FII CEO Richard Attias Announces Departure as Initiative Enters New Era of Growth

In a surprise move, Richard Attias, CEO of the Future Investment Initiative (FII) Institute, announced his departure from the role on the opening day of the 8th FII forum. Attias, who has led the organization since 2020, will step down by the end of 2024, passing the torch to the next generation of leadership as the FII enters an exciting new chapter.

Attias' announcement came as he welcomed global leaders and investors to the FII, which has established itself as a transformative force for action, progress, and solutions since its inception in 2017. The theme of this year's summit, "Infinite Horizons," reflects the FII's commitment to envisioning and shaping a future that reflects humanity's highest ambitions.

Building on Attias' remarks, Yasir Al-Rumayyan, Governor of the Public Investment Fund and Chairman of the FII Institute, emphasized the interconnected nature of today's challenges and the opportunities they present for progress. He stressed the responsibility of investing with purpose to shape a future that benefits not only economies, but humanity as a whole.

Al-Rumayyan highlighted the growing importance of emerging markets, which are projected to outpace developed economies in growth by 2030. He also underscored the transformative economic potential of artificial intelligence, which could add nearly $20 trillion to the global economy by 2030.

The energy sector was identified as a prime example of purposeful investment, with a focus on sustaining progress and well-being for generations to come. Al-Rumayyan called for the alignment of government policies with fiscal strategies to achieve sustainable impact, dubbing this the "new frontier" of investing.

Despite rising living costs remaining a top global concern, climate change has risen to the fourth highest priority globally, according to the FII Priority Compass. Al-Rumayyan pledged the FII Institute's continued commitment to inclusivity and creating a new standard where financial returns and human progress go hand in hand.

The 8th FII forum continues until October 31, with leaders and investors engaging in critical discussions about purposeful investment, sustainable impact, and future-focused economic growth. As the initiative enters a new era, it remains clear that the FII will continue to be a driving force in shaping the global economy and building a better future for all.

Financial Figures Highlight FII's Growing Influence

The FII's growing influence is reflected in several key financial figures highlighted during the forum:

• AI's Economic Potential: Artificial intelligence is projected to add nearly $20 trillion to the global economy by 2030, underscoring the technology's transformative potential as a driver of economic growth.
• Emerging Markets: By 2030, emerging markets are expected to outpace developed economies in growth, highlighting the importance of strategic investments in these regions for the future of the global economy.
• Climate Change: Despite rising living costs remaining a top global concern, climate change has risen to the fourth highest priority globally, according to the FII Priority Compass. This shift reflects the growing recognition of the need for sustainable investments that address climate change while driving economic growth.
• Saudi Arabia's Economic Growth: Saudi Arabia was the fastest-growing economy in the G20 in 2022, expanding by more than 7%, and is projected to be among the top performers in the years to come. The Public Investment Fund's increasing focus on domestic initiatives has been a key driver of this growth.
• Infrastructure Investment: A massive $9 trillion in money markets is awaiting investment in infrastructure globally, highlighting the scale of funding required to support growth and development in the coming years.