The Future Investment Initiative summit opened in Riyadh on Wednesday with a call for a “fundamental rethink” toward economic and social challenges in the pandemic era, and an invitation to take part in the big investment opportunities offered by Saudi Arabia’s transformation strategy.
Yasir Al-Rumayyan, governor of the Public Investment Fund, said the pandemic presented “an unprecedented opportunity for fresh thinking,” and urged the virtual global audience involved in the event “not to return to the status quo.”
He also invited financiers, bankers and business people to sample the “investment menu” in the Kingdom. “The variety of investments available in Saudi Arabia is really big — not just in the financial sector, but in the real economy,” he said.
The event had been postponed from last autumn because of travel restrictions from the pandemic, but went ahead as a “hybrid” forum with a physical venue in the Saudi capital supported by online hubs in Beijing, Mumbai, Paris and New York. The organizers said about 9,500 people attended either in person or virtually.
Al Rumayyan said: “This is not a normal event, but it is the opportunity to open a new chapter for humanity — the neo-renaissance,” which is the theme of the two-day gathering.
The PIF boss and other investment experts talked enthusiastically about the range of potential investments in the Kingdom under the second phase of the Vision 2030 strategy, but also warned that the global economic situation remained uncertain.
Al-Rumayyan said the division between “those with funds waiting on the sidelines and the working class” was a potential risk for economic recovery in 2021.
That caution was echoed by one of the big investment heavyweights at the opening session, the founder of investment firm Bridgewater Associates, Ray Dalio, who said: “I don’t think equities will be as ebullient as last year.”
Khalid Al-Falih, the Saudi investment minister, was more optimistic, pointing out that foreign investment had risen in the Kingdom in 2020 despite the economic recession caused by the virus.
He called on governments to take on more of the risk of setting up business, as the Saudi government has done. “We have looked at 400 different investment regulations and half of them have been revamped,” he said.
A major theme of the opening day, reinforced by virtually every speaker, was the move toward more sustainable investment, especially in the crucial energy sector.
Prince Abdul Aziz bin Salman, the Saudi energy minister, predicted that the Kingdom would make more progress in tackling climate change in the next decades than many other countries.
“We will enjoy being looked at as a reasonable and responsible international citizen because we will be doing more than most European countries by 2030,” he said.
He praised the Kingdom’s efforts in fighting the virus and in rebalancing global oil markets last year. “When the going got tough, the tough got going,” he said.
Saudi Arabia’s FII hears call for ‘new chapter for humanity’ in response to pandemic
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Saudi Arabia’s FII hears call for ‘new chapter for humanity’ in response to pandemic
- Pandemic presents ‘an unprecedented opportunity for fresh thinking’
Egypt–Saudi power link set to boost regional energy integration, minister says
RIYADH: Electricity interconnection projects between Egypt and Saudi Arabia will strengthen regional energy cooperation and economic integration, Egypt’s minister of electricity and renewable energy said during a visit to a key cross-border power facility.
Mahmoud Esmat made the remarks while inspecting the Egypt–Saudi electricity interconnection station linking the two countries’ power grids, where he reviewed construction progress and equipment testing ahead of trial operations expected in the coming weeks, according to a statement from the Egyptian State Information Service.
The project is described as the first of its kind in the Middle East in terms of scale, manufacturing technology, operation, and application in grid interconnection lines.
The initiative supports the state’s broader vision to implement sustainable solutions aimed at ensuring the stability of the national unified grid and enhancing the reliability and quality of electricity supply.
It also aligns with Egypt’s allocation of 136.3 billion Egyptian pounds ($2.8 billion) to the electricity and renewable energy sector in its 2025–26 development plan, nearly double the 72.6 billion pounds set aside the previous year.
The plan focuses on diversifying energy sources, expanding renewable capacity, and strengthening the national grid to meet rising demand.
The statement said: “The minister toured the station’s departments and control and operation center, following up on the completion of testing for all equipment and components in preparation for launching operations and synchronizing the project with the unified power grids of Egypt and Saudi Arabia in the coming weeks.”
It added: “Esmat reviewed the implementation rate of the project and testing works, as well as the project’s timeline. He highlighted finalization of operational tests at the Badr transformer station and the Sakakin Taba 2 station, as well as the 500 kilovolts overhead transmission line extending approximately 320 km.”
The minister said the project forms part of broader efforts to build an integrated power network connecting the two countries, facilitating efficient and flexible electricity exchange and laying the groundwork for a unified Arab electricity market.
He added that the initiative reflects a clear vision and comprehensive strategy to strengthen the efficiency of the energy system while delivering both immediate and long-term solutions to safeguard grid stability and enhance service quality.
