Saudi to launch Future Investment Initiative event

Riyadh where the two-day event will be taking place (Shutterstock)
Updated 23 October 2017
0

Saudi to launch Future Investment Initiative event

DUBAI: The Public Investment Fund of the Kingdom of Saudi Arabia (PIF) announced Monday the launch of the Future Investment Initiative (FII) under the patronage of King Salman.
Hosted and organized by PIF, the Kingdom’s main investment arm and one of the world’s leading sovereign wealth funds, the FII will take place from Oct. 24 to 26, 2017, in Riyadh.
The event has been billed as a game-changing platform exploring the new trends, opportunities, challenges and emerging industries that will shape the world economy and investment environment over the coming decades.

This inaugural FII will be held under the leadership Crown Prince Mohammed bin Salman who is also the chairman of the PIF.

The invitation-only event will bring together internationally-renowned business and investment leaders. There will also be a number of high profile speakers, covering major investors, global financial institutions and established and emerging businesses, including: Larry Fink, BlackRock chairman and CEO; Stuart Gulliver, HSBC group chief executive; Joe Kaeser, Siemens president and CEO; Tong Li, Bank of China CEO; Masayoshi Son, SoftBank Group chairman and CEO; George Whitesides, Virgin Galatic CEO.

Yasir bin Othman Al-Rumayyan, managing director of the PIF said: “The Future Investment Initiative will provide an unprecedented opportunity for many leaders and influencers around the world to better understand the future of the global investment landscape.
“It will also act as a platform to showcase the PIF’s redefined investment mandate and strategy, as it progresses toward becoming the world’s largest sovereign wealth fund.”
Through a highly collaborative and interactive program, over 2,000 attendees will discuss long-term investment and global trends across a broad range of topics. The event is designed around three key pillars: Shifting centers of power; the new investment paradigm and innovation for a better world.

The FII is being organized in the context of Saudi Arabia’s Vision 2030, a blueprint that is already charting the path for the Kingdom to harness its strategic location and strong investment capabilities.
The core principles of the event are aligned with the strategic objectives and targets of the Kingdom’s National Transformation Plan, which is key to achieving the targets set for Vision 2030.


Airbnb breaches EU consumer rules, must fall into line

Updated 16 July 2018
0

Airbnb breaches EU consumer rules, must fall into line

BRUSSELS: The EU told Airbnb on Monday to bring its terms and conditions into line with the bloc’s consumer rules or face action by national consumer agencies, after a review of the short-term rental platform found some violations.
Some of Airbnb’s terms and the way it presents its prices breach the bloc’s unfair commercial practices directive, the unfair contract terms directive and the regulation on jurisdiction in civil and commercial matters, the EU executive said.
San Francisco-based Airbnb and similar rental platforms, which help homeowners rent out their homes or rooms for short periods, have grown in popularity in recent years because of their competitive prices in comparison with hotels.
“But popularity cannot be an excuse for not complying with EU consumer rules. Consumers must easily understand ... how much they are expected to pay for the services and have fair rules for example on cancelation of the accommodation by the owner,” EU Justice Commissioner Vera Jourova said in a statement.
The company has until the end of August to present its proposals for responding to the criticism which will then be reviewed by the Commission and national consumer authorities. It could face fines if it does not comply with EU rules.
The EU executive said Airbnb should state whether accommodation is offered by a private individual or a professional, provide details of the price in a clear way and modify its terms of service to make them fairer to consumers.
Airbnb did not immediately respond to a request for comment.
The issue came to light after national consumer agencies in June examined Airbnb’s business practices published in different languages.
Rental platforms have come under fire for driving up property prices and contributing to a housing shortage in Paris, Berlin, Amsterdam and other big cities.