LONDON: Saudi Arabia’s Public Investment Fund (PIF) has named a top team of global business chiefs that will help steer the agenda of the Kingdom’s Future Investment Initiative (FII).
The event debuted in the Kingdom last year and reflected the government’s economic reform agenda, showcasing developments such as NEOM and providing a platform for the country’s push into high-tech sectors, including robotics and artificial intelligence.
For many delegates, the highlight of last year’s gathering, nicknamed ‘Davos in the desert,’ was the apperance of a lifelike robot called "Sophia" who addressed the audience.
The second edition of the event will run from Oct. 23 to 25 in Riyadh and will focus on how investment can be used to fuel innovation and shape future economies.
Among the business leaders that will form the FII advisory board are Emaar Properties founder Mohamed Ali Alabbar, Blackstone boss Stephen Schwarzman and Masayoshi Son, the CEO of SoftBank Group.
Lubna Olayan, the CEO of Olayan Financing Company is the only Saudi Arabia-based business leader named on the board and one of three women that will help shape the event — alongside Arianna Huffington and Mellody Hobson of Ariel Investments.
Joe Kaser, the CEO of Siemens represents the world of engineering while other board members include Mastercard chief Ajay Banga, Victor Chu, the chairman of First Eastern Investment Group, Tidjane Thiam, the CEO of Credit Suisse Group and Peter Thiel, co-founder of the Founders Fund
“Last year’s inaugural Future Investment Initiative made it clear that this is an essential stop on the global business calendar, particularly for anyone interested in a truly international perspective on innovations and forward thinking from all parts of the world,” said Arianna Huffington, founder and CEO of Thrive Global. “Since then, the pace of change has only accelerated, making an even stronger case for how vital this unique gathering of leaders is for advancing our human potential. And I’m very much looking forward to working with the FII 2018 team to shape an agenda that not only showcases the best emerging ideas but helps us take meaningful action on a global scale.”
This year’s FII will include three summits looking at new health care frontiers, immersive technologies and the urban future.
Saudi Arabia is attracting increased interest from multinationals and investment groups following a string of reforms that form part of its Vision 2030 blueprint for economic diversification.
Investment companies are also establishing offices since the Tadawul opened itself to direct investment by foreign institutions in mid-2015.
That has attracted international names such as BlackRock, Citigroup, HSBC and Ashmore Group.
Saudi Arabia’s PIF names top business chiefs for Future Investment Initiative
Saudi Arabia’s PIF names top business chiefs for Future Investment Initiative
- Health care, urban futures and immersive tech among themes
- Event will run from Oct. 23 to 25 in Riyadh
Saudi investment pipeline active as reforms advance, says Pakistan minister
ALULA: Pakistan’s Finance Minister Mohammed Aurangzeb described Saudi Arabia as a “longstanding partner” and emphasized the importance of sustainable, mutually beneficial cooperation, particularly in key economic sectors.
Speaking to Arab News on the sidelines of the AlUla Conference for Emerging Market Economies, Aurangzeb said the relationship between Pakistan and Saudi Arabia remains resilient despite global geopolitical tensions.
“The Kingdom has been a longstanding partner of Pakistan for the longest time, and we are very grateful for how we have been supported through thick and thin, through rough patches and, even now that we have achieved macroeconomic stability, I think we are now well positioned for growth.”
Aurangzeb said the partnership has facilitated investment across several sectors, including minerals and mining, information technology, agriculture, and tourism. He cited an active pipeline of Saudi investments, including Wafi’s entry into Pakistan’s downstream oil and gas sector.
“The Kingdom has been very public about their appetite for the country, and the sectors are minerals and mining, IT, agriculture, tourism; and there are already investments which have come in. For example, Wafi came in (in terms of downstream oil and gas stations). There’s a very active pipeline.”
He said private sector activity is driving growth in these areas, while government-to-government cooperation is focused mainly on infrastructure development.
Acknowledging longstanding investor concerns related to bureaucracy and delays, Aurangzeb said Pakistan has made progress over the past two years through structural reforms and fiscal discipline, alongside efforts to improve the business environment.
“The last two years we have worked very hard in terms of structural reforms, in terms of what I call getting the basic hygiene right, in terms of the fiscal situation, the current economic situation (…) in terms of all those areas of getting the basic hygiene in a good place.”
Aurangzeb highlighted mining and refining as key areas of engagement, including discussions around the Reko Diq project, while stressing that talks with Saudi investors extend beyond individual ventures.
“From my perspective, it’s not just about one mine, the discussions will continue with the Saudi investors on a number of these areas.”
He also pointed to growing cooperation in the IT sector, particularly in artificial intelligence, noting that several Pakistani tech firms are already in discussions with Saudi counterparts or have established offices in the Kingdom.
Referring to recent talks with Saudi Minister of Economy and Planning Faisal Alibrahim, Aurangzeb said Pakistan’s large freelance workforce presents opportunities for deeper collaboration, provided skills development keeps pace with demand.
“I was just with (Saudi) minister of economy and planning, and he was specifically referring to the Pakistani tech talent, and he is absolutely right. We have the third-largest freelancer population in the world, and what we need to do is to ensure that we upscale, rescale, upgrade them.”
Aurangzeb also cited opportunities to benefit from Saudi Arabia’s experience in the energy sector and noted continued cooperation in defense production.
Looking ahead, he said Pakistan aims to recalibrate its relationship with Saudi Arabia toward trade and investment rather than reliance on aid.
“Our prime minister has been very clear that we want to move this entire discussion as we go forward from aid and support to trade and investment.”
