6th Future Investment Initiative conference concludes in Saudi Arabia

RIYADH, Oct. 27 (Xinhua) -- The 6th Future Investment Initiative (FII) conference ended on Thursday in the Saudi Arabian capital of Riyadh, building on its previous achievements with the signing of various cooperation deals.

The three-day conference, held under the theme "Investing in Humanity: Enabling a New Global Order," gathered 6,000 participants including policymakers, investors and entrepreneurs from various countries to discuss the world's most pressing issues and challenges facing the global economy and new pathways for global investment.

Speaking at the conference on Thursday, Saudi Minister of Economy and Planning Faisal bin Fadhil Alibrahim highlighted how emerging sectors and the creation of thousands of new jobs are driving long-term value for the kingdom.

He said that Saudi Arabia's Supply Chain Resilience Initiative, a multi-billion-dollar project, aims to make the kingdom a location of choice for leading global industrial companies.

On the final day of the event, several sessions were held to discuss topics such as the opportunities provided by the COVID-19 pandemic to expand investments in venture capital and new projects. A special session was held to discuss why China is a key investment ally for the Middle East.

This year's edition witnessed the launch of the Algoritmi Prize by the FII Institute, with support from the global research publisher Springer Nature.

The annual science and technology prize was created to celebrate the artificial intelligence (AI) and robotics research that has the potential to produce real-world solutions that address global challenges.

The institute also announced the launch of its new exclusive Membership Program, giving global investors and change-makers a chance to join its growing community.

During the conference, five investment companies were created by the Saudi Public Investment Fund to invest in Bahrain, Iraq, Jordan, Oman and Sudan.

Saudi Aramco announced the launch of a global sustainability fund with 1.5 billion U.S. dollars, one of the largest in the world, to invest in technology that can support a stable and inclusive energy transition.

Called "Desert Davos," the annual FII conference is the largest international investment and innovation forum in the Middle East, attracting a number of political and business leaders every year.

The FII conference is hosted by the FII Institute under the guidance of the Saudi Ministry of Investment. The first edition was held in 2017.