RIYADH — The 7th edition of the Future Investment Initiative (FII7) wrapped up on Thursday in Riyadh, showcasing the cutting-edge realms of investment and technology. The concluding day of FII7 shone a spotlight on the frontiers of space and aviation, biotech, cybersecurity, robotics, venture capital, and start-up nations, among other pivotal sectors. A pivotal component of the FII7 was the AI summit, featuring luminaries such as Dr. Eric Daimler, Co-Founder and CEO of Conexus, Michael Kratsios, Managing Director of Scale AI, and Sebastian Kurz, Former Federal Chancellor of the Republic of Austria. Engaging discussions revolved around global AI regulations, with insights from notable speakers including John Curtius, Founder of Cedar Investment Management, Laurence Moroney, Lead AI Advocate at Google, and Rami Qasem, EVP and Chief Commercial Officer at Beyond Limits. The AI summit delved into recent data from Goldman Sachs Economics, forecasting that AI-related global investment could soar to $200 billion by 2025. This underlines AI's transformative potential in revolutionizing productivity and reshaping business processes on a global scale. Noteworthy remarks came from Nicolas Carey, Co-Founder and Vice Chairman of Blockchain.com, emphasizing the interconnectedness of AI and the future of financial services. Carey highlighted the symbiotic relationship between technologies like blockchain and AI, stressing the need for robust informatics and a deep understanding of their implications. The discussions extended to the evolving landscape of global AI regulations, with regulatory agencies and legislative bodies striving to develop frameworks that maximize AI's societal benefits while addressing both known and unknown risks. As part of the FII7 summits, a special Global South Carbon Markets session convened stakeholders from the Global South to foster collaboration and set a collective agenda ahead of COP 28, aiming to shape internal carbon market frameworks aligned with climate objectives and biodiversity conservation. The FII Institute unveiled its Inclusive ESG Tool and Score, a significant initiative aimed at enhancing data quality on ESG in emerging markets. Developed in partnership with ESG Book, a leader in sustainability data and technology, the tool empowers companies to improve sustainability efforts, aids investors in identifying performance leaders, and fosters financial flows. With total investments at FII7 reaching an impressive $17.9 billion by the end of Day 3, the conference witnessed global announcements spanning various sectors. The Public Investment Fund announced a partnership with Italian tire manufacturer Pirelli, committing to establishing local manufacturing capabilities in Saudi Arabia. ACWA Power signed a financing agreement for a 240MW wind power project in Azerbaijan, partnering with the European Bank for Reconstruction & Development and OPEC Fund for International Development. Richard Attias, CEO of the Future Investment Initiative Institute, reflected on the conclusion of FII7, saying: "Over the past three days, world leaders, financial titans, and industry experts have not only discussed but identified and agreed to radical actions to enhance the investment landscape, boost economies, galvanize support, and ultimately improve the world." Attias announced the shift of FII to the Far East with the FII PRIORITY Summit in Hong Kong on Dec. 7 and 8, 2023, continuing their mission to transform lives and futures globally.
