By: Ingy ElSafy
Riyadh – Mubasher: Energy availability is essential for functioning economies is among the top quotes said on the first day of the seventh Future Investment Initiative (FII) conference, which is being held in the capital of Saudi Arabia.
The Kingdom recorded the fastest growth among the G20 nations in 2022, while being the leading country in tourism investment, according to Saudi officials.
Based on FII Institute, Mubasher brought to the readers quotes given by Saudi ministers, regional leaders, and officials from leading companies in the energy sector on 24 October at FII7.
Yasir Al Rumayyan, Chairman of FII Institute and Governor of the Public Investment Fund (PIF), who is also the Chairman of the listed Saudi Aramco:
“While today’s world seems uncertain, we continue with our mandate to inspire the future of business and future proof our economies and societies to create a more stable and resilient world order.”
Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman Al Saud:
“We’ve demonstrated not just a transition, but an aspiration to be a model for how a hydrocarbon economy can evolve. We’re aiming for the trilemma: energy security, affordability, and economic growth. On the sustainability front, our commitment to the Paris Agreement is unwavering. We not only signed it, but meticulously negotiated every detail. Execution of these commitments isn’t optional; it’s obligatory.”
Saudi Arabia’s Minister of Economy and Planning, Faisal bin Fadhil Alibrahim:
“In 2022, Saudi Arabia posted 8.7% growth- the fastest growth among the G20 nations.”
Saudi Arabia’s Minister of Tourism, Ahmed Al Khateeb:
“We are the leading country in tourism investment, investing over $800 billion in the sector. This includes infrastructure related to travel and tourism such as biking facilities, data networks, 3G connectivity, and developments in the Red Sea region, as well as significant public-private sector collaborations.”
“Tourism represents 10% of the global GDP, 10% of the global jobs, and employs 360 million people globally.”
President and CEO of the listed Aramco, Amin Nasser:
“Demand for oil remains high at 103 million barrels a day, underscoring the need for a reliable, affordable supply even as we invest in renewables. Post-COVID, coal is peaking at 8.3 billion tonnes, revealing that fossil fuels still dominate the energy mix, making up over 80%. Let’s be realistic about transition timelines.”
Chairman and Founder of the listed Qalaa Holdings, Ahmed Heikal:
“Post-Ukraine crisis, global energy flows shifted: Europe now sources oil and natural gas from the Gulf, as evidenced by increased Suez Canal activity. Our subsidiary TAQA supplies energy to 5 million people in Egypt but has underutilised infrastructure. We’re expanding to Mozambique, Tanzania, and using drones in Saudi Arabia for energy distribution. Energy availability is essential for functioning economies.”
Former Chairman and CEO of Dow Chemical, Andrew Liveris:
“KSA’s Vision 2030 aims to conquer the ‘Valley of Death’ in tech by diversifying and scaling. With resources and the will to teach and expand globally, the Kingdom focuses on key levers like price signals and public funding to navigate this challenging phase.”
CEO of the listed ACWA Power, Marco Arcelli:
“Solar and wind energy are already secured and reliable, and they’ve reached a point where they don’t need incentives to thrive. But let’s remember the other energy sectors are struggling to keep pace; they need more than just financial incentives. Innovative solutions are crucial for bringing them up to speed.”
CEO of ENGIE, Catherine Macgregor:
“To manage the intermittency of renewables, we need assets that add flexibility to the grid–ones that can be dispatched quickly. While gas and batteries are current solutions, hydrogen especially from electolyzers, has the potential to be a vital provider of this needed flexibility.”
Morocco’s Delegate Minister of Investment, Mohcine Jazouli:
“It is time to shift from public investing to private investing, the first currently being 2/3 of investments and the second 1/3. We want to move this ratio by 2035 to 2/3 private and 1/3 public.”
Türkiye’s President at the Investment Office, Ahmet Burak Dağlıoğlu:
“Ten years ago, early stage investments were just double digits. Five years ago, they grew to triple digits. Last year, it grew to 1 billion. In fact, technology startups have constituted 1/3 of FDI inflows to the country in the past two years.”
Executive Chairman of African Rainbow Minerals, Patrice Motsepe:
“The key issue on investing in Africa is that you have to find the right partners. The bottom line is that the perception that there is no capital in Africa is unfounded.”
Kenya’s President, William Ruto:
“Any investment or development strategy that doesn’t bring Africa into the equation is incomplete. The continent is rich in mineral assets, renewable energy, and human capital. With 40% of the global workforce and 25% of the world population expected to reside in Africa by 2100 and 2050, it’s crucial to include Africa in any climate and economic planning.”
Leaders from across the globe, as well as CEOs and investors, are attending the event, where they shed light on how Saudi Arabia has made huge changes to fast-track its growth.
Meanwhile, a total of 23 entities, including listed companies and banks, are acting as strategic partners at the event.