The seventh session of the Future Investment Initiative concluded its work today, Thursday, in Riyadh, under the title “The New Compass,” with the participation of about 6,000 people from more than 90 countries, and 500 speakers from different sectors.
The session witnessed the signing of 3 memorandums of understanding by the Saudi Ministry of Investment, in the sectors of biotechnology, pharmaceuticals, financial services, education and training.
The signing of the memorandums of understanding aims to discover, develop, manufacture and market a group of new medicines, provide an opportunity for investors to invest directly in major projects compatible with the Kingdom’s Vision 2030, and enhance cooperation in the field of education at all educational levels.
During his participation in the conference, Saudi Finance Minister Mohammed Al-Jadaan expected his country’s non-oil economy to grow by about 6% this year, noting that “the non-oil sector in Saudi Arabia is still recording strong growth.”
Al-Jadaan said, “We are no longer focusing on Saudi Arabia’s gross domestic product, but rather on the development of the non-oil sector.”
For its part, the Saudi Ministry of Economy said on Thursday that foreign direct investment flows to the Kingdom amounted to 6.2 billion Saudi riyals ($1.65 billion) in the second quarter of 2023, a decrease of 21.2% on an annual basis.
The conference began the day before yesterday, Tuesday, and in the opening speech, Yasser bin Othman Al-Rumayyan, Governor of the Public Investment Fund and Chairman of the Board of Directors of the Future Investment Initiative Foundation, stressed that reality reflects the importance of the topic of the Future Investment Initiative, “The New Compass,” pointing to the interactivity of developing a new strategy to understand the biggest challenges. In this era, as well as the future that depends on the hope of humanity.
He stated that the previous version of the Future Investment Initiative focused on the needs and requirements of individuals in various demographic diversities, adding that the current version talks about the future of investment and the most important priorities.
In his speech, he touched on the importance of artificial intelligence, noting that it affects global trade in multiple ways, expecting that 70% of companies will deal with at least one type of artificial intelligence technology by 2030.