Sixth edition of FII opens in Riyadh with eyes firmly set on new global order

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The sixth edition of the Future Investment Initiative (FII) opened in Riyadh on Tuesday morning.

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Heads of state, business leaders, and university experts have flocked to the capital for the conference, which is due to last until Thursday.

After the dance and music performances, Yasir al-Rumayyan, governor of the Kingdom’s Public Investment Fund (PIF) and chairman of the FII Institute, delivered his opening remarks.

“I firmly believe the new global order will be shaped by the discussions we have, the plans we make here at the FII in the coming days,” al-Rumayyan said.

Nicknamed ‘Davos in the Desert,’ the FII is intended to attract foreign capital to Saudi Arabia as it transitions away from its oil-based economy.

More than 7,000 delegates are attending, as well as more than 500 speakers.

This year’s conference is being held under the theme of ‘Investing In Humanity: Enabling a New Global Order.’

It is intended to focus on the unfolding dynamics of global power as the world recovers from the COVID-19 pandemic.

The topics of discussion are expected to include the current energy crisis and the ongoing war in Ukraine.

Some notable speakers from the first day of the conference include Saudi Minister of Energy Prince Abdulaziz bin Salman, Saudi Minister of Investment Khalid al-Falih and former UK Chancellor of the Exchequer George Osborne.

The FII was held for the first time in 2017. The inaugural event saw more than $50 billion worth of agreements made, according to the organizers.

It has since grown in scope, with more delegates and speakers attending each year.

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