Energy Transformation In Focus As Second Day Of FII 2019 Begins

Published
November 1, 2019
  • Second day of FII 2019 opens with summits on environment and energy sector
  • ​​​​​​​​​​​​​​​​​​​​​​​​Panels focused on the fundamental global challenge presented by the shifting energy landscape
  • ​​​​​​​​​​​​​​​​​​​​​​​Brazil’s President Jair Bolsonaro and US Secretary of the Treasury Steven Mnuchin address delegates in Riyadh​

iyadh, 30 October 2019: The 2019 edition of the Future Investment Initiative (FII) launched into its second day in Riyadh with a series of debates on the environment, the energy sector and the pace and magnitude of a transition to renewable energy sources.

​​​​​​​​​​​​​​​​​​​​​​​• Among the topics discussed were the opportunities and challenges of a circular carbon economy and the new technologies transforming the oil industry in response to complex economic, social, political, and environmental pressures around the world.

​​​​​​​​​​​​​​​​​​​​​​​• In a special address to the audience followed by a conversation with Lubna Olayan, Chair of the Executive Committee, Olayan Financing Company (OFC), Brazil’s President Jair Bolsonaro discussed his country’s political transformation and the specific measures underway to address Brazil’s social and economic challenges. Emphasizing the Brazilian government’s task to unleash powerful market forces to drive economic growth, he told global investors that “Brazil is back in business”, stating that “this world of opportunities remains available to all of you”.

​​​​​​​​​​​​​​​​​​​​​​​• Discussing the role of capital market reforms in Vision 2030, Steven Mnuchin, US Secretary of the Treasury, told Sarah Al Suhaimi, Chairperson, Saudi Stock Exchange (Tadawul) that: “capital markets are very important in the transformation. I think the changes that you made, the technology upgrade that you have done, these are all the right things”.

​​​​​​​​​​​​​​​​​​​​​​​• Speaking about the importance of innovation, Rick Perry, US Secretary of Energy noted that “fifteen years ago, they told us that we had found all the fossil fuels there were to find – we’d reached peak oil. But what I remind people about is the ingenuity of the people on this globe”.

​​​​​​​​​​​​​​​​​​​​​​​• Likewise, HRH Prince Abdulaziz bin Salman, Minister of Energy, Saudi Arabia, pledged that the Kingdom “shall be the doer of our future and we are going to be the maker of our future” and that the country can become the most reliable provider of solar energy, just as it was the most reliable provider of oil.

​​​​​​​​​​​​​​​​​​​​​​​• Among the other speakers featured on the second morning of FII 2019 were John Pagano, CEO, The Red Sea Development Company, HRH Prince Abdulaziz bin Salman, KSA Minister of Energy, HE Dr. Sultan Ahmed Al- Jaber, UAE Minister of State & CEO, Abu Dhabi National Oil Company, Edgar Bronfman Jr., Executive Chairman, Global Thermostat LLC, USA, Akimasa Muyama, CTO, Mitsubishi Hitachi Power Systems, Japan, Jeffrey Rosen, Deputy Chairman & Managing Director, Lazard Ltd., USA, Ahmed Heikal, Chairman & CEO, Qalaa Holdings, Egypt.

​​​​​​​​​​​​​​​​​​​​​​​• The speakers at FII 2019 include nearly 300 leading global decision makers, investors and experts from more than 30 countries. The speakers demonstrate FII’s global perspective, with significant numbers coming from North America (39%), Europe (20%), Asia (19%) and the Middle East (15%). More than 6,000 attendees have also registered their participation at the event.

​​​​​​​​​​​​​​​​​​​​​​​• FII was created to drive conversation and collaboration around some of the most pressing topics currently facing the world today – including sustainability, technology and the future of society. FII is dedicated to providing a truly inclusive platform that facilitates free and creative dialogue between policymakers, business leaders, investors, innovators and world-leaders.​

​​​​​​​​​​​​​​​​​​​​​​​• For more information about the FII 2019 program and speakers, please visit the FII website

​​​​​​​​​​​​​​​​​​​​​​​• www.futureinvesmentinitiative.com

ENDS

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​​​​​​​​​​​​​​​​​​​​​​​• About the Future Investment Initiative Institute
Convened annually, the Future Investment Initiative (FII) is an international platform for expert-led debate between global leaders, investors and innovators with the power to shape the future of global investment. It is focused on utilizing investment to drive growth opportunities, enable innovation and disruptive technologies, and address global challenges.

• The third edition of FII will continue building active, global networks of influential decision makers to explore the emerging industries that will shape the global economy and investment landscape over the coming decades.

• FII has proven to be a substantial international platform for expert-led debate between investors, innovators and governments as well as economic leaders since it was launched in 2017. Building on the theme of ‘A Blueprint for the 22nd Century’, the second edition of FII in 2018 saw more than USD60 billion (SAR225 billion) worth of agreements announced over the three days of the event. These agreements included major investments across a range of sectors, including energy, housing, health and ICT. FII 2018 attracted more than 3,500 participants from 88 countries, including representation from eight heads of state and more than 20 international ministers. In addition, more than 2.6 million viewers worldwide followed FII 2018 through the event’s livestream.

• FII is powered by the Public Investment Fund, the Kingdom’s main investment arm and one of the world’s leading sovereign wealth funds.

• About PIF
About PIF The Public Investment Fund (PIF) is one of the largest and most impactful sovereign wealth funds in the world, enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of Saudi Arabia. PIF is building a world-class, diversified portfolio through investments in attractive, long-term opportunities across sectors and asset classes at both the domestic and international level. Working alongside global strategic partners and renowned investment managers, PIF acts as the Kingdom’s main investment arm to deliver a strategy focused on achieving attractive financial returns and long-term value for the Kingdom of Saudi Arabia, in line with Vision 2030. More information can be found at  ​www.pif.gov.sa ​