Riyadh as the hub where developed and emerging economies connect. FII reflects that ambition, advancing discussions on sustainable development, AI integration, and frontier market investment that will define the global economy for decades to come.” 

He continued: “I have followed the Initiative’s remarkable evolution and would be honored to contribute in future editions. My work remains closely aligned with its mission of mobilizing global investment toward emerging markets and reconstruction efforts.” 

“As New York City’s Commissioner for International Affairs from 2022 to 2025, I had the honor of strengthening the city’s global relationships and advancing foreign investment, technology, and sustainability initiatives,” Mermelstein said. “In that capacity, I visited the Kingdom many times and witnessed firsthand its remarkable transformation and openness to partnership. Today, through Atlantic Bridge Capital, I am focused on mobilizing institutional investment into emerging and frontier markets, with a particular emphasis on reconstruction, resilience, and technology-driven growth.” 

“Most recently, at the Kyiv International Economic Forum, I focused on how international partnerships and private capital can help rebuild post-conflict economies. I believe similar frameworks can extend to regions across Africa, Asia, and the Middle East, where Saudi leadership and capital play a defining role in shaping sustainable growth,” he added. 

On the Saudi investment environment and its advantages, Mermelstein stated: “Saudi Arabia has established itself as the standard-bearer for emerging market transformation. Vision 2030 has produced a stable, investor-friendly environment supported by strong governance, modern regulation, and clear long-term strategy. The Kingdom’s ability to mobilize capital through the Public Investment Fund and its growing private sector makes it a global magnet for innovation and investment.” 

“From my own engagements with Saudi leaders and institutions, I have seen firsthand the depth of ambition and professionalism driving this transformation. Beyond diversifying its own economy, the Kingdom is exporting a model of success that merges strategic planning, technological advancement, and inclusive development,” he told Asharq Al-Awsat. 

“Saudi Arabia today stands as the shining example of how visionary leadership and disciplined execution can redefine what is possible for emerging markets around the world.” 

What makes FII unique 

Sem M. Köksal, Co-founder and Chief Executive Officer, GSL Holding GmbH, told Asharq Al-Awsat that “FII feels like coming home. I've been to many conferences around the world. But FII is different. Here, things actually happen.” 

He said three things make FII special. “First – the speed. In other places, you discuss ideas for months, maybe years. Here in Riyadh? Three days and it's done. That is what Vision 2030 means in practice – when this nation decides to do something, it gets done.” 

“Second – real partnership,” he said. “I work with Sheikh Abdullah bin Zaid Al-Meleihi, Chairman of Al-Ramez International Group and Saudi Excellence Holding. He is a visionary who understood where technology was heading long before others did.” The partnerships have bolstered work in future technologies and opened doors for communication between Europe and the Kingdom. 

“Third – access to decision-makers. At FII, you sit with ministers and the people who actually make decisions. I want to especially thank the Ministry of Investment for their incredible support. They are problem-solvers,” Köksal said. 

“FII is not just another conference. It is where the future gets made,” he remarked. 

Asked about his participation at FII9, Köksal said: “I bring German engineering excellence and connections to world-leading companies across critical infrastructure. Whether it's Bosch in hydrogen technology – we were together in NEOM, meeting with the Ministry of Investment and PIF – or Lyten in advanced battery systems, or working with one of the largest US infrastructure funds in the data center space.” 

“My focus spans the full spectrum: data centers, complete security solutions, not just cyber but real defense hardware and integrated systems and next-generation energy technology. I work exclusively with global leaders in their fields,” he stressed. 

Moreover, he revealed that he will be signing agreements covering three main areas: “Data centers for the AI revolution: Saudi Arabia is building NEOM, The Line – incredible projects that need secure, sovereign data infrastructure.” 

“I am working with one of the largest US infrastructure funds in this space, and together with Saudi Excellence, we have concrete plans for Saudi Arabia,” he said. “I can't go into details yet, but it's about knowledge transfer, local manufacturing, and real technological sovereignty. We don't just sell technology – we transfer it. That is what Saudi Arabia wants and deserves. True sovereignty, not just buying from abroad.” 

The second area is advanced battery and energy technology. “I am advisor to Lyten – the absolute world leader in lithium-sulfur battery technology from Silicon Valley. Dan Cook, the founder and CEO, is a true visionary. He has built something revolutionary. I have the advisory mandate for Europe, but I am already developing concepts for Saudi Arabia.” 

This matters because “energy storage is the new oil,” Köksal explained. “It's about sovereignty, about powering data centers and about critical infrastructure. AI data centers need massive power and backup. Critical infrastructure needs reliable energy storage. This isn't just business, it's strategic.” 

“Energy independence is national security. Saudi Arabia has always understood energy better than anyone. Now it's about the next generation of energy technology. And Lyten is leading that revolution globally,” he stressed. 

The third area is defense and critical infrastructure: Beyond cybersecurity. “We are talking complete security solutions. Hardware, defense systems, integrated infrastructure protection. Working with leading European and international partners to develop sovereign capabilities. Sensitive, but crucial for independence. Saudi Arabia is the best place in the world for technology companies right now.” 

Furthermore, he described Riyadh as strategic. “The Public Investment Fund, private investors – everyone's investing in the future. If you have a good plan and the right partners, you find capital that wants to grow with you, not just make a quick return. The location is perfect. From Riyadh, you reach Europe in five hours, Asia in six, Africa in four.” 

“Saudi Arabia is the new center. Infrastructure of the future. NEOM is being built right now. The Line is becoming real. These are testbeds for tomorrow's technology,” Köksal added. 

Major deals, solutions to global challenges 

Abdullah bin Zaid Al-Mullahi, Chairman of the Saudi Excellence Holding Company, told Asharq Al-Awsat that the launch of FII9 has positioned the Kingdom among the world's leading countries. “This conference is a cornerstone of the Crown Prince's Vision 2030, which all Saudis are working to achieve,” he remarked. 

“The Kingdom's support for artificial intelligence projects has been extensive in this field. Major deals and a significant global presence are expected from all over the world. The education and artificial intelligence sectors are a key part of the conference discussion panels,” he noted. 

“The launch of the initiative in 2017 marks the Kingdom's entry as one of the world's sponsors of global investment conferences. It is working to unify efforts and invest in finding solutions to global challenges that contribute to a positive impact on humanity,” he added. 



Brazil’s Lula Urges Tariffs Resolution in Call with Trump

Brazil's President Luiz Inacio Lula da Silva speaks during a campaign rally at Praca da Estacao in Belo Horizonte, Minas Gerais state, Brazil on August 21, 2026. (AFP)
Brazil's President Luiz Inacio Lula da Silva speaks during a campaign rally at Praca da Estacao in Belo Horizonte, Minas Gerais state, Brazil on August 21, 2026. (AFP)
TT

Brazil’s Lula Urges Tariffs Resolution in Call with Trump

Brazil's President Luiz Inacio Lula da Silva speaks during a campaign rally at Praca da Estacao in Belo Horizonte, Minas Gerais state, Brazil on August 21, 2026. (AFP)
Brazil's President Luiz Inacio Lula da Silva speaks during a campaign rally at Praca da Estacao in Belo Horizonte, Minas Gerais state, Brazil on August 21, 2026. (AFP)

Brazilian President Luiz Inacio Lula da Silva urged US counterpart Donald Trump in a phone call Friday to resolve their countries' trade dispute, saying US tariffs were imposed on "baseless" grounds.

Washington imposed two new sets of tariffs on the Latin American giant in July, a move that has become a key campaign issue ahead of Brazil's presidential election in October.

Lula -- seeking a fourth and final term -- told Trump that the tariffs "negatively affect both Brazil and the United States," according to a statement from his office.

"To remain at the negotiating table is the best option for both countries," he said.

Relations between Trump and the leftist Lula have blown hot and cold in recent months, but diplomatic tensions have flared as the election approaches.

Trump has backed several victorious right-wing candidates in recent Latin American elections. He is an ally of Brazil's jailed far-right former president Jair Bolsonaro, whose son Flavio is Lula's main election rival.

The Brazilian presidency statement said the conversation between Trump and Lula lasted an hour and 20 minutes and "took place in a friendly and cordial tone."

During a campaign event in the southeastern state of Minas Gerais, Lula said Trump asked Commerce Secretary Howard Lutnick to contact his Brazilian counterpart Marcio Elias Rosa "and they already scheduled a meeting."

He added that Trump acknowledged during their call that the tariffs on Brazil are "based on a lie."

Lula, who like Trump is 80, has made national sovereignty a key theme of his campaign.

In an interview last week, he warned Trump: "Don't meddle in Brazil's affairs, especially regarding the election. If you do meddle, you'll lose."

"I said, 'Hey Trump, if you want to fight organized crime, let's fight organized crime,'" Lula told the crowd in Minas Gerais. "We want to work together. What we don't want is interference in Brazil."

- 'Daily terror'-

The two leaders have often appeared to get on well one-on-one, with Trump last year hailing an "excellent chemistry" with Lula.

The US last year dropped punitive tariffs it imposed over the trial against Jair Bolsonaro, which Trump labelled a "witch hunt," after diplomatic efforts by Lula's government.

However, Lula then suffered a blow after a May visit to the White House by Flavio Bolsonaro.

Two days later, the US designated Brazil's two largest drug cartels as terrorist organizations, which Flavio has said was a personal request.

"These criminal groups inflict daily terror on the most vulnerable populations, but they are not the same as terrorist organizations," Lula told Trump.

Security is the main concern of Brazilians heading into this year's elections, polls have shown.

Flavio Bolsonaro is pushing for a tough-on-crime model like that of El Salvador's President Nayib Bukele, whose sweeping crackdown on gangs and mass detentions have drawn controversy.

- Deforestation and PIX -

The United States imposed a 25-percent tariff on a range of Brazilian goods over policies it argued harm US commerce, such as deforestation and a free electronic payments system known as PIX.

Brazilian data shows deforestation in the Amazon fell last year to its lowest point since 2016.

Brazil was also impacted under a separate global tariff regime against US trading partners accused of using forced labor.

Lula has repeatedly said he believes it was US Secretary of State Marco Rubio and not Trump who was behind the tariffs against Brazil.

"Trump is the best of the lot, and the one who talks most seriously with me," he said last week.


Arctic Shipping a Daunting Prospect in Hotly Contested Region

This handout photo taken and released on August 15, 2026 by the Ningbo Zhoushan Port Group shows the "Dubai Tower" container ship, operated by Chinese shipowner Sea Legend, setting sail from the port of Ningbo headed to the port of Felixstow, England. (Handout / Ningbo Zhoushan Port Group / AFP)
This handout photo taken and released on August 15, 2026 by the Ningbo Zhoushan Port Group shows the "Dubai Tower" container ship, operated by Chinese shipowner Sea Legend, setting sail from the port of Ningbo headed to the port of Felixstow, England. (Handout / Ningbo Zhoushan Port Group / AFP)
TT

Arctic Shipping a Daunting Prospect in Hotly Contested Region

This handout photo taken and released on August 15, 2026 by the Ningbo Zhoushan Port Group shows the "Dubai Tower" container ship, operated by Chinese shipowner Sea Legend, setting sail from the port of Ningbo headed to the port of Felixstow, England. (Handout / Ningbo Zhoushan Port Group / AFP)
This handout photo taken and released on August 15, 2026 by the Ningbo Zhoushan Port Group shows the "Dubai Tower" container ship, operated by Chinese shipowner Sea Legend, setting sail from the port of Ningbo headed to the port of Felixstow, England. (Handout / Ningbo Zhoushan Port Group / AFP)

With Middle East turmoil slashing Suez Canal traffic, shipping firms are tempted to try the Arctic for quicker trips between Europe and Asia -- but commercial prospects are unlikely to match countries' strategic ambitions for the North Pole.

Container ships from China and South Korea aim to transit the Northern Sea Route in Russian territorial waters in the coming weeks, testing its viability as climate change keeps the passage free of ice longer each year.

Industry experts remain skeptical, saying that even if more vessels start going through, the bulk of global shipping will remain along established lines for the foreseeable future.

- Shorter, cheaper, harder -

Houthi militants in Yemen have disrupted traffic through the Bab el-Mandeb Strait by attacking vessels heading to and from the Suez Canal.

Many operators now avoid the passage and send ships instead around South Africa's Cape of Good Hope, vastly prolonging the journey between Asia and Europe and driving up fuel costs and emissions.

By contrast, the Northern Sea Route (NSR) could cut the distance by 30 to 40 percent compared to using the Suez Canal, and by nearly half from going around the southern tip of Africa, the credit insurance group Coface said in April.

But what looks good on spreadsheets ignores daunting constraints.

"The Arctic link can only be seasonal, from August to October," said Paul Tourret, director of the Higher Institute of Maritime Economics (ISEMAR) in Saint-Nazaire, France.

"And you need ice-class ships, which cost more," he told AFP.

That rules out Supramax and other hulking container ships that make up a major share of global traffic, since they can offer hugely competitive rates.

By contrast, the capacity of the Chinese container ship "Dubai Tower" that embarked on the NSR from Ningbo to Europe this month, is one-tenth the size, said Jerome de Ricqles, a sea freight specialist at Upply, a French-based transport management firm.

- Real but limited potential -

Most container ships using the NSR need to be escorted by Russia's fleet of nuclear-powered icebreakers.

Last year, a record 23 vessels made the passage, up from 15 in 2024, according to a recent study by insurance group Allianz Commercial.

That's fewer than the number using the Suez Canal each day.

Even with conflicts in the Middle East, some 35 ships a day transited the Egyptian canal in the first half of this year, down from more than 50 a day before the Houthis started their attacks in 2023.

The northern route is "a temporary and minuscule solution with regards to the overall needs", De Ricqles said.

According to Coface, just 3.5 percent of the current traffic between East Asia, northern Europe and North America could actually shift to Arctic routes.

Looking out to 2030, viability "remains extremely limited and mainly only concerns raw materials", Eve Barre, an economist who piloted the Coface study, said in a statement.

Even so, the NSR could attract bulk liquid vessels carrying oil and liquefied natural gas, who could see their costs slashed by 45 to 50 percent in some cases, the study found.

Dry bulk ships might also start using it, especially if they can operate with icebreaker escorts.

But the prospect also carries environmental risks if increased traffic accelerates Arctic melting, with soot emissions that settle on the ice cap trapping heat from sunlight.

Fuel spills are also a concern, and several big Western shipping firms including France's CMA-CGM, Switzerland's MSC and Germany's Hapag-Lloyd have already pledged they will not use the Northern Sea Route.

All in all, the route "isn't likely to upend the major balances of global trade", Barre said, noting that the interest in Arctic shipping "is less commercial than political" at a time of tense rivalries between Russia, China and the United States.

Tourret at the French marine institute agreed, calling the trips by the Chinese and South Korean vessels a sideshow.

"One swallow does not a summer make, and one Chinese container ship doesn't create a Polar Silk Road," he said, referring to Beijing's Belt and Road Initiative aiming to knit together a trading network between Asia, Europe and Africa.


US Hits Canadian Goods with 50% Tariffs After Trade Talks Fail

 Rolled coils of steel sit in the yard at the ArcelorMittal Dofasco steel plant in Hamilton, Ont. on Thursday, Aug. 20, 2026. (Nick Iwanyshyn /The Canadian Press via AP)
Rolled coils of steel sit in the yard at the ArcelorMittal Dofasco steel plant in Hamilton, Ont. on Thursday, Aug. 20, 2026. (Nick Iwanyshyn /The Canadian Press via AP)
TT

US Hits Canadian Goods with 50% Tariffs After Trade Talks Fail

 Rolled coils of steel sit in the yard at the ArcelorMittal Dofasco steel plant in Hamilton, Ont. on Thursday, Aug. 20, 2026. (Nick Iwanyshyn /The Canadian Press via AP)
Rolled coils of steel sit in the yard at the ArcelorMittal Dofasco steel plant in Hamilton, Ont. on Thursday, Aug. 20, 2026. (Nick Iwanyshyn /The Canadian Press via AP)

The US imposed 50% tariffs on some Canadian goods on Saturday after the two longstanding allies failed to reach a trade deal, with each side accusing the other of derailing days of talks.

The tariffs that came into effect just after midnight (0400 GMT) on some $20 billion of Canadian goods - things like wooden ice hockey sticks that are rarely used anymore - are far from an economic game-changer for the largest US trading partner after Mexico.

That represents just over 5% of Canada's exports to the US. But the new ‌tariffs mark an ‌increase in tensions between President Donald Trump and Prime Minister Mark ‌Carney, ⁠and will likely make broader ⁠talks to renew the US-Mexico-Canada free trade agreement more difficult.

Carney said he had suspended trade negotiations and Canada would retaliate "dollar for dollar" on the new tariffs.

"I have decided to suspend trade negotiations with the US and have directed Canada’s negotiators to return to Ottawa," Carney said in a statement.

"They (negotiators) have worked hard, in good faith, to defend the interests of Canadians throughout these negotiations up until the very last minute," he said. "However, last-minute changes in the US proposed terms were unfair, uneconomic, and called into question ⁠the reliability of any deal."

Carney, the only person to ever run ‌the central banks of two major economies, was elected last ‌year on promises to stand up to Trump and remains broadly popular. Polls show most Canadians oppose making ‌any concessions to Trump.

Hours earlier, the two sides had seemed close to an agreement that ‌sources said would have lowered tariffs on steel, aluminum and autos.

"Tonight, Canada declined to finalize the trade deal under the terms agreed earlier this week," US Trade Representative Jamieson Greer said during a White House briefing.

"This is a missed opportunity for Canada to partner with ‌the United States, which is the fastest-growing economy in the G7," Greer said.

A senior Trump administration official said the US offer would have put ⁠Canada in the best ⁠tariff position of any major exporter to the US, but that Canada had sought additional concessions, especially on steel, aluminum, autos and softwood lumber.

No additional talks are scheduled as the US implements the new duties, the official said.

Trump last month threatened to impose a raft of duties on a range of Canadian imports including furniture, dairy products, cement, clothing, fishing rods, hockey equipment.

The tariffs, which do not qualify for preferential treatment under the US-Mexico-Canada free-trade agreement, open up some already vulnerable sectors to potential severe damage that could lead to job losses and business closures, trade experts have said.

The decision by the US administration followed three days of talks in Washington between Canada's minister for trade with the US, Dominic LeBlanc, and Greer.

The new duties add to existing US tariffs on steel, lumber and autos which have taken major hit in the last 18 months, although the malaise has been largely contained within these sectors.