The Public Investment Fund, Saudi Arabia's sovereign wealth fund, has formed an advisory board that includes 11 executives from across the globe's technology, finance and business sphere that will provide strategic guidance on developing the kingdom's Future Investment Initiative as platform that attracts investment.
Advisory board members include Masayoshi Son, the CEO of Japan's SoftBank Group, Joe Kaeser, the president and chief executive of German industrial giant Siemens and Stephen Schwarzman, the CEO of private equity Blackstone, which manages about $450 billion of assets, according to a statement from PIF.
The kingdom held the first round of the FII last year and is slated to convene its second gathering October 23 to 25, as part of the country's Vision 2030 that seeks to diversify the economy, cultivate industries and reduce Saudi Arabia's reliance on oil revenues. FII builds on the success of last year’s inaugural event, which brought together over 3,800 participants from more than 90 countries. The event was a gathering of global movers and shakers from across the business and financial world, government officials, influencers and policymakers, hosted by the crown prince, Mohammed bin Salman in Riyadh’s Ritz Carlton hotel.
This year's FII's gathering will explore the world’s most important economic trends; new healthcare frontiers, immersive technologies and the urban future. It will also review emerging business and investment trends, and early-stage growth opportunities.
Saudi Arabia, the region’s biggest economy and Opec’s top oil exporter, is pressing ahead with its economic reform agenda with an emphasis on developing the country's non-oil sector. Riyadh is encouraging foreign investors to help the kingdom build local industries and invest in projects such as the $500 billion Neom, a futurist mega-city scheme launched by the Crown Prince during FII 2017.
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On the cusp of a new era, Saudi Arabia courts the world
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Among the reforms the kingdom has already implemented as part of its Vision 2030 economic transformation strategy are the introduction of a 5 per cent VAT rate in January, far-reaching reforms to its capital markets and the enactment of new bankruptcy legislation this month to support corporate financial restructuring.
Other board members include Mohamed Ali Alabbar, the founder and chairman of Emaar Properties, Dubai's biggest listed developer, Ajay Banga, the president and chief executive of Mastercard, Victor Chu, who heads First Eastern Investment Group, Mellody Hobson, the president of Ariel Investments, Arianna Huffington, founder and CEO, Thrive Global, billionaire technology investor Peter Thiel, who is co-founder and partner of the Founders Fund, as well Tidjane Thiam the chief executive of Credit Suisse Switzerland's second-largest bank and Saudi Arabia's most prominent businesswoman Lubna Olayan, who heads the Olayan Financing Company.
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Company%20Profile
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COMPANY%20PROFILE
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Inside%20Out%202
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The biog
Job: Fitness entrepreneur, body-builder and trainer
Favourite superhero: Batman
Favourite quote: We must become the change we want to see, by Mahatma Gandhi.
Favourite car: Lamborghini
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
WISH
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Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
PROFILE BOX:
Company/date started: 2015
Founder/CEO: Rami Salman, Rishav Jalan, Ayush Chordia
Based: Dubai, UAE
Sector: Technology, Sales, Voice, Artificial Intelligence
Size: (employees/revenue) 10/ 100,000 downloads
Stage: 1 ($800,000)
Investors: Eight first-round investors including, Beco Capital, 500 Startups, Dubai Silicon Oasis, Hala Fadel, Odin Financial Services, Dubai Angel Investors, Womena, Arzan VC
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5