RIYADH: Recent Future Investment Initiative (FII) forums have made significant strides in sustainability, whether through securing $17.9 billion in deals or hosting the largest-ever voluntary carbon market auction.
As Riyadh prepares to host the eighth edition of the event, the success of previous gatherings means that over 7,100 expected attendees will be under the spotlight to deliver another headline-making forum.
Scheduled for October 29-31, FII8 is poised to announce $28 billion in deals, according to FII Institute CEO Richard Attias. This figure will add to the over $128 billion in agreements sealed across past editions.
FII7, held from October 24-26, 2023, saw deals worth $17.9 billion signed, encompassing sectors like aerospace, energy, and manufacturing, highlighting the forum’s role as a catalyst for economic growth.
Saudi Arabia’s energy ambitions were central at FII7, demonstrating the Kingdom’s commitment to balancing traditional hydrocarbon investments with renewable power. Notable agreements included ACWA Power’s financing deal for a wind energy project in Azerbaijan.
The FII Institute also launched its Inclusive ESG Tool, designed to drive sustainability efforts in emerging markets by providing clearer metrics on environmental, social, and governance performance. Developed in collaboration with London firm ESG Book, this initiative aims to close the $5.4 trillion investment gap in sustainable projects in developing regions.
AI dominated discussions at FII7, with leaders exploring its transformative potential across sectors such as finance, healthcare, and industry. As Goldman Sachs predicted AI investments could reach $200 billion by 2025, speakers emphasized the need for robust regulatory frameworks to ensure AI benefits society while managing its risks.
Experts also highlighted the complementary relationship between AI and emerging technologies like blockchain, which are set to revolutionize financial services.
The forum took place against the backdrop of the upcoming COP28, focusing on sustainability and climate justice. A special session brought together stakeholders from the Global South to shape carbon market frameworks, positioning these countries to lead biodiversity conservation and climate action efforts.
FII7 succeeded in uniting global leaders to tackle the most pressing issues of our time.
At FII6, held in Riyadh in October 2022, the Kingdom’s Public Investment Fund and the Tadawul Group led a carbon market auction, with participation from 15 leading Saudi and regional entities. Prominent companies like Aramco, Olayan Financing Co., and Saudi Arabian Mining Co. were key buyers of carbon credits, marking a significant step in regional efforts to offset carbon emissions and invest in environmentally conscious initiatives.
This edition of the forum also saw PIF announce plans to establish five companies aimed at driving investment in neighboring countries, focusing on key sectors in Bahrain, Iraq, Jordan, Oman, and Sudan. The total planned investment amounted to $24 billion, reflecting Saudi Arabia’s broader economic strategy of fostering regional development and enhancing cross-border economic ties in alignment with its Vision 2030 goals.
The companies have been rolled out since FII6, including the establishment of Saudi-Bahraini Investment Co. in November 2022 with an investment of $5 billion, and the Saudi-Iraqi Investment Co. in May 2023 with a capital of $3 billion.
The 2022 event, themed “Investing in Humanity: Enabling a New Global Order,” also served as a platform for significant investments by the FII Institute. The institute revealed a $600,000 investment in Dogtooth Technologies, a UK-based startup that develops fruit-picking robots designed to reduce crop wastage and cut CO2 emissions. A similar $600,000 investment was made in Seafood Souq, a technology company offering a digital solution for seafood traceability, further underscoring the FII Institute’s commitment to supporting innovation in industries vital to global food security and sustainability.
Another key highlight was the launch of the Algoritmi Prize, an annual award established by the FII Institute in collaboration with global research publisher Springer Nature. The prize aimed at promoting cutting-edge research in artificial intelligence and robotics, focusing on finding technological solutions to some of the world’s most pressing challenges.
Held at the King Abdulaziz International Conference Center in Riyadh, the event attracted a high-profile roster of global leaders from business, politics, and civil society. Notable attendees included the President of Senegal, Macky Sall; the Prime Minister of Pakistan, Shehbaz Sharif; the Greek Minister of Development and Investments, Adonis Georgiadis; and the Finnish Minister for Development Cooperation and Foreign Trade, Ville Skinnari.
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