Top quotes from industry leaders at the Saudi Future Investment Initiative

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The first day of the Future Investment Initiative conference included several sessions during which several deals were signed and important statements were delivered by officials and decision makers.

The deals with global companies in a number of sectors, such as energy, transportation and petrochemicals are worth more than $55 billion.


Here are the most important statements which officials made at the conference:

Saudi Oil Minister Khalid Al-Falih said the market will never be without oil and gas producers because they are indispensable elements to avoid the shifts that threaten the future of economy.

He also said that despite the amazing innovations in the sectors of transportation and renewable energy, oil and gas will continue to occupy two thirds of energy mix which humans use over the next three to five decades, adding that this is exactly what investors want to hear to pump their money in these two sectors again.

Adnoc Group CEO Dr. Sultan Ahmed Al Jaber refuted common information that the market has reached the peak demand over energy in its different forms.

“Actually demand on oil and gas will not stop because they are more than two important elements to achieve the developments we want in other sectors and industries,” Jaber added.

CEO of Saudi Aramco Amin Nasser said Saudi Arabia’s oil production can be sustained for a long period of time because the Kingdom enjoys some of the largest oil reserves in the world, in addition to the quality of the extracted oil and the low cost of production.

Public Investment Fund Managing Director Yasir al-Rumayyan said the Future Investment Initiative will not remain an annual event but will become a new foundation with an executive chairman and board of directors and with its own offices, team of employees and comprehensive program throughout the entire year.

He added that instead of being in the ranks of those surprised by these changes brought about by technology, “we must be those who initiate them and empower them.”

Chief Executive Officer of the Mubadala Development Company Khaldoon Al Mubarak said technology must not be fought but on the contrary it must be embraced and accepted, adding that we must accept the fact that the world is changing.

“There are several fears over the rapid development of technology but I am reassured because (the way) technology is does not seek to destroy current jobs but it works on replacing them and creating new jobs,” he said.

“It’s a matter of re-ordering and not complete destruction,” Mubarak said.

CEO of the Russian Direct Investment Fund Kirill Dmitriev said if investment committees and governments succeed in making good returns, jobs and occupations will be a foregone conclusion.

Pakistan Prime Minister Imran Khan spoke about his reform agenda Naya Pakistan which he decided to implement in the country.

“Naya Pakistan is considered a return to the concept of the establishment of Pakistan like the founding fathers imagined it according to the true Islamic approach,” he said.

“Pakistan has very large quantities of mineral wealth. We have one of the largest gold reserves in the entire world. This is in addition to the reserves of other important minerals like copper and zinc. We must not forget that tourism is also considered a vital sector and it has prospered quite a bit in the past few years,” Khan added.

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