Future Investment Initiative in Riyadh has seen a series of debates on the environment, energy sector and the pace and magnitude of a transition to renewable energy sources.
Among the topics discussed were the opportunities and challenges of a circular carbon economy and the new technologies transforming the oil industry in response to complex economic, social, political, and environmental pressures around the world.
In a special address to the audience followed by a conversation with Lubna Olayan, chair of the executive committee, Olayan Financing Company, Brazil’s president Jair Bolsonaro discussed his country’s political transformation and the specific measures underway to address Brazil’s social and economic challenges.
Emphasising the Brazilian government’s task to unleash powerful market forces to drive economic growth, he told global investors that “Brazil is back in business”, stating that “this world of opportunities remains available to all of you”.
Discussing the role of capital market reforms in Vision 2030, Steven Mnuchin, US secretary of the treasury, told Sarah Al Suhaimi, chairperson, Saudi Stock Exchange (Tadawul) that: “Capital markets are very important in the transformation.
“I think the changes that you made, the technology upgrade that you have done, these are all the right things.”
Speaking about the importance of innovation, Rick Perry, US secretary of energy noted that “fifteen years ago, they told us that we had found all the fossil fuels there were to find – we’d reached peak oil.
“But what I remind people about is the ingenuity of the people on this globe.”
Likewise, prince Abdulaziz bin Salman, minister of energy, Saudi Arabia, pledged that the Kingdom “shall be the doer of our future and we are going to be the maker of our future” and that the country can become the most reliable provider of solar energy, just as it was the most reliable provider of oil.
There were also discussions of how new collaborative models of investment are driving tech innovation at scale, with Dennis Johnson, chief strategy officer of the Public Investment Fund stating that “as PIF moves forward with its investment strategy we will be focusing on AI, technology supporting smart cities, improvements in healthcare delivery, and cybersecurity”.
The Future Investment Initiative is an international platform for expert-led debate between global leaders, investors and innovators with the power to shape the future of global investment.
It is focused on utilising investment to drive growth opportunities, enable innovation and disruptive technologies, and address global challenges.
The third edition of FII will continue building active, global networks of influential decision makers to explore the emerging industries that will shape the global economy and investment landscape over the coming decades.
The Public Investment Fund is one of the largest and most impactful sovereign wealth funds in the world, enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of Saudi Arabia.
PIF is building a world-class, diversified portfolio through investments in attractive, long-term opportunities across sectors and asset classes at both the domestic and international level.
For more information about the FII 2019 program and speakers, visit the FII website.
Images: Future Investment Initiative