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"Future Investment Initiative" Sets the Course for Global Economies

The eighth edition of the "Future Investment Initiative" (FII) conference, held under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, brought together the world's most influential figures in finance and business to Riyadh. The event, dubbed "Davos in the Desert," served as a platform to discuss the trajectory of the global economy amidst rapid developments.

A Global Platform for Investment and Collaboration

This three-day conference, themed "Unbounded Horizons: Investing Today to Shape Tomorrow," attracted over 7,000 participants and 600 global speakers. The conference, which took place just days before the US presidential elections, provided a crucial opportunity to address critical global issues. Key topics included low interest rates and their impact on markets, oil prices, artificial intelligence advancements, and more.

The FII serves as a catalyst for attracting foreign investment to Saudi Arabia, with numerous global institutions announcing the opening of new offices in Riyadh. The number of companies establishing regional headquarters in the Saudi capital has now reached 540, surpassing the 2030 target of 500 companies, according to the Minister of Investment, Eng. Khalid Al-Falih.

Strategic Initiatives and Economic Transformation

The conference saw the announcement of various strategic initiatives, highlighting Saudi Arabia's commitment to economic diversification and technological advancement. The Public Investment Fund (PIF),managing assets exceeding $900 billion, announced plans to reduce its foreign holdings from 30% to 18-20%, focusing on domestic projects. The PIF emphasized Saudi Arabia's potential to become a global center for artificial intelligence.

The FII served as a platform for discussing and promoting key sectors for investment, particularly the energy sector. The transition to a low-carbon economy necessitates long-term investments and close collaboration between the public and private sectors. Saudi Arabia aims to strike a balance between meeting current energy needs and building a sustainable future for generations to come. Major energy players have invested over $65 billion in low-carbon technologies since 2017.

Saudi Arabia's Economic Growth and Future Vision

Saudi Arabia's commitment to economic transformation is evident in its rapid economic growth. Despite global challenges, the country's economy experienced a remarkable surge, becoming the second fastest-growing among the G20 nations. Foreign direct investment in Saudi Arabia is exceeding the targets set last year, reaching a value of $26 billion.

The conference underscored the importance of Saudi Arabia's role as a regional and global hub for investment and innovation. With a focus on attracting foreign investment, promoting technological advancements, and establishing itself as a leader in key industries, Saudi Arabia continues to position itself as a major player in the global economic landscape.