7th Edition of Future Investment Initiative Conference Ends
Riyadh concluded the 7th edition of the Future Investment Initiative (FII7) conference, attended by over 6,000 participants from more than 90 countries.
The last day shed light on a number of topics including the latest developments in investment, technology, space, aviation, biotechnology, cybersecurity, robotics, venture capital, and startups.
Artificial Intelligence Summit
A summit on artificial intelligence (AI) discussed global regulations and systems related to AI with participation from Dr. Eric Daimler, co-founder and CEO of Conexus, Michael Kratsios, Administrative Director of Scale AI, and Sebastian Kurz, former Federal Chancellor of the Republic of Austria.
Other speakers included John Curtius, founder of Cedar Investment Management, Lawrence Moroney, Chief AI lawyer at Google, and Rami Qasem, Executive Vice President and Director of Commercial Affairs at Beyond Limits.
The AI summit discussed recent data from Goldman Sachs Economics, indicating that by 2025, global investment in AI could reach $200 billion, reflecting AI’s immense capability to revolutionize productivity and reshape business operations amid its expanding economic and social applications.
Nicholas Cary, co-founder and Vice Chairman of Blockchain.com, stated that AI and the future of financial services are closely linked, emphasizing the complementary relationship of blockchain technology and AI.
Regulatory Efforts, Global Standardization
The conference addressed the efforts of global regulatory bodies, national legislators, and concerned authorities in developing standards to maximize societal benefits from AI while focusing on mitigating all risks arising from it.
Carbon Markets Conference
A side meeting on carbon markets in the Global South was held within the FII conference to agree on a list of actions to be taken before the 28th Conference of the Parties (COP28).
Participants, aiming to enhance global climate justice, discussed forming frameworks in domestic carbon markets focusing on climate goals and biodiversity conservation.
Tool for Environmental, Social, Governance Risk Management
On the last day, an announcement was made about a specialized tool for environmental, social, and governance (ESG) risk management in emerging markets.
This tool, developed in partnership with ESG Book, aims to improve ESG data quality and enable companies in these markets to receive funding, thereby enhancing sustainability efforts and helping investors identify factors affecting current and future performance.
Investment Highlights
The conference unveiled a total investment value of nearly $17.9 billion across various sectors, including partnerships between the Public Investment Fund and Italian tire manufacturer Pirelli to establish a tire factory in the Kingdom, and an agreement between Aqua Power, the European Bank for Reconstruction and Development, and the OPEC Fund for International Development to finance a 240-megawatt wind energy project in Azerbaijan.
Closing Remarks
In his closing remarks, the CEO of the Future Investment Initiative, Richard Attias, appreciated the global leaders, financial giants, and experts who not only engaged in discussions but also identified and agreed on radical measures to enhance investment systems, boost economies, and stimulate support to make the world a better place.
Attias revealed that the initiative would soon move from the Middle East to the Far East with the FII PRIORITY summit in Hong Kong, scheduled for 7-8 December, continuing their mission to make a positive impact on the lives and futures of people worldwide.
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