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Although the world is facing several challenges, including high inflation, unprecedented high interest rates and geopolitical conflict, the Future Investment Initiative 7 gathering — “The New Compass” — was held in Riyadh from Oct. 24-26.

The FII was seeking to unite world leaders in finance, energy, and technology to address global challenges and their economic implications on current international conflicts.

The initiative was intended to be a catalyst for tackling climate change and spurring governmental action prior to COP28, to encourage investment in emerging markets, and to explore strategies for leveraging AI, technology, education, and health.

Richard Attias, CEO of the FII Institute, said: “The world faces an array of unprecedented challenges and it is our duty to use our convening power to gather leaders, investors, innovators and thinkers from around the world to identify powerful answers to these issues.”

“We (had) 6,000 of the world’s most influential people in the room in Riyadh as we pushed forward with our mission to ensure we deliver a wholly positive impact on humanity,” he added.

The FII Institute is a non-profit organization run by ��������’s Public Investment Fund. 

The event attracted 6,000 attendees, representing 90 countries and 500 local and international speakers from different businesses sectors, managing assets worth $22 trillion, according to the FII.

South Korean President Yoon Suk Yeol delivered the keynote speech, which was attended by Crown Prince Mohammed bin Salman.

A total of $17.9 billion worth of investments were announced at the event, covering a variety of sectors. The final day of the gathering focused on new frontiers of investment and technology, including space and aviation, biotech, cybersecurity, robotics, and more.

The PIF announced a partnership with Italian tire manufacturer Pirelli, which committed to creating local manufacturing capabilities by building a facility in the Kingdom. ACWA Power signed a financing agreement for a 240MW wind-power project in Azerbaijan with the European Bank for Reconstruction and Development and the OPEC Fund for International Development.

I was lucky enough to attend this year’s event and I believe that it succeeded in attracting the interest of world leaders and experts in various business sectors, resulting in several trade and investment deals worth huge sums.

The event also succeeded in raising fruitful discussions about how global regulatory agencies, national legislators and standard development organizations are beginning to develop frameworks to maximize AI’s benefits to society, while mitigating known and unknown risks.

• Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz