The 6th instalment of the Future Investment Initiative (FII) was held from 25 to 27 October 2022 in Riyadh, Saudi Arabia. Some 6,000 participants, including decision-makers, senior executives of top firms and companies, as well as international investors, were observed among the attendees as the conference came to its conclusion.
The FII conference is a high-profile event signifying Saudi Arabia’s willingness to open up to the world and diversify its economy. Among others, the FII conference further demonstrates the Kingdom’s willingness to implement sweeping changes that will render Saudi Arabia highly appealing to international travellers. It’s highly likely that cheap flights and hotels to accommodate future visitors to the Kingdom will become more prevalent as a consequence. 
Here are some of the most notable highlights of the three-day FII conference.
Saudi Aramco’s USD 1.5 billion sustainability fund announcement
Saudi Aramco CEO Amin Nasser announced the launch of a USD 1.5 billion global sustainability fund, one of the largest in the world, during the FII summit.
The executive director elaborated that the fund would go to developing technologies locally and abroad, focusing on carbon capture and green hydrogen, and startups would play a vital role in addressing the issue of climate change.
In addition, it will operate alongside Aramco’s existing sustainability funds which include a USD 200 million local fund, and separate funds of USD 500 billion and USD 500 billion.
Furthermore, Amin Nasser also discussed the pertinent issues within the world oil market, including the obstacles that Russia would have to face due to the sanctions that Europe has planned for December.
Amaala and TRSDC announced merger
The two developers in charge of two mega-projects under the Saudi Vision 2030, Amaala and the Red Sea Development Company (TRSDC), announced their unification to become a globally focused entity. The two companies are now collectively known as Red Sea Global.
The announcement was made by the two companies at the FII summit on the first day of the conference. Representatives from the two companies said that the Red Sea Project along with the Amaala project will help provide 120,000 jobs as well as contribute SAR 33 billion (USD 8.8) annually to the Kingdom’s economy starting from 2027.
Further, the new company stated that it will be supervising more than a dozen projects along the Red Sea coast with high possibilities of expansion beyond Saudi Arabia.
Renewed commitment to renewable energy
In terms of overall global power generation, renewable energy only accounts for a mere 10%. This fact was highlighted by Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited.
Speaking at the summit, Ambani focused on how all participating nations of the conference must step up their game in ensuring their pledge to use renewable sources of energy in the next decade may come to fruition.
While the transition process from fossil fuels to renewables may take considerable time and investments, Ambani asserted that these measures will be necessary to ensure global energy security and sustainability.
