RIYADH: Experimenting with digital technologies is a vital component for progress, with the world’s companies having had to rely on innovation in order to survive amidst the coronavirus disease (COVID-19) pandemic, speakers said at the Future Investment Initiative (FII) held in Riyadh on Thursday.
“Places like the Kingdom and the UAE have done a remarkable job of adapting,” said Timothy Collins, CEO and managing partner of New York-based private equity firm Ripplewood Advisers.
“Everyone has learned that we are more reliant on governments than we ever thought — in that regard, we have learned that competence may be more important than ideology,” he said.
Dynamic planning is key to overcoming this pandemic and building a better business model for the Neo-Renaissance. Timothy Collins, CEO and Managing Partner, Ripplewood Advisors, LLC, USA, looks to the future at our FII 4th Edition. #FIINeoRenaissance pic.twitter.com/8oRhcwVxHt
— FII Institute (@FIIKSA) January 28, 2021
“The world is unpredictable; real time iteration is something we did not do well in the beginning but something we are doing much better now … Having a distinct sense of purpose is becoming a main source of competitive advantage,” he added, saying that in seeking future successful investments, his company will look for “innovators and disruptors in the market.”
Dirk Hoke, CEO of Airbus Defense and Space, commented that adaptability in the business world, which saw “accelerated contracts” and “accelerated payment terms” was possible due to rapid digitalization.
In turning competition into partnerships, the “Franco-German-Spanish corporation” was established, which will create a strong European foundation to ensure a less fragmented defense strategy, he said.
Jeremy Weir, CEO and executive chairman of Trafigura, added that decarbonization is a goal for every company and as such “there will be a significant increase in the demand of metals needed” for decarbonization and further announced future investment plans in hydrogen.