Wednesday, 28 September 2022

PIF Governor: We aim to create 1.8 million quality jobs through the ‎Fund’s investments

Yassir Al-Rumayyan, governor of the Public Investment Fund, said that the fund aims to achieve every dollar of its investments with an economic impact of at least two dollars, as well as creating 1.8 million quality jobs through investments.

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Al-Rumayyan added during the “Priority” summit organized by the Future Investment Initiative Foundation in New York, USA, on the sidelines of the 77th session of the United Nations General Assembly, that the Fund is studying with car manufacturers technological additions to reduce emissions.

With regard to Saudi Aramco, Al-Rumayyan, who chairs its board of directors, said that Aramco is one of the world’s least emitting oil producers.

Al-Rumayyan explained that the Fund plays a major role in revitalizing the Saudi economy.

Al-Rumayyan indicated that the fund established 54 new companies in ten different sectors in the past few years, which provided half a million jobs.

The first session of the “Priority” summit organized by the Future Investment Initiative Foundation in New York discussed the highest priority of humanity.

The participants highlighted the importance of focusing on a number of aspects, including high-quality education and reducing the crime rate, praising the report launched by the Future Investment Initiative Foundation.

The participants pointed out that the report dealt with important aspects of prosperity, well-being and mental health, which countries must prioritize for the success and progress of societies.

The second session of the “Priority” summit, organized by the Future Investment Initiative Foundation yesterday, on the sidelines of the 77th session of the United Nations General Assembly in New York, discussed priority issues and the effects of the pandemic.

Speakers discussed the findings of the Foundation’s report, whether the results were surprising or expected, and what it would take to achieve these priorities across different societies around the world.

The founder and CEO of XPRIZE, Dr. Peter H. Diamandes, addressed in the first episode of the session titled (Priority Pulse – How to Make 100 Years Like 60 Years) for humanity to enter the age of medicine where the future of health is driven by technology data, and how advances in genomics, artificial intelligence, stem cells, and other innovations can prolong youth.

While the second episode was entitled (The Awakening Brain), where Dr. Lisa Miller, Professor of Psychology and Education at Columbia University, addressed the epidemic, causing an increase in anxiety and depression by 25% worldwide, according to the World Health Organization, and how individuals who recover from the closure is rethinking their psychology and turning a crisis into an opportunity.

Dr. Miller explained that the three challenges we face in each country, the first of which is the rate of despair diseases, the death rate by suicide, and the death rate from car accidents among adolescents and young adults, noting the high rate of people at risk of suicide and people at risk of double diagnosis of depression in the aftermath of the epidemic.

The third session of the “Priority” summit, organized by the Future Investment Initiative Foundation yesterday, on the sidelines of the 77th session of the United Nations General Assembly in New York, discussed issues of business transformations.

In her speech during the session titled “The Purpose of Business”, Goldman Sachs’ Global Head of Sustainability and Inclusive Business Growth, Dina Paul McCormick, addressed large-scale resignations and other large-scale shifts in the ongoing work culture, noting that PricewaterhouseCoopers recently reported 20% of employees in 44 countries plan to leave their jobs in 2022 and employees are demanding higher salaries and greater fulfillment of their jobs.

She indicated that companies today are rethinking strategies to attract talent and build sustainable innovation cultures, addressing how the changing nature of work, how CEOs find the best talent, and what policies are needed to empower entrepreneurs.

McCormick spoke about creating more diversified companies, what new skills are needed to compete, and what sectors are preparing to take advantage of new flexible and hybrid organizational models.

While HSBC Head of Banking for the Americas Anushka Mehta emphasized that it is very important to understand what the people on the other side of the table want because then you can easily understand that other person’s attempt to reach a meeting point and find solutions for talent through the right jobs.

For her part, Dr. Josiah Karas, the co-chair of the fund and the investment manager of the SB Opportunity Fund of the SoftBank Group, explained that the group is doing its best and investing its resources and skills to do the right thing in finding meaningful solutions for career transformations and is highly focused on that. ‎

The co-founder of Welcome Tech Group, Amir Hemmat, drew attention to the fact that it is necessary to research the issue of what is wrong with the recruitment process for companies and groups, indicating that if everything the company administrations did was correct in the recruitment procedures, it would reach the desired results in reducing The general rate of unemployment.

The fourth session of the “Priority” summit, organized by the Future Investment Initiative Foundation yesterday, on the sidelines of the 77th session of the United Nations General Assembly in New York, discussed the topics of sustainable human performance and the new renaissance.

The session highlighted that the creative economy generates nearly 50 million jobs worldwide and generates annual revenues of nearly $2 trillion annually, according to United Nations estimates.

The session addressed at the global level that countries prioritize spending leisure time for culture, art, music and entertainment as aspects of enrichment for functional societies and sustainable happiness, such as teaching progress and refining new skills, indicating that there is a shift in the paradigm on how to measure human development and the concept of happiness, how can investment in Arts and culture improve the quality of life for people around the world.

Hintsa Performance CEO Anastina Hintsa touched on “sustainable human performance” in Session 4, stating that nearly half of all employees experienced at least some level of burnout, according to a McKinsey survey.

Hinsta asked that, for example, how can drivers in Formula 1 maintain strong performance in fast situations and high pressure while avoiding fatigue and maintaining well-being, stressing that the essence of the foundation and the way in which well-being should be viewed begins with 3 questions Do you know who are you? And know what you want? Are you in control of your life?

The former Director-General of UNESCO, Irina Bokova, explained that through her experience in the United Nations, the organization is working to promote cultural industries and to promote the idea, stressing that each person has an identity related to the type of future, and that identity relates to culture, cultural experiences and diverse impulses.

For his part, the CEO of the Cultural Development Fund in the Kingdom, Mohammed bin Dale, stressed that it is only possible to bring people together through access to work or if you have a lot of passion, stressing that the Kingdom has worked to stimulate the passion of workers through the quality of life program. For individuals, as this program in terms of its importance for the Kingdom represents a cultural mechanism for a kind of harmonization and knowledge of where to invest and the quality of people’s life.

The closing session of the “Priority” summit organized by the Future Investment Initiative Foundation yesterday in New York, USA, on the sidelines of the 77th session of the United Nations General Assembly, discussed ways to use the Internet for good.

In the first panel discussion, the session touched upon the online donation of nearly 60% of millennial to the grassroots fundraising foundation association, noting that while 33% used the Internet to research a social issue.

The panel focused on connecting Ukrainian refugees with hosts to provide vital assistance and information during a global pandemic, and how young innovators who are transforming the Internet into a positive force are changing.

UkraineTakeShelter founder Avi Schiffman shared his views on the positive change that young innovators contribute through the Internet.

While the second panel discussion included (Reimagining Societies), indicating that according to the United Nations, 55% of the world’s population lives in urban areas and this number is expected to reach 68% in 2050, and that cities and societies need to constantly adapt. ‎

She hinted at ways to evolve the environmental, social and economic landscape through the design of infrastructure that can withstand climate change and other social and economic shocks, addressing examples of future-minded cities, what investments in them such as advanced technology and design that better enable results, and how Businesses and governments can work together to make strategic investments in a sustainable and resilient environment.

The founder of Emaar Dubai, Mohammed Al-Abbar, gave an explanation about the possibility of governments and the private sector to unite their efforts to deal with the issue of social housing, and stressed that specific rules must be set and the participation of prepared institutions, in addition to drawing lessons learned from the experiences of other countries.

Dr. Paul Romer, Nobel Laureate in Economic Sciences, presented in the third panel discussion (Pulse of Priority – Government for the People), noting that during the period of economic transformation and the transformation of the global system, governments and companies are reshaping their responsibilities towards citizens and stakeholders. ‎

He said: Investments in long-term sustainability run counter to urgent matters and real-life priorities, wondering what innovative solutions are emerging and ways to address the breakdown in the social system.

In an episode devoted to the outcome of the vaccine, Professor Jose Manuel Barroso, Chairman of the Gavi Council of the Vaccine Alliance, explained that while nearly 3 out of 4 people in rich countries have been vaccinated with at least one dose of the COVID-19 vaccine, there are Less than 1 in 4 people who have received a dose are on low incomes, and wondered what we can do to ensure that vaccines are distributed equitably for the coming pandemics.

One episode also covered the topic of innovation, how technologies are changing the world, the essential elements for building global prosperity, and creating opportunities for people around the world to lead meaningfully.

The sixth episode dealt with the nature of the disruption of the global food system due to the causes of climate change, the energy crisis, and the epidemic, addressing the possibility of countries to work together to rethink resource flows and prepare for increasing heat and congestion.

While the seventh episode was about environmental harmony and bio-planning, which is a new strategy that allows city designers to do so, rethink cities and reduce urban sprawl by transforming it from the traditional Cartesian network to a more adaptive cellular network.

UAE Minister of State for Youth Affairs Shamma bint Suhail Faris Al Mazrouei concluded the session by talking about the possibility of the next generation saving the world, indicating that, according to a new survey conducted by Deloitte, the young generations are “very concerned about the state of the world, and are actively trying to Balancing the challenges of their daily lives with their desire to make a societal change.”

She stated that the cost of living, followed by climate change, is at the top of the list of concerns that haunt young people, and she raised several questions, namely, what do young leaders want from previous generations, what are the specific solutions for them, and will their voices be heard in time to save the planet.

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