People attend the opening ceremony of the seventh Future Investment Initiative (FII7) forum held in Saudi Arabia's capital Riyadh, Oct. 24, 2023. (FII Institute/Handout via Xinhua)
RIYADH, Oct. 24 (Xinhua) -- The seventh Future Investment Initiative (FII7) forum kicked off Tuesday in Saudi Arabia's capital Riyadh under the theme "The New Compass."
The three-day event brings together 6,000 participants from more than 90 countries and 500 local and international speakers from different sectors.
FII Institute CEO Richard Attias told Xinhua that about 300 Chinese delegates attended this year's event, doubling the number of participants last year.
Speaking at the opening of the conference, Yasir Al-Rumayyan, governor of the Public Investment Fund (PIF) and chairman of FII Institute, said that the circumstances reinforce the importance of the FII theme this year, the New Compass, which is a new interactive program that helps develop new strategies to understand the challenges faced today.
Yasir Al-Rumayyan, governor of Saudi Arabia's Public Investment Fund (PIF) and chairman of FII Institute, delivers a speech during the opening ceremony of the seventh Future Investment Initiative (FII7) forum in Saudi Arabia's capital Riyadh, Oct. 24, 2023.(FII Institute/Handout via Xinhua)
"As central banks have tightened monitoring policies to slow inflation, businesses and governments around the world have been adjusting to this new reality," Al-Rumayyan said.
"Governments and the private sector cannot sustain the same level of spending, lending and investments as they did in the past," he said, emphasizing the importance of focusing on innovation and technology to accelerate change.
He underscored the great technological advancement witnessed in a short time, including one of the most significant driving forces in the world artificial intelligence (AI), "which has the power to create a more inclusive society and a sustainable model of development."
He said that PIF is witnessing a new era of economic growth and economic opportunities, in line with Saudi Vision 2030, as it focuses on 13 sectors to diversify the economy and provide new opportunities.
According to Al-Rumayyan, PIF has 90 new companies in its portfolio and has created more than 560,000 new jobs to make a positive impact both locally and globally.■
