The sixth edition of the Future Investment Initiative Conference (FIIC), the largest economic initiative discussing the future of global investment, opened today, Tuesday, in Riyadh, with the participation of hundreds of CEOs and financial and investment leaders.
Over three days, the conference will address today’s most pressing issues to shape the future of the global economy. This year’s edition is being held under the theme ‘Investing in Humanity: Enabling a New World Order.’
More than 7,000 delegates are attending, as well as more than 500 speakers.
The first session focused on the new world order, risks, opportunities, and new horizons.
The session, titled “The New World Order,” was attended by executives from major banks and corporations.
Seven mega-agreements are expected to be announced today.
Khalid Al Falih
The Saudi Minister of Investment, Khalid Al-Falih, stated that the world’s security crises will continue after witnessing many transformations in recent years.
Al Falih highlighted the transformation in the oil and gas sector, noting that the European energy crisis will accelerate this transformation, particularly in the field of hydrogen.
The Minister of Investment continued, “There is also a shift at the level of trade and supply chains given that they are affected by globalization.” He emphasized that the Kingdom has emerged as the primary source of solutions to global supply chain issues.
For his part, Yasir Al-Rumayyan, Governor of the Public Investment Fund and Chairman of the Board of Directors of the Future Investment Initiative Foundation, observed that a variety of industries, including telecommunications, health, retail, and other sectors, are among the main contributors to the global movement.
He emphasized that the pandemic accelerated this industrial movement, which results in the exploitation of available opportunities.
He also stressed that the Future Investment Initiative serves as the engine of global cooperation, highlighting the significance of committing to capabilities, particularly investing in humanity in a new global order.
Saudi Tourism Minister Ahmed Al-Khateeb revealed that the country will welcome 12,000 hotel rooms by 2022, an unprecedented rate globally.
He pointed out that the tourism industry, which was the hardest hit by the pandemic, accounts for 10 percent of the global economy and jobs.
“We have started to see a return and growth in the sector,” he said, “noting that this year, “We have returned to 70 percent of pre-pandemic levels.”