Riyadh, Saudi Arabia — The seventh Future Investment Initiative Institute forum, which concluded in Riyadh on Thursday, saw the attendance of more than 6,700 people, 510 of them speakers.
The forum, dubbed as the ‘Davos of the desert’ hosted 241 live sessions from Oct 24-26. The next FII Priority Summit will be in Hong Kong from Dec 6-8.
An initiative aimed at coordinating efforts to accelerate ocean regeneration and restore environmental and ecological balance, named WAVE, was launched by the FII Institute on the third day.
In the presence of Prince Abdulaziz bin Salman, Minister of Energy, Princess Reema Bandar Al Saud, Ambassador to the United States and member of the Board of Trustees of the FII Institute, launched the initiative.
The WAVE Initiative aims to support international efforts on ocean regeneration and preserving ocean sustainability, considering its vital importance in maintaining environmental and climate balance and its significant impact on the global economy.
WAVE will serve as a platform, connecting diverse stakeholders across geographies, industries, and sectors, to amplify their collective efforts. It will launch a set of programs to raise awareness, establish a digital information hub, accelerate innovations, support scientific efforts, and build partnerships to find solutions for pollution and achieve environmental balance in oceans.
WAVE will strive to achieve its objectives through various programs under 5 pillars which are: Insights: Building a global digital information hub that will facilitate scientific research and bridge the data gap in this field. Engagement: Launching circular campaigns to raise awareness and mobilize efforts to tackle the challenges that impact the ocean and seas. Innovation: Driving technological efforts and startup support to find solutions addressing ocean-related challenges, which would drive clean technology innovation and adoption. Thought Leadership: Fostering global connections among thought leaders and strengthen partnership frameworks by organizing meetings and conferences. Resources: Facilitating access to resources and establish connections between relevant entities and individuals through a digital hub.
Prince Abdulaziz bin Salman said the Kingdom’s energy sector prioritizes environmental commitments and implements the highest global standards in this field.
Princess Reema bint Bandar said, “Oceans and seas play a crucial role in the lives, health, and well-being of humanity, directly impacting the overall health, well-being, and economy of the world. This initiative seeks to build connections and harmony among various international efforts, aiming to achieve its ambitious and yet attainable goal of environmentally regenerating the oceans within one generation.”
Princess Reema pointed out that WAVE aspires to become a global initiative gathering all stakeholders across the world since the challenges that the oceans face today are not confined to one geography but present a collective global challenges.
The 22 partnerships are with: the Ministry of Economy and Planning, Saudi Aramco, SABIC, MA’ADEN, NEOM, and Red Sea Global as Anchor partners. The King Abdulaziz City for Science and Technology, Environment Fund, King Abdullah University for Science and Technology, the Alliance to End Plastic Waste and OceanX as Strategic partners. In addition, the partnerships included the Saudi Electric Company, the Saudi Water Sports and Diving Federation, the Saudi Esports Federation, the Saudi Premier League, Mukatafa, CORDAP, Oceans 2050 and Noon as Initiative partners.
Also, Tonomous by NEOM, the Arab National Bank, and WEConnect International as program partners.
Richard Attias, CEO of FII Institute, said “Our oceans, the heartbeats of our planet, are gasping under unparalleled threats. As a scuba diver, I can tell that every moment we delay, a piece of our marine soul withers. Yet, in these dire times lies a chance – not just to shield the intricate dance of marine life, but to embrace the vast promise of a harmonious blue economy. It’s more than an obligation; it’s our legacy for the children of tomorrow.”
The WAVE initiative will be guided by a council including Prince Sultan bin Fahd bin Salman Al Saud, President of the Saudi Watersports and Diving Federation, Professor Carlos Duarte, an international expert in biological oceanography and marine ecology, and Alexandra Cousteau, an expert and global advocate for ocean restoration.
PIF and Pirelli sign deal
On the third day of the event, the Kingdom’s sovereign wealth fund, PIF and multinational tire giant Pirelli inked a significant deal to build a tire manufacturing facility in Saudi Arabia. The total investment in the JV is around $550 million. For Pirelli, the project will have a neutral impact on the company’s deleveraging targets to 2025.
‘Saudi embraces challenges head-on‘
Omar Almajdouie of Raed Ventures told the forum that Saudi Arabia has emerged as a regional hub. Since the launch of the transformational Vision 2030, there has been a surge in local entrepreneurship, with many regional companies relocating their HQs to the Kingdom, he said.
Trae Stephens of Founders Fund stressed scale and vision as key success indicators in Venture Capital, lauding Saudi Arabia’s venture-like approach to national development, citing projects like The Line, NEOM, and the Harmain High-Speed Railway.
“The Kingdom embraces challenges head-on,” he said.
Jomana Al-Rashid, CEO of the Saudi Research and Media Group, highlighted AI’s potential economic impact, quoting a report that suggests a $16 trillion contribution of AI to the global economy by 2030, with $160 billion coming from Saudi Arabia alone.