Latest news with #FutureInvestmentInitiative
Leaders
4 days ago
- Business
- Leaders
Saudi Foreign Minister Receives AUC Chairperson in Riyadh
The Saudi Foreign Minister, Prince Faisal bin Farhan, and the Chairperson of the African Union Commission (AUC), Mahmoud Ali Youssouf, have met in Riyadh, reported the Saudi Press Agency (SPA). On Thursday, Prince Faisal bin Farhan received Youssouf at the Foreign Ministry headquarters in Riyadh. During their meeting, the two officials reviewed the relations between Saudi Arabia and the African Union. They also explored ways to further bolster ties across various fields. Furthermore, the Saudi Foreign Minister and the AUC Chairperson discussed topics of mutual interest. The Saudi Deputy Foreign Minister, Waleed Al-Khuraiji, and Saudi Arabia's Ambassador to Ethiopia, Fahd Al-Humaidani, attended the meeting. In mid-May, Youssouf met with Al-Khuraiji on the sidelines of the Arab League Summit in Baghdad. Both officials explored ways to strengthen the partnership between Saudi Arabia and the African Union (AU). They also discussed boosting support for the African Union's efforts in enhancing peace, development, and regional integration, according to the AU press release at the time. Saudi Arabia and the AU enjoy robust relations. In October 2024, the Kingdom hosted the New Africa Summit, on the sidelines of the 8th annual Future Investment Initiative (FII) in Riyadh. The New Africa Summit brought together global leaders and decision-makers to explore the vast economic opportunities and discuss challenges facing the African continent. It followed a Saudi-African Summit, held in November 2023, which aimed to foster bilateral relations and capitalize on the vast economic opportunities in Africa. Short link : Post Views: 5
Saudi Gazette
24-05-2025
- Business
- Saudi Gazette
FII9 to convene global leaders in Riyadh to redefine investment in an era of paradox
Saudi Gazette report RIYADH — The Future Investment Initiative (FII) Institute has announced the agenda for the 9th edition of its flagship forum, FII9, set to take place in Riyadh from October 28 to 30, 2025. The three-day summit will bring together world leaders, investors, policymakers, and innovators to explore critical questions defining the global investment landscape under the theme: 'Prosperity in a world of paradox.' FII9 aims to tackle the rising tensions between growth and sustainability, innovation and regulation, fragmentation and cooperation — urging stakeholders to view these challenges as opportunities. With sessions organized around themes such as Innovation vs Constraints, Fragmentation vs Connectivity, and Progress vs Consequences, the summit promises actionable strategies to build inclusive and sustainable prosperity. The event's structure includes plenary sessions, private conclaves, and innovation-focused labs, hosted at the King Abdulaziz International Conference Center (KAICC) and the Ritz-Carlton. October 28 and 29 will feature global dialogues, while October 30 will focus on Investment Day, spotlighting major deal-making and venture showcases. This year's discussions will address pressing topics including the productivity paradox of AI, critical resource geopolitics, urban resilience, energy uncertainty, and financial fragmentation. High-interest sessions will explore the future of semiconductors as a national security issue, public-private infrastructure reinvention, and the next generation of mobility, tourism, and IPO pipelines. Since its inception, FII has been a launchpad for transformational deals, with over $200 billion worth of agreements announced at past editions. The 2025 summit continues that momentum, inviting attendees to shape the global economy through investment and innovation. FII9 will also spotlight the FII Venture Program, which supports impact-driven startups by connecting them with investors, corporations, and global institutions. The initiative aims to accelerate real-world solutions powered by disruptive technologies. CEO of the FII Institute, Penny Richards, said: 'FII is where change is sparked. It's not only a space for critical conversations but a platform where real investments and partnerships are born — designed to transform industries and reshape the future economy.'
Arabian Business
19-05-2025
- Business
- Arabian Business
Saudi Arabia's PIF plans to double European investments to $170bn by 2030
Saudi Arabia's Public Investment Fund (PIF) has deployed $85 billion across Europe since 2017 and plans to increase this to $170 billion by 2030, despite concerns about the region's regulatory environment, the fund's governor said at a summit in Albania. Speaking at the Future Investment Initiative (FII) Priority Summit in Tirana on Saturday, PIF Governor Yasir Al-Rumayyan outlined both the fund's substantial European investments and his concerns about regulatory predictability, according to reports from Saudi media. Highlights from the participation of H.E. Yasir Al-Rumayyan, Governor of #PIF and Chairman of @FIIKSA today at the #FIIPRIORITY Europe Summit in Albania. — Public Investment Fund (@PIF_en) May 17, 2025 Saudi fund eyes europe The Saudi sovereign wealth fund has created approximately 254,000 direct and indirect jobs through its European activities, with its investments having a $52 billion impact on EU GDP that is expected to reach $105 billion by 2030, Al-Rumayyan said. Despite this commitment to Europe, Al-Rumayyan expressed strong concerns about the EU's upcoming sustainability regulations, calling them 'outrageous' for global investors, according to the Saudi Gazette. The rules, which include more than 1,000 compliance metrics and are set to take effect in 2028 after a two-year delay, could potentially lead to disinvestment from the region, he warned. 'The regulation is saying if you're not compliant, you will be penalised not only for your operation in Europe, but you will be penalised on the parent company — 5 per cent of your top line,' the Saudi Gazette quoted him as saying. Al-Rumayyan cited PIF's investment in Credit Suisse as a cautionary example, claiming that regulatory changes in Switzerland had effectively eliminated the fund's position. 'We owned about 5 per cent of Credit Suisse. Overnight, the Swiss regulator changed the law — 150 years of rule of law was changed overnight. And they wiped out all investors,' he said. 'This is a big red flag.' Commenting on the host country, Al-Rumayyan described Albania as 'one of the fast-growing economies in Europe — dynamic and business-friendly, and an example of openness and reform,' according to quotes shared by PIF on social media. 'We want to continue investing here. But we need clarity. We need consistency,' he added, calling the lack of regulatory predictability the 'biggest single inhibitor' to both public and private sector financing in Europe. The FII Priority Summit in Tirana focused on investment opportunities in a connected Europe, with executives discussing the Saudi fund's impact on the continent and globally.
Arab News
16-05-2025
- Business
- Arab News
Aramco charts future with bold investments in clean energy
JEDDAH: Saudi Aramco's investment strategy reflects a pragmatic and forward-looking approach as the global energy landscape continues to evolve, experts have told Arab News. Having reported a net income of $106.2 billion in 2024, the world's largest and most valuable energy company remains focused on its long-term growth. Central to this are its ambitious natural gas projects, including the Jafurah unconventional gas field and the Tanajib gas plant, which are vital to Saudi Arabia's future energy security. These initiatives support the Kingdom's ongoing transition from crude oil to gas-powered electricity generation and align closely with Vision 2030's objectives of economic diversification and environmental responsibility. A pragmatic approach Saudi Aramco is intensifying its natural gas development, recognizing its role as a cleaner alternative to crude oil. These efforts dovetail with the broader national strategy to reduce emissions while bolstering economic resilience. Tamer Al-Sayed, chief financial officer at the Future Investment Initiative Institute, told Arab News that Aramco's diversification extends to its global liquefied natural gas ventures, such as its stake in MidOcean Energy. 'Natural gas serves as a reliable bridge fuel with lower carbon intensity than crude,' he explained. Aramco is also harnessing artificial intelligence to boost operational efficiency and reduce emissions, sharpening its competitive edge in an increasingly renewable-driven world. 'This twin strategy — scaling cleaner fuels and deploying smart technologies — ensures Aramco remains globally competitive while contributing to the Kingdom's climate goals,' Al-Sayed said. Investing in carbon capture A cornerstone of Aramco's decarbonization is a large-scale carbon capture and storage facility under development in Jubail. Expected to capture up to 9 million tonnes of CO2 annually, it will be among the largest of its kind globally. Al-Sayed acknowledged the issues associated with CCS, saying: 'The economics remain challenging without a robust carbon pricing mechanism.' He emphasized that CCS is a strategic bet to allow Saudi industry to maintain market access amid tightening low-carbon regulations. There is also potential for new revenue streams through 'carbon capture-as-a-service.' 'In macroeconomic terms, this is a bet on future-proofing Saudi industry,' he added, highlighting the Kingdom's readiness to capitalize on emerging carbon markets and green trade policies. A cleaner future Aramco's renewable energy investments focus heavily on solar power and hydrogen. The company is advancing the Sudair Solar PV plant and three additional projects totaling 5.5 gigawatts, aimed at greening the grid and reducing domestic oil consumption — thereby freeing hydrocarbons for export or industrial use. In the hydrogen sector, Aramco targets producing 2.5 million tonnes of blue ammonia annually by 2030, leveraging its gas reserves and CCS infrastructure to become a leading clean energy exporter. 'This aligns with Vision 2030's goal of developing high-value, knowledge-based industries,' Al-Sayed said. While renewables will not replace hydrocarbons overnight, they remain a critical element of Saudi Arabia's long-term energy diversification. Expanding downstream Aramco's recent acquisitions in emerging markets underscore a strategic push into downstream operations. Its full ownership of Chile's Esmax and a 40 percent stake in Pakistan's Gas & Oil fuel retail network give the Saudi firm direct access to growing energy markets. 'From a Saudi economic lens, such downstream investments help reduce overreliance on crude oil exports by monetizing the full hydrocarbon value chain — from well to wheel,' Al-Sayed explained. These moves also generate foreign revenue streams, support the Kingdom's balance of payments, and complement broader trade diplomacy efforts. With Pakistan's fuel demand rising alongside its population and infrastructure growth, and Chile serving as a gateway into South America's energy retail landscape, Aramco is positioning itself for durable growth beyond upstream activities. 'These investments also provide resilience against regional demand fluctuations, reinforcing Aramco's strategy of maintaining a global presence in energy markets,' Al-Sayed added. Recalibration for the future In the face of rapid decarbonization, Aramco is recalibrating its long-term strategy through diversification, global investments, and adoption of future-focused technologies. The company aims to balance today's operational realities with tomorrow's energy goals. 'This is not just about resilience — it is about relevance,' Al-Sayed concluded, underscoring how strategic diversification and investments anchor Aramco firmly in the energy economy of the future. Resilience amid cuts Yaseen Ghulam, associate professor of economics and director of research at Al-Yamamah University in Riyadh, offered perspective on Aramco's 2024 net income decline — which was 12 percent down from the $121.3 billion seen in 2023. He attributed it to strategic oil production cuts agreed upon by OPEC+, including a 6.25 percent reduction from 2023 and a 14.28 percent cut from 2022. 'OPEC+ further plans to extend voluntary oil production curbs until September 2026, potentially causing a 0.4 million barrels per day reduction in 2025,' Ghulam said. Despite these market constraints, he noted that Saudi Arabia's non-oil sector has compensated for the oil-related revenue drop through higher household consumption and increased investment, driven by government diversification efforts. He forecast non-hydrocarbon sector growth of at least 4 percent, supported by low unemployment, rising female workforce participation, and ongoing Vision 2030 progress, backed by strong fiscal buffers. Sustainable investment When asked about Aramco's capital expenditures — $53.3 billion in 2024 and projected up to $58 billion in 2025 — Ghulam emphasized the company's pivotal role in shaping global oil supply trends. 'Aramco has made a record investment and is likely to continue in artificial intelligence, manufacturing, and corporate acquisitions to improve domestic and global oil supply chains and help diversify the nation's economy,' he said. He further highlighted the company's commitment to developing lower-carbon products across energy, chemical, and materials sectors, alongside its plan to leverage its low-cost, low-carbon upstream production to meet growing global demand. He also pointed out the company's investments in renewables through its New Energies division, saying:, 'Aramco has signed an agreement to build new green hydrogen and ammonia production facilities. The company wants to produce 11 million tonnes of blue ammonia a year by 2030, with the possibility of exporting to markets in Asia and Europe.' Supporting diversification plans According to its 2024 annual report, Aramco's technology initiatives aim to enhance upstream and downstream operations, expand its product portfolio, and promote sustainable growth aligned with its net-zero ambitions. Ghulam observed that Saudi Arabia's economy is rapidly reducing its reliance on oil revenues, thanks to infrastructure, tourism, and technology policies. 'Non-oil activities now make up 52 percent of overall economic activity, with an anticipated 65 percent by the end of the decade. Non-oil revenue in fact doubled in four years. Industries driving this growth include manufacturing, construction, communication, finance, retail trade, restaurants, hotels, and logistics and transportation,' he said. The Kingdom is rolling out over 5,000 projects aimed at diversification, with 73 percent of new investment expected to target non-oil sectors. Ghulam concluded that Aramco plays a critical role in supporting this transition by investing heavily in LNG, hydrogen, solar, wind, and battery materials like lithium, alongside maintaining upstream oil projects to sustain its global leadership.
New York Post
15-05-2025
- Business
- New York Post
Bridgewater founder Ray Dalio to open office in Saudi Arabia: sources
Ray Dalio, the billionaire founder of the world's largest hedge fund Bridgewater Associates, is set to open a new investing outpost in Saudi Arabia, The Post has learned. The New York-born hedge fund titan — whose net worth is estimated by Forbes at $14 billion — is opening a so-called 'family office' in the Saudi capital of Riyadh to help manage his investment and philanthropic work in the region, sources said. That's after President Donald Trump this week inked deals worth $600 billion with the Persian Gulf kingdom at the Saudi-US Investment Forum — a confab attended by Dalio that insiders have dubbed 'MAGA in the Desert'. Advertisement 5 Bridgewater founder Ray Dalio praised the leadership of Saudi Crown Prince Mohammed Bin Salman, likening him to Singapore's founding father Lee Kuan Yew. Getty Images for TIME The plan also follows Dalio's decision to open a family office in Abu Dhabi two years ago. He already operates two other family offices in New York and Singapore. A source close to the Bridgewater founder said the move 'is under consideration' but that no formal decision had been taken. Dalio has previously described the Gulf region as an investment hotspot, calling that part of the Middle East 'very, very attractive.' Advertisement Last year, the 75-year-old lavished praise on Saudi Crown Prince Mohammed Bin Salman, calling him 'a great leader' at the young royal's Future Investment Initiative conference. He likened the 39-year-old to Singapore's Lee Kuan Yew, the Asian country's first-ever prime minister who transformed the former British colony into a financial powerhouse while keeping a strong grip on power. The Crown Prince, also known as MBS, was accused by the CIA in a report, released in 2021, of ordering the assassination of Washington Post columnist Jamal Khashoggi. Saudi authorities deny any involvement in his killing. Advertisement 5 Trump told the 'MAGA in the Desert' investment forum that Saudi Arabia should recognize the state of Israel and join the Abraham Accords. AFP via Getty Images Dalio, who hails from Jackson Heights, Queens, stepped down as Bridgewater's CEO in 2017 and stepped down as chairman in 2021, but he still sits on its board. The company he first ran from his two-bedroom apartment in New York City is currently led by Israeli executive Nir Bar Dea, an IDF veteran who joined the firm in 2015. A report by Fitch, the global ratings agency, published earlier this month said that Saudi Arabia's asset management industry would 'attract steady inflows' over the next two years. Advertisement 5 Ties between the US and Saudi Arabia soured under the Biden administration after the CIA released a report accusing the Saudi Crown Prince of ordering the killing of a Washington Post journalist. AFP via Getty Images It forecast that assets under management (AUM) in the Gulf Kingdom are 'likely to surpass' $350 billion by the end of 2026, up from $266 billion at the end of 2024. Saudi Arabia's Vision 2030 initiative aims to attract investment and establish the Gulf state as a global financial hub. Saudi Arabia's sovereign wealth fund, known as its Public Investment Fund, manages over $700 billion in assets, drawing increasing interest from global investors. 5 Saudi Arabia's Public Investment Fund led a 2021 takeover of English Premier League outfit Newcastle United. REUTERS It led a $400 million takeover of English EPL soccer side Newcastle United in 2021 and launched the LIV golfing series, a rival tournament to the Florida-based PGA, the following year. Founded by billionaire Dalio about 50 years ago, Connecticut-based Bridgewater counts pension funds, sovereign wealth funds, foundations, and central banks among its investors. The top firm had $136 billion of assets under management, according to a March filing with the SEC. Advertisement 5 Israeli executive Nir Bar Dea, an IDF veteran who joined the firm in 2015, is the current CEO of Bridgewater Associates. Variety via Getty Images Dalio is known for his unorthodox management style, and once reportedly unleashed an email tirade on Bridgewater staffers after he noticed pee on the men's bathroom floor at its Westport, Conn., headquarters. The company has undergone a raft of changes since Dalio's departure from the top job, including the launch of a new fund focused on artificial intelligence and an exchange-traded fund in partnership with State Street Global Advisors.
