FII Institute hosting conference to inspire the development of a global green recovery plan

The Future Investment Initiative Institute (FII-I), a not-for-profit global foundation and the power behind the annual FII conference in Saudi Arabia, has announced the second of its planned FII Institute series of virtual events to take place on June 25. (Supplied)
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Updated 25 June 2020

FII Institute hosting conference to inspire the development of a global green recovery plan

  • Virtual event is second in a series hosted by the Future Investment Initiative Institute
  • Panel will discuss the role of sustainability in recovery from global socio-economic and healthcare crises

RIYADH: The Future Investment Initiative Institute (FII-I), a not-for-profit global foundation and the power behind the annual FII conference in Saudi Arabia, has announced the second of its planned FII Institute series of virtual events to take place on June 25.

“Don’t Forget Our Planet!” will bring together an influential group of decision makers, financial leaders and innovators to outline key elements of a global green recovery plan.

“The way out of this current recession lies in rethinking and reconnecting with the planet as individuals, as companies, and as investors. An environmentally sound and sustainable recovery plan will create jobs, upgrade infrastructure and deliver financial returns,” said Yasir Al-Rumayyan, governor of Saudi Arabia's Public Investment Fund and chairman of the FII Institute.

The virtual conference will convene environmental and finance experts from around the world who will explore nature-based solutions, investment opportunities, and recovery plans in line with the Paris Agreement and the UN’s Sustainable Development Goals (SDGs). 

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Keynote Speakers
- Prince Abdulaziz bin Salman Al-Saud, Minister of Energy, Kingdom of Saudi Arabi
- Yasir Al-Rumayyan, Governor of the Public Investment Fund and Chairman of the FII Institute
- Brune Poirson, Secretary of State, attached to the Minister of Ecological and Solidary Transition, France
- Jacques Attali, President of Positive Planet, France
- Mukesh Ambani, Chairman and Managing Director of Reliance Industries Ltd, India
- Anousheh Ansari, CEO of the XPRIZE Foundation, US
- Barbara Belvisi, Founder and CEO of Interstellar Lab, France
- Jay Collins, Vice Chairman, Banking, Capital Markets and Advisory, of Citi, US
- Dr. Jane Goodall, Founder of the Jane Goodall Institute, UN Messenger of Peace, UK
- Marianne Haahr, Executive Director of the Green Digital Finance Alliance, Denmark
- Dr. Mario Molina, 1995 Nobel Laureate in Chemistry and President of the Mario Molina Centre, Mexico
- Dr. Bertrand Piccard, Chairman of the Solar Impulse Foundation, Switzerland 

- Patrick Pouyanne, Chairman and Chief Executive of Total SA, France
- Lord Adair Turner, Chairman of the Energy Transitions Commission and Senior Fellow at the Institute for New Economic Thinking, UK

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Richard Attias, Chief Executive Officer of FII Institute said: “The current socio-economic and healthcare crises have shown us that our strength lies in cooperation and shared knowledge. This is why we have brought together some of the world’s brightest minds to develop thought-
provoking, actionable propositions on how to deliver positive change on a global level.”

Organizers of the event say it will highlight the view that current crises are presenting humanity with a historic opportunity for change. 

In October 2018, at least 25 deals worth more than $50 billion were signed at the FII forum, with large-scale infrastructure projects forming a key part of Saudi Arabia’s Vision 2030 blueprint for economic and social diversifcation.


Aramco profits fall in tough quarter, but sees partial recovery from COVID-19 impact

Updated 09 August 2020

Aramco profits fall in tough quarter, but sees partial recovery from COVID-19 impact

  • Aramco see’s “partial recovery” from pandemic impact
  • Aramco president says company remains resilient

DUBAI: Saudi Aramco, the world’s biggest oil company, reported a net income of $6.57bn for the second quarter of 2020, the period which witnessed the most volatile oil market conditions for many decades.

The result, announced to the Tadawul stock exchange in Riyadh where the shares are listed, compared with income of $24.7 bn last year.

Amin Nasser, president and chief executive, said: “Despite COVID-19 bringing the world to a standstill, Aramco kept going. We have proven our financial resilience and operational reliability, setting a record in our business operations, while at the same time taking steps to ensure the health and safety of our people.”

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Aramco’s dividend - a big attraction for the investors who bought into the world’s biggest initial public offering last year - will remain as pledged, Nasser added. Cash flow in the quarter amounted to $6.106 bn.

““Strong headwinds from reduced demand and lower oil prices are reflected in our second quarter results. Yet we delivered solid earnings because of our low production costs, unique scale, agile workforce, and unrivalled financial and operational strength. This helped us deliver on our plan to maintain a second quarter dividend of $18.75 billion to be paid in the third quarter,” he said.

Aramco said the loss was “mainly reflecting the impact of lower crude oil prices and declining refining and chemicals margins, partly offset by a decrease in production royalties resulting from lower crude oil prices and a decrease in the royalty rate from 20 per cent to 15 per cent, lower income taxes and zakat as a result of lower earnings, and higher other income related to sales for gas products.”

Sales and revenue in the period - which saw oil prices collapse on “Black Monday” in April - fell 57 per cent to $32.861 bn from the comparable period last year. 

Nasser said he was cautiously optimistic that the world economy was slowly recovering from the depths of the pandemic lockdowns.

“We are seeing a partial recovery in the energy market as countries around the world take steps to ease restrictions and reboot their economies. Meanwhile, we continue to place people’s safety first and have adapted to the new normal, implementing wide-ranging precautions to limit the spread of COVID-19 wherever we operate.

“We are determined to emerge from the pandemic stronger and will continue making progress on our long-term strategic journey, through ongoing investments in our business – which has one of the lowest upstream carbon footprints in the world,” he added.

Aramco expects capital expenditure to be at the lower end of the $25bn to $30bn range it has already indicated for this year.