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The world is surviving highest inflation rates in 40 years: PIF Governor

The world is surviving highest inflation rates in 40 years: PIF Governor

Yasir AlRumayyan, the governor of the Saudi Public Investment Fund (PIF), said on Tuesday, that the Future Investment Initiative (FII), which was launched in Riyadh, is an engine for global cooperation.


Al-Rumayyan added that interest rates return to their levels before the global financial crisis, indicating that we live amid the highest inflation rates in 40 years in various sectors.


He pointed out that the Kingdom is working to find partnerships between companies that work in complete harmony and achieve sustainability.


Al-Rumayyan said: “We are joined virtually by more than 520 international speakers representing more than fifty countries around the world, and this is our investment in humanity in a new world order.”


He added, “Last month, in our meeting in New York, we knew that there are major issues such as poverty and unemployment in several countries, and we highlighted how to manage crises and not let them manage us.”


He continued, “We can be proactive, in different industries such as communications, health, and other sectors, as we have found a global movement in them.”


Yasir Al-Rumayyan added that the voluntary carbon market will be one of the most important in the world.


He pointed out that the Investment Fund is the first sovereign fund to issue the first bond called green bonds.


“We have made the first investment of its kind in the voluntary carbon sector” he added.


Al-Rumayyan explained that one of the fund’s most important priorities is to inject investments in the local economy from $ 30 to 40 billion.


He asserted that this will have an impact on the economy and the quality and quality of jobs that these investments will provide.


He added that Saudi Aramco has developed a system that will be launched early next year, which will deepen the understanding of the world to make gas emissions clearer and be able to find balance through expanded social responsibility.


The activities of the “Future Investment Initiative Conference”, in its sixth edition, kicked off today, Tuesday, October 25, 2022, in the Saudi capital, Riyadh, under the slogan “Investing in Humanity”.

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