At this year’s Future Investment Initiative (FII) conference, Saudi Arabia is making significant strides in showcasing its global ambitions, highlighted by multibillion-dollar investments in car manufacturing, home construction, and advances in artificial intelligence. The first two days of the event, held at Riyadh’s King Abdul Aziz International Conference Center, featured over a dozen sessions focused on the transformative prospects of AI technology in global commerce.
Notable figures attending included Alex Clavel, Co-CEO of Softbank Vision Funds; Hani Enaya, Chief Investment Officer of Saudi Arabia’s Sanabil Investments; Julie Sweet, Chair and CEO of Accenture; former Google chief Eric Schmidt; and Tesla founder Elon Musk, who participated via remote video feed.
With reports emerging that the kingdom’s Public Investment Fund (PIF) is negotiating a partnership with Silicon Valley’s Andreessen Horowitz for a $40 billion fund focused on AI, PIF Governor Yasser Al Rumayyan expressed confidence that Saudi Arabia is set to become a regional hub for technology. “Artificial general intelligence marks the next frontier, promising machines capable of problem solving and driving productivity that will impact every sector, from health care to energy,” he stated during the conference.
Continuing the tradition of previous years, the 2024 FII edition has attracted some of the world’s most prominent financiers, including former U.S. Treasury Secretary Steven Mnuchin, who founded Liberty Strategic Capital after leaving office with funds from Saudi Arabia, Qatar, and the UAE.
The conference also featured innovative displays, such as AI-generated avatars posing questions to panelists and a hologram doctor addressing medical inquiries at technology company booths. Attendees received a variety of giveaways, including traditional baskets of dates, body scrubs, and hair oil from Saudi Arabia’s National Center for Palms and Dates.
Saudi Finance Minister Mohammed Al-Jadaan remarked that despite declining oil revenues and concerns about regional conflicts, interest in the Middle East’s largest economy remains strong. “Investors are investing in Saudi Arabia despite all the geopolitical tensions because Saudi plays a very important role as the anchor of stability,” he noted. “What the investors want is to be a part of the national transformation that is taking place.”
