From October 25-27, 2022, the sixth edition of the Future Investment Initiative (FII) took place in Riyadh under the theme “Investing in Humanity: Enabling a New Global Order,” seeking to chart a path for the global business and investing community amidst an uncertain global economic climate, supply chain shocks, inflation, and global energy issues by promoting positive change in the sectors of education, healthcare, energy, artificial intelligence, and robotics. As with previous years, the FII brought together many of the world’s most prominent CEOs, policymakers, investors, entrepreneurs, and emerging leaders to shape the future of international investment and the global economy.
More than 28 investment deals and agreements worth over $9 billion were signed during the FII, including a number of notable U.S.-Saudi agreements. On the sidelines of FII, the Ministry of Investment oversaw an agreement signed between Boeing and Saudi-based advanced metals manufacturer Tasnee. The Ministry also signed an agreement with U.S.-based space training company Orbite to develop tourism and entertainment investment opportunities in space. Other agreements announced during FII include a deal for U.S. biotechnology company Ginkgo Bioworks to expand its in-Kingdom capabilities by implementing public health technologies and providing training and data infrastructure solutions. According to the Ministry of Investment, 53 deals with global and local investors were signed in the third quarter of 2022 across industries like communications, energy, health, green energy, biotechnology, transport/logistics, and information technology.
The Saudi government is already following up on success of its conference with several major new investment plans. On the sidelines of the FII, H.E. Bandar Alkhorayef, Minister of Industry and Mineral Resources (MIMR), said that the country’s non-oil sector aims to attract $69 billion in investments by 2030 and grow its exports to five times their current level by 2035. Furthermore, Saudi Aramco announced the upcoming launch of a $1.5 billion sustainability fund to invest in energy transition technologies and support decarbonization of its value chain of products and services. Meanwhile, the Public Investment Fund has set a goal to have $1 trillion in assets under management by the end of 2025, compared to more than $525 billion in 2021, with plans to continue creating strategic partnerships and public listings of companies it holds. The flurry of recent investment announcements will play a key role in placing Saudi Arabia on the world stage as one of the fastest-growing economies, according to predictions made by the International Monetary Fund.
At this year’s FII, over 400 speakers and panelists from more than 50 countries led conversations on global investment and industry trends for over 6,000 participants, made up of business leaders, policymakers, investors, entrepreneurs, and tech experts from a wide range of sectors, including education, artificial intelligence, robotics, health, and sustainability. Discussions revolved around how these different stakeholders can guide business, government, and society through supply-chain disruption, cybersecurity issues, rising inflation and economic downturns, and shifting consumer demand led by lifted pandemic restrictions.