Saudi Arabia called for a shift from investing for short-term profits to sustainable growth during the 8th Future Investment Initiative held in Riyadh on Tuesday.
Yasir al-Rumayan, chairman of the FII Institute and governor of the Saudi Public Investment Fund, called for a shift to investments based on “sustainable growth that benefits both the economy and society.”
“We have a responsibility and an opportunity to share a future that invests not just in our economies but in humanity itself,” Al Rumayan said.
Themed “Infinite Horizons: Investing Today, Shaping Tomorrow,” this three-day conference aims to address key issues in artificial intelligence, robotics, education, energy, space, sustainability, and more. Focus on global investments.
Al Rumayyan said political tensions, as well as economic and social challenges, are hindering progress towards sustainability. For the energy transition to be truly successful, both the public and private sectors need to work together to ensure that policies and investments act as catalysts for change, he added.
“Today, more than ever, we recognize that economic, social and environmental outcomes are interconnected, and they must be at the core of our decision-making. ”
He said the transition to a clean economy will require a long-term commitment, with the goal of empowering future generations. However, he acknowledged that the rising cost of living remains a major concern.
He encouraged leaders and global investors to seize the opportunity to contribute to a sustainable economy that benefits all humanity.
growing role
He cited the huge investment of the Future Investment Initiative, which he said has facilitated more than $125 billion in transactions over seven years. He predicted that by 2030, economies including Saudi Arabia will play a more important role, especially in infrastructure and technology.
During the meeting, Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud said the country is evolving from relying on oil to embracing all forms of energy, including low-carbon products, and that this change is comprehensive. He said that it represents a strong economic diversification strategy. .
Saudi Arabia is moving from a linear carbon economy to a circular carbon economy and is rapidly deploying renewable energy sources on a large scale, he added.
He said that in addition to having the largest electricity grid in the Middle East and North Africa region, Saudi Arabia is ensuring the integration of renewable energy and strengthening and expanding the grid to meet accelerating demand growth. Ta.
The country is also transitioning from an importer to an exporter of industrial and processed products, and is investing heavily in power infrastructure to support its green growth efforts, he added.
Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan spoke on Wednesday about the global economy, saying that international trade is growing despite a lot of negative news.
“There are serious challenges around the world that cannot be solved by one country alone. We need the international community to come together. Therefore, we need a cooperative approach,” he said.
Focused on the theme ‘Infinite Horizons’, FII challenges participants to think beyond traditional boundaries and explore investment opportunities that connect current challenges with future possibilities. The event’s investment day is scheduled for Thursday.
