Saudi Ministry of Investment inks 11 deals with global ‎companies at FII

The Ministry of Investment signed two agreements with the Royal Commission for Al-Ula Governorate and IBM, the American technology company, on the last day of the Sixth Future Investment Initiative conference (FII). The two agreements aim to build and develop an artificial intelligence system in the city of Al-Ula.

The ministry also signed an agreement with Brazilian technology company Ocelot, aimed at cooperating to develop an innovative battery payment system for future projects of electric cars. Thus, the total investment agreements signed with leading international companies amount to 11 agreements in the aerospace, biotechnology, education and other sectors, which It indicates the growing confidence in the Kingdom as a global investment destination.

The Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, participated in a number of sessions of the Future Investment Initiative conference, during which he discussed a number of global economic and investment issues in the presence and participation of government leaders, senior executives and other experts from around the world.

During the conference sessions, the National Initiative for Global Supply Chains was highlighted, which is one of the main pillars of the National Investment Strategy, which aims to attract investments in supply chains in strategic sectors in which the Kingdom enjoys a competitive advantage that will lead the Kingdom to top ranks among the markets. It will enable local and international investors to create low-risk, low-cost and carbon supply chains to take advantage of the Kingdom’s natural resources, strong logistical infrastructure and untapped capabilities.

In its launch phase, the initiative aims to attract more than $10 billion in industrial and service investments in global supply chains to the Kingdom within the first two years.

During the FII, the Ministry participated in a number of dialogue sessions over the three days by representatives of the Ministry. From preventive medicine and precision medicine, during a dialogue session entitled “Can medical and technical developments contribute to curing diseases around the world?”

The Ministry of Investment was represented in a dialogue session entitled “Overcoming the Crises Facing Global Supply Chains”, the Executive Director of the National Initiative for Global Supply Chains, Asaad Al-Jumoei, and the dialogue session dealt with answering many questions related to supply chains, including how the crises facing supply chains will to disrupt the growth of the global economy, and what are the best solutions.