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Saudi Gazette report
RIYADH — The 8th edition of the Future Investment Initiative (8FII) 2024 kicked off, under the patronage of Custodian of the Two Holy Mosques King Salman in Riyadh on Tuesday. An elite group of world leaders, CEOs and decision-makers gathered here under the theme “Infinite horizons: Investing today, shaping tomorrow,” to discuss strategies to address the biggest challenges facing the planet in a borderless, connected world. Governor of the Public Investment Fund (PIF), Chairman of Saudi Aramco and Chairman of the FII Institute Yasir Al-Rumayyan inaugurated the 8FII summit.
“Since its launch in 2017, the Future Investment Initiative has become a transformative force in the world of investment, facilitating deals worth more than $125 billion, and becoming a force for action and progress,” Al-Rumayyan said in his inaugural speech.
He said that the 8FII brings together more than 7,000 participants and 600 global speakers to highlight the most prominent global challenges and investment opportunities. “Today, we face interconnected global challenges that require innovative solutions, and this year’s conference highlights pressing issues such as the rising cost of living and healthcare disparities, all of which extend across borders. However, these challenges open paths for progress, which is what the theme of this event means, and that embodies a vision of investing in the future with purpose and ambition.”
“Today, we stand on the threshold of a new era of possibilities, which requires us to invest not only in our economies, but in the future of humanity as a whole. This is the essence of purposeful investing, sustainable, long-term investments that address global challenges, enhance innovation, and achieve lasting positive impact,” he said.
Al-Rumayyan predicted that emerging market economies will outpace developed markets by 2030, and this underscores the need for strategic investments in areas that will drive the global economy. Al-Rumayan explained that despite the importance of financial returns, investments that have a positive impact on society and the environment are the most sustainable, and emerging markets are the best evidence of this, as long-term investments have proven their ability to achieve profitable returns and stimulate sustainable development, and the world is still rich in untapped potential.
He pointed out that Saudi Arabia has a pivotal role in driving purposeful investment thanks to its unique resources and strategic location, which enables it to drive investments in vital areas.
According to Al-Rumayyan, the energy sector is one of the most important sectors that require purposeful investment, and requires the transition to a low-carbon economy, long-term investments and close cooperation between the public and private sectors. “The Kingdom also seeks to achieve a balance between current energy needs and building a sustainable future for future generations. For example, major energy players have invested more than $65 billion in low-carbon technologies since 2017. We aspire for energy to go beyond its role as an engine of the economy, to become a driving force for progress and prosperity for future generations,” he said.
The PIF chief noted that the 8FII represents an opportunity to transform challenges into opportunities and build a prosperous future for the global economy and humanity as a whole. Through purposeful investment and international cooperation, the goals of sustainable development can be achieved and a better world can be built for future generations.
For his part, Richard Attias, CEO of the Future Investment Initiative Foundation, said that FII was established with a vision to bring global leaders together, aiming to foster a sustainable planet, equitable societies and inclusive economies. “We are at a crossroads and our choices will define the era. Our collective efforts will create a more inclusive and sustainable world.”
Attias emphasized that the future belongs to those who dare to dream beyond the horizon. “I call on all of you to be leaders of change, who see the world not as it is, but as it should be. This is the essence of visioning the future: challenging boundaries and leaping into the unknown,” he said. Attias announced his departure from his role as CEO of the FII Foundation.
Attias stressed the importance of the summit’s theme, saying: “Infinite Horizons is not just a theme, it is a clear call to expand our collective vision and embrace the horizons of the unlimited future. This edition’s theme embodies our commitment to leading the conversation towards a future where investment knows no boundaries and working towards a better tomorrow for all.”
