Future Investment Initiative concludes in Saudi Arabia with deals, cooperation

Source: Xinhua| 2021-10-29 03:45:34|Editor: huaxia

Photo taken on Oct. 28, 2021 shows the closing ceremony of the fifth edition of the Future Investment Initiative (FII) in Riyadh, capital of Saudi Arabia. The 5th FII concluded on Thursday in Saudi Arabian capital Riyadh with major investment deals and cooperation. (Xinhua/Wang Haizhou)

RIYADH, Oct. 28 (Xinhua) -- The fifth edition of the Future Investment Initiative (FII) concluded on Thursday in Saudi Arabian capital Riyadh with major investment deals and cooperation.

Under the theme "Invest in Humanity," the three-day event has attracted around 5,000 individuals and 300 speakers from strategic and knowledge partners, the Saudi Press Agency reported.

Saudi Vice Minister for Culture Hamed bin Mohammed Fayez revealed a strategy that will open new cultural investment opportunities through PPPs or joint ventures to bolster the infrastructure around creative industries, and ease regulation to allow businesses to thrive.

He also said that over 100 cultural initiatives, engagements and events are taking place in the kingdom.

Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih said that the COVID-19 pandemic highlighted the importance of biotechnologies, and the need to push this sector to the top of national priorities.

A memorandum of understanding between Saudi Arabia and the United Kingdom (UK), with the aim to promote direct investment between the two sides, was signed on Thursday. The deal will facilitate the establishment and expansion of Saudi companies in the UK, as well as the establishment and expansion of British companies in the kingdom.

Saudi Arabia and Spain agreed to cooperate in promoting tourism sectors. They highlighted that the tourism sector needs strong leadership and coordination to bring government and private sector partners together to work more collaboratively.

Furthermore, 44 companies received the licenses to move their regional headquarters to Riyadh.

Al-Falih said the decision demonstrates that the kingdom's capital is becoming an increasingly attractive place to conduct business.

The forum also witnessed the announcement of many calls to overcome the global impacts of COVID-19, including the call from the Saudi Tourism Minister Ahmed Al-Khateeb to unify global traveling regulations and legislation, urging cooperation between countries and the private sector.

The event discussed ways to invest in clean water, education, public health, gender equality and fighting poverty.

It is worth mentioning that the FII hosts a satellite hub in Beijing to allow top officials, CEOs and investors in China to join the discussions online. Enditem

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KEY WORDS: Saudi,Initiative