Riyadh, November 3, 2024 — The eighth edition of the Future Investment Initiative (FII8) Conference, held in Riyadh, brought together global thought leaders, policymakers, and industry innovators to discuss strategies for fostering growth and resilience in today’s dynamic economic landscape. A highlight of the event was a pivotal plenary session titled “Can Leaders Deliver Optimism Over Caution?”, which underscored the importance of recalibrating global economic priorities amid fluctuating markets and ongoing uncertainty surrounding interest rates.
The session delved into how artificial intelligence (AI) is reshaping industries and accelerating digital transformation worldwide. Participants explored how AI could be harnessed not only as a growth catalyst but also as a critical tool for effective risk management. This dialogue underscored the urgent need for increased innovation and investment, especially in times marked by rapid technological shifts and complex economic challenges. With these measures, speakers argued, sustainable growth would be more achievable.
Saudi Arabia’s Minister of Investment, Khalid Al-Falih, presented the Kingdom's achievements as a blueprint for economic resilience and growth. Al-Falih emphasized that the Kingdom remains committed to ensuring security and prosperity within its borders, successfully navigating global geopolitical tensions thanks to the underlying strength of its economy. He cited the substantial growth in Saudi Arabia’s GDP, which has surged by 70% since the Kingdom’s Vision 2030 initiative was launched. This visionary economic strategy has bolstered Saudi Arabia’s position on the global stage, placing it among the fastest-growing economies within the G20, second only to China in growth rate among member nations.
The Minister also spotlighted Saudi Arabia’s accomplishments in attracting foreign investment. He noted that foreign direct investments (FDI) exceeded the 2023 target of $26 billion, indicating strong investor confidence in the Kingdom’s economic potential. Additionally, the number of licenses granted to international companies has soared tenfold since the Vision 2030 launch, highlighting a steady rise in international business interests in Saudi Arabia.
Al-Falih further elaborated on the success of the Regional Headquarters (RHQ) Program, initially aimed at attracting 500 regional headquarters by 2030. This target was not only met but surpassed, with 540 international companies selecting Riyadh as their regional headquarters, reinforcing the Kingdom’s status as a business and economic hub for the Middle East. In addition, he discussed the rapid development of the tourism sector, citing that Saudi Arabia registered 100 million tourist visits last year—a testament to its appeal as a destination for both business and leisure. The number of foreign investor licenses granted in the tourism sector alone has also grown tenfold, marking a significant milestone in diversifying the Kingdom’s economy.
Al-Falih's presentation underscored Saudi Arabia’s transformation into a magnet for investment, innovation, and tourism—a testament to the Vision 2030 framework, which continues to redefine the nation’s global economic role.
