Day two of the Future Investment Initiative (FII) event in Riyadh will again gather more than 6,000 participants – from policymakers, investors, entrepreneurs to young leaders – for discussions on topics ranging from geoeconomics to gaming.
During Tuesday’s sessions, delegates explored issues such as supply-chain disruption, the growing demand for travel since the lifting of pandemic restrictions, e-commerce, cybercrime, and the widespread problem of rising inflation.
Saudi Minister of Investment Khalid Al-Falih in a plenary session said that the energy crisis in Europe will accelerate the oil and gas sector’s transition to renewables and hydrogen.
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman, in a separate session, meanwhile said that some were using their emergency stocks and using it as a mechanism to manipulate markets when its purpose should be to mitigate any shortages of supply.
Princess Reema bint Bandar, the Kingdom’s ambassador to Washington, also explained that the current discord between Saudi Arabia and the US was “not political” but “purely economic.”
Meanwhile, on the sidelines of the Riyadh event, Saudi Arabia’s Ministry of Investment signed five investment agreements in the aerospace (Boeing and Orbitel), technology (Ginkgo Bioworks and Taihan Cable & Solution) and finance (BTG Pactual) sectors to further cement its emerging positioning in global value chains.
#WATCH: Here are the key take-aways from the first day of #FII6 as global leaders, investors and policymakers gathered in #Riyadh to discuss how to “Enable a #NewGlobalOrder” | https://t.co/J5ml9W1usl pic.twitter.com/b5JGCKOdBO
— Arab News | Business (@ArabNewsBiz) October 26, 2022
Working with the year’s theme ‘Investing In Humanity: Enabling a New Global Order,’ today’s opening plenary will have Nelson Peltz, chief executive and founding partner of Trian Partners, discuss how to ensure success for and through the long-term – across the world, amidst decades of change and turbulence.
Mohammed Bin Abdullah Al-Jadaan, Saudi Arabia’s minister of finance, meanwhile will sit with his Bahraini counterpart Sheikh Salman Khalifa Alkhalifa and Steven Mnuchin, founder and managing partner of Liberty Strategic Capital, in a plenary on power players whose decisions impact global finance.
Other plenary sessions during the day include the rise of geoeconomics, the energy transition calibrating the new energy economy, financing net zero and building a better crypto economy.
The following are live updates on the highlights of the opening day at FII 6th edition.
Sheikh Salman bin Khalifa Al-Khalifa, Bahrain’s minister of finance and national economy: “There are certainly a multitude of challenges that the world faces, inflation is certainly one of them, driven by the disruption in supply chains coming out of COVID-19, compounded by the conflict in Europe and now it is a period where there is food price inflation, energy price inflation and that is a big issue. One of the positive aspects that we are seeing very recently is that shipping costs are coming down.”
“Now it is extremely important to focus on the supply chains, supply chains will play a critical role. We saw Saudi Arabia launch the Global Supply Chain Resilience Initiative and it will be extremely important for countries all over the world to participate and make sure domestically within their region they are building resilience on the supply chain.
Mohammed Bin Abdullah Al-Jadaan, Saudi Arabia’s minister of finance: “You cannot look at the world in one way… we have seen how the world is almost split into [the] optimistic side that are looking for the future, those who have planned, that who are able to make long-term decisions and prepare themselves for difficult times are reaping the benefits. Those who haven’t are facing difficult times… and the world is going through a very, very difficult time.”
“I think what we need to do is encourage cooperation and collaboration. The world needs stability, predictability for macrofinance to be available, for investment to be available. And that is becoming very difficult with all the shocks we have seen.”
“We are talking with international organizations to try and help, I can tell you within the region what Saudi Arabia did was we mobilized the regional multilateral development institutions to make sure we provide support to countries in the region, but we are also doing our part. We worked with Indonesian presidency in the G20 to provide some support to the world at large but also to the low-income countries and emerging markets when it comes to energy and food. We are providing support bilaterally, and we are making sure we stay the course. We have a vision that we started a few years ago, we prepared ourselves and we are reaping the benefits.”
0628: Plenary on The Pulse On Global Macrofinance with Mohammed Bin Abdullah Al-Jadaan, Saudi Arabia’s minister of finance, meanwhile will sit with his Bahraini counterpart Sheikh Salman Khalifa Alkhalifa and Steven Mnuchin, founder and managing partner of Liberty Strategic Capital.
Nelson Peltz, chief executive and founding partner of Trian Partners: “The most important thing for a CEO is to have glasses that have bifocals… keep eye on next quarter, but needs to have long term vision to understand where the business is going and do they have a plan to get there.”
“We might have fooled ourselves when we invested in Procter and Gamble, we did not buy the whole company, but we looked at it at a vantage point and as a result it was a rocky start to our relationship but it went out to be tremendously profitable for its shareholders.”
“My impression of Saudi Arabia is an old one. But I found to my pleasure a very warm welcoming, informed and intelligent people who have moved so quickly into this century. It is amazing. But more importantly, there is a sense of freedom, warmness, kindness which I was really surprised because I have old impression.”
“The Kingdom got to continue to do what they’re doing. They are on a roll that I would not like to see them get off, just do more of it… be careful when [they] stray off that path.”
0606: Richard Attias, chief executive of FII Institute, opens the second day of the Future Investment Initiative, with a plenary session with Nelson Peltz, chief executive and founding partner of Trian Partners, who will discuss how to ensure success for and through the long-term – across the world, amidst decades of change and turbulence.
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