Data presented at this year’s Future Investment Initiative (FII) forum, which kicked off its activities on Wednesday in the Saudi capital, Riyadh, has raised optimism surrounding the future of the global economy.
Attended by a host of high-profile speakers brought together under the theme “The Neo-Renaissance,” the investment summit highlighted the importance of adapting to changes introduced in a post-coronavirus reality.
Focus on striking a balance in investment strategies, building future sectors, developing green assets and promoting sustainability was deemed vital for helping bring about economic growth and a long-awaited post-pandemic renaissance.
Over 140 ministers, policy makers and world investors participating in the forum’s fourth edition held sessions centered on economic growth, climate change, sustainability and investment in the environment.
With global energy demands hiking over the coming years, sessions emphasized the need for reducing carbon emissions and tapping into eco-friendly energy sources.
Saudi Energy Minister Prince Abdulaziz bin Salman, speaking on a panel at the FII conference, revealed that the Kingdom is undertaking many projects in the energy sector.
He added that 50% of Saudi Arabia’s power sector fuel will be converted into gas and the rest will be coming from renewables.
“We will be another Germany when it comes to renewables,” the minister said.
“We will be pioneering,” he asserted, adding that the Kingdom is working with many countries on green and blue hydrogen projects and those to capture carbon emissions.
Yasir Al-Rumayyan, governor of the Saudi Public Investment Fund (PIF), said that the coronavirus pandemic has exposed vast investment opportunities in the entire spectrum of technology.
“The PIF closely monitors developments in the technology sector, whether in the primary or secondary market, and many international lawmakers have expressed their apprehension of the enormous role of technology companies,” he said.
Referring to the changes in the investment scenario, Al-Rumayyan said: “It is time to pay attention to the effects of the investment decision on various components of the global community. Everyone was chasing the financial markets, but today we are thinking about direct investment strategies in parallel, by creating new sectors.”
Al-Rumayyan, who is also FII Institute chairman, noted that PIF’s five-year strategy, which was launched by Crown Prince Mohammad bin Salman on Sunday, included announcing the second phase of the Saudi Vision 2030 Realization Program.
“It will follow the new phase, which is part of the strategy, under which we want to invest not only in financial markets, but in new projects that will have an impact on the growth of the gross domestic product (GDP) in the Kingdom, and the creation of investment and job opportunities, and this link between the markets, and the effect that emanates from PIF’s strategy.”
