Future Hospitality Summit in Riyadh set to bring together global investment decision-makers and leaders

The summit will focus on creating job opportunities for young Saudis by fostering the development of a skilled and talented workforce for the hospitality sector. (SPA)
The summit will focus on creating job opportunities for young Saudis by fostering the development of a skilled and talented workforce for the hospitality sector. (SPA)
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Updated 07 May 2023
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Future Hospitality Summit in Riyadh set to bring together global investment decision-makers and leaders

Future Hospitality Summit in Riyadh set to bring together global investment decision-makers and leaders
  • Three-day conference will be The Bench’s sixth industry conference for the Saudi market

RIYADH: Global investment decision-makers and leaders are set to gather at the Future Hospitality Summit in Riyadh to exchange knowledge and explore new partnerships. The summit will be held at Al Faisaliah Hotel from May 7-9.
This year’s conference theme, “Invest in Change,” will emphasize the importance of the positive change that can be brought about by investing in time, intellect and experience to keep up with changing times and trends in order to better influence the hospitality industry’s future.
The three-day conference will be British business events firm The Bench’s sixth industry conference for the Saudi market. It will highlight how to promote the development of Saudi Arabia’s hospitality industry as a vital contributor to the Kingdom’s economic diversification and encourage investment in the tourism industry by showcasing its potential and prospects.




The summit will focus on creating job opportunities for young Saudis by fostering the development of a skilled and talented workforce for the hospitality sector. (SPA)

Furthermore, the summit will focus on creating job opportunities for young Saudis by fostering the development of a skilled and talented workforce for the hospitality sector. It will also emphasize the importance of establishing relationships between the government, business sector and academics to achieve long-term growth in the hospitality industry.
“The demand for our hospitality events in Saudi Arabia continues to grow and with the Kingdom named as the fastest-expanding tourism industry within the G20 countries in the UN World Tourism Organization Tourism Barometer, there will be so much to share about tourism and hospitality investment and development at FHS Saudi Arabia this year,” said Jonathan Worsley, chairman of The Bench.

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This year’s conference theme, “Invest in Change,” will emphasize the importance of the positive change that can be brought about by investing in time, intellect and experience to keep up with changing times and trends in order to better influence the hospitality industry’s future.

The event, which will also feature in-depth discussions about the Kingdom’s cultural legacy and natural assets in order to market it as a prime tourist and business travel destination, is expected to draw 750 delegates from 40 countries and 300 companies.
The official opening of the 2023 edition of FHS Saudi Arabia will take place on May 8 with welcome remarks by Prince Bandar bin Saud bin Khalid, secretary general of the King Faisal Foundation and chairman of the board of directors of Al Khozama, Saudi Arabia’s leading hospitality, property investment, development, and management company.
“The Future Hospitality Summit is in a unique standing, as it is the only investment conference focusing on the hospitality and tourism sector in Saudi Arabia,” Jana Bader, general manager at The Bench in Riyadh, told Arab News.
She added: “FHS is a platform that brings international opportunities to the Saudi market, and Saudi market opportunities to the whole world. Of significance is also the fact that, unlike other conferences, FHS is specifically aimed at investors with a networking power to connect them with the right opportunities and to build relationships that last.”
The first day will be dedicated to the Global Restaurant Investment Forum, which focuses on food and beverage investment and development in the Kingdom and beyond.

Unlike other conferences, the summit is specifically aimed at investors with a networking power to connect them with the right opportunities and to build relationships that last.

Jana Bader, The Bench general manager

The first plenary session will cover a wide range of topics, including the evolution of the Saudi hospitality sector with a market snapshot in the FHS Intelligence Den, a panel discussion on the reinvention of hospitality space, a discussion on the use of immersive technologies such as artificial intelligence and the metaverse, and the business of luxury and well-being in a changing world.
“The Saudi market is bursting with opportunities within different sectors; be it real estate, aviation, food and beverage or hospitality. All those sectors work together and create a smart city ecosystem to cater to the next generation as well as to diversify the country’s economic revenue streams,” Bader explained.
Among others, the fully Public Investment Fund-owned Rua Al Madinah Holding’s CEO Ahmed bin Wasl Al-Juhani will join a panel discussion at FHS. “The flagship project of Rua Al Madinah Holding is the development of the area east of the Prophet’s Mosque in Madinah,” the curtain-raiser press release quoted Al-Juhani as saying.
He stated that the project will add 47,000 hotel rooms, ranging from five-star facilities with direct views of the mosque to two-star lodgings that accommodate a wide range of guests with varying needs and preferences.
“The project aims to enrich the experience of expected 30 million visitors by the year 2030 aligned with the Vision 2030 target,” Al-Juhani added.
A panel discussion on the conference’s core theme will also take place during which industry experts will offer their perspectives on how they are investing in transformation.




Jana Bader, The Bench general manager

Wrapping up the first day there will be a networking reception by The Radisson Hotel Group at Mansard Riyadh, which is a Radisson Collection hotel.
Future hotel development and investment will be the main topic of discussion on the last day of FHS Saudi Arabia.
Among the topics to be discussed are attracting investment in the hospitality industry to accelerate expansion and fuel a sustainable future; destination and hotel development in Saudi Arabia; the evolution of investing in holistic hospitality and activating innovation; and acceleration and investment and urbanization as well as the development of new cities.
Ian Wilson, regional director of hospitality for The Line at NEOM, will take part in a panel discussion about how the hotel, retail and F&B industries are combining to provide customers more value.
Furthermore, Aseel Bondagjy, development lead at NEOM, and Mae Al-Mozaini, founder and CEO of The Arab Institute for Women’s Empowerment, Nusf, which is a Saudi-based institute focusing on empowering women in executive positions, will be on a panel discussing how to inspire the following generation of workers, where to educate them, and where to find talent.
Additionally, two-stage case studies will be covered, underlining the Kingdom’s lifestyle funds and how the public and private sectors are cooperating to make Vision 2030 a reality.
The final stop on FHS Saudi Arabia will be Diriyah Gate, a 7 sq. km mixed-use historic, cultural and lifestyle attraction that is slated to become the historical and cultural hub of the Kingdom.
New at FHS Saudi Arabia this year is the ‘Battle of the Brands.’ A platform for innovative and sustainable hotel concepts, the event will be assessed by a distinguished team of judges, offering a special chance for hoteliers and business owners to introduce their new brands to the Saudi market.
“Research indicates that Saudi hotel owners and developers are seeking fresh brand concepts to complement existing brands that are already in the market. This will be the ultimate platform for innovative and sustainable hotel concepts to showcase their brands that have yet to launch in the exciting hospitality landscape of Saudi Arabia,” according to a curtain-raiser press release.
In 2022, the FHS drew over 500 attendees from more than 20 countries, 110 speakers, and 46 sponsors and partners. The Kingdom hosted the first FHS in October 2020, which was organized by the Ministry of Tourism and the G20 Saudi Secretariat, and attended by more than 6,000 people from around the world.

 


AI can bridge North-South divides, Accenture CEO tells FII summit

AI can bridge North-South divides, Accenture CEO tells FII summit
Updated 23 February 2024
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AI can bridge North-South divides, Accenture CEO tells FII summit

AI can bridge North-South divides, Accenture CEO tells FII summit
  • Julie Sweet: ‘One of the things that’s been great to see is Saudi Arabia taking the lead in many places’
  • ‘It’s really important to always stay focused on what are the opportunities with AI to solve the world’s problems’

MIAMI: Artificial intelligence has the potential to bridge North-South divides, Accenture’s CEO told the Future Investment Initiative Priority summit in Miami on Thursday.

Julie Sweet explored the far-reaching impact of AI on addressing global challenges in a panel discussion titled “FII Priority Compass: What matters most to citizens?”

She said: “The question is how much AI can actually help the Global South and the countries that need help through precision farming, through telemedicine and better healthcare.”

Highlighting Saudi Arabia’s proactive stance in leveraging AI for societal advancement, Sweet stressed the importance of global collaboration in harnessing AI’s potential to tackle complex issues.

“One of the things that’s been great to see is Saudi Arabia taking the lead in many places to think through how can AI help and how can they be a leader.

“So I think it’s really important to always stay focused on what are the opportunities with AI to solve the world’s problems.”

However, Sweet acknowledged that the definitive solution to utilizing AI to close existing divides is not currently available.

Highlighting the vital efforts of organizations such as the UN, she emphasized the urgency of understanding how technology can be harnessed to avoid widening disparities.

Since the increased accessibility of AI in the public market and its “democratization,” experts have emphasized the need to regulate the technology.

“Regulation needs to be the outcome of a very strong public-private partnership, because most governments in the world don’t have the access or the talent inside to know it,” Sweet said, adding that there have been a few successful examples of governments balancing innovation and safety.

“That’s one of the most important things that governments need to do, particularly because the technology is changing rapidly. And I think the good news is that everyone has agreed that some regulation is needed.”

Regarding AI-related risks in the upcoming US election, Sweet cautioned against relying solely on government regulation. Instead, she advocated for increased collaboration among private entities.

“That’s as important as government regulation,” she said. “It’s responsible companies coming together in an agile fashion to solve the risks.”

Addressing concerns about job displacement due to AI, Sweet said while her role as a lawyer would persist, the nature of the job would evolve. She emphasized the need to reskill workforces and prepare the new generation to use AI.

Sweet highlighted Accenture’s annual investment of $1.1 billion in staff training, and stressed the importance of adapting school curricula to future-proof the younger generation through enhanced communication skills and basic technology education.

“All of us will have to continue to adapt and learn … because our skills have to constantly be improved and there’s so much change,” she concluded.


Oman opens its market to Brazilian live cattle

Oman opens its market to Brazilian live cattle
Updated 23 February 2024
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Oman opens its market to Brazilian live cattle

Oman opens its market to Brazilian live cattle
  • Announcement made following meeting of officials from both countries in Muscat
  • Both sides emphasized interest in expanding governmental cooperation, commercial partnerships

SAO PAULO: The Brazilian livestock sector is now authorized to export live cattle for slaughter and fattening to Oman.

The announcement was made after a meeting between Roberto Perosa, Brazil’s secretary for trade and international relations, and Ahmed Nasir Al-Bakri, undersecretary at Oman’s Agriculture Ministry. There were other members of the Omani government at the meeting.

“This new market adds to the other 14 opened this year, totaling 93 since the beginning of last year, during President Lula’s third term,” Perosa said.

“At the request of (Agriculture) Minister Carlos Favaro, we continue our mission in the Middle East, visiting countries aiming to expand Brazilian agricultural trade, opening new markets, obtaining approvals for plants through the pre-listing system (eliminating the need for local audits), and negotiating the import of nitrogen fertilizers.”

The Brazilian delegation visiting Oman also includes Julio Ramos, deputy secretary for trade and international relations, and Marcel Moreira, director of trade promotion and investments.

These new markets are the result of joint work by Brazil’s ministries of agriculture and livestock, and foreign affairs.

Representatives of both countries’ agriculture ministries emphasized their interest in expanding governmental cooperation and commercial partnerships.

They identified synergies between Oman’s Vision 2040 plan, which includes food security, and the Brazilian program to convert degraded pastures into agricultural areas.

They also discussed the possibility of partnerships in areas such as fertilizers, sugar, grains for animal feed, live animals, chicken meat and fish.

The Brazilian delegation also met with Ibtisam Ahmed Said Al-Farooji, undersecretary for investment promotion at Oman’s Ministry of Commerce, Industry and Investment.

She presented an Omani program that aims to increase investments in her country and abroad, focusing on food security and Oman’s interest in becoming a hub for the Gulf region.

Al-Farooji also underlined Oman’s neutrality and stability, adding that Brazil could be a great partner.

During the meeting, Perosa emphasized the good relations and complementarity between the two countries, saying Brazil could contribute even more to Oman’s food security and encourage Brazilian companies to process their products in Oman, as is the case with chicken and beef.

He added that the program to convert degraded pastures into agricultural areas represents a great opportunity to strengthen this partnership, including the possibility of acquiring nitrogen fertilizers from Oman.

The Omani side welcomed the idea and said that along with the Oman Investment Authority and Nitaj, the government arm for promoting food security, it will help build the partnership strategy between the two countries.


Transformation of Saudi economy creates opportunities, Public Investment Fund official tells investors

Transformation of Saudi economy creates opportunities, Public Investment Fund official tells investors
Updated 23 February 2024
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Transformation of Saudi economy creates opportunities, Public Investment Fund official tells investors

Transformation of Saudi economy creates opportunities, Public Investment Fund official tells investors
  • Jerry Todd tells Future Investment Initiative Priority forum in Miami that structural economic changes in the Kingdom require global resources and talent, capital and operating capacity
  • Former US Treasury Secretary Steven Mnuchin highlights opportunities for investment in clean energy and energy transformation in the wider Middle East

LONDON: It is important that investors understand the long-term structural changes to the Saudi economy that are taking place and the opportunities they offer, the head of the National Development Division at the Saudi Public Investment Fund said on Thursday.

Speaking at the Future Investment Initiative Priority forum in Miami, Jerry Todd said the three pillars of this transformation are industrialization of the economy, the development and expansion of service sectors, and the building-up of green energy capacity.

“Vision 2030 is the blueprint for this economic transformation, and it is a national project but it requires global resources, global talent, capital and operating capacity,” he said. “The attraction of those into the Kingdom is embedded into that blueprint.

“The question of what happens next is really a function of whether people in this room, and people in rooms like this, are learning more and trying to understand what’s happening (in the Kingdom). Personally, I’m optimistic, I think there’s a growing awareness of the opportunities being created.

“(Another thing that is changing) is the ability of the domestic economy to absorb longer-term investment, in large part through the industry-building that’s happening as part of Vision 2030. It’s creating chances for people to come in and capture asset-level opportunities.”

Former US Treasury Secretary Steven Mnuchin said there are a lot of opportunities for investment in the wider Middle East region in relation to clean energy and energy transformation. (Screenshot/FII Priority)

Former US Treasury Secretary Steven Mnuchin echoed that sentiment and said there are a lot of opportunities for investment in the wider Middle East region in relation to clean energy and energy transformation.

He warned, however, that if the region is to remain an attractive investment hub, the threat Iran poses to regional stability and security must be addressed, primarily through tougher and more rigidly enforced sanctions on the regime in Tehran.


AI will drive efficiency amid global economic slowdown, leading financiers tell FII Priority Summit

AI will drive efficiency amid global economic slowdown, leading financiers tell FII Priority Summit
Updated 23 February 2024
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AI will drive efficiency amid global economic slowdown, leading financiers tell FII Priority Summit

AI will drive efficiency amid global economic slowdown, leading financiers tell FII Priority Summit
  • 'AI is the bicycle of the minds — we are all going to have to learn how to ride it,' said the head of Claure Group
  • Johnson of Franklin Templeton noted that the supply chain was shifting

MIAMI: The chiefs of four of the world’s leading corporations stressed on Thursday, during the first day of the Future Investment Initiative Miami Summit, that while artificial intelligence has the potential to drive higher investment and economic growth across the world despite the current slowdown, it can cause significant harm if not regulated at the right pace.

Marcelo Claure, founder and CEO of Claure Group, told the “Board of Changemakers” panel that when it comes to AI, it is hard in many cases “to differentiate (between) what is hype versus what is reality,” but regardless, all businesses would have to incorporate the technology into their work if they wanted to succeed in the next few decades.

“AI is the bicycle of the minds — we are all going to have to learn how to ride it,” he said.

Claure pointed out that when the browser was invented 30 years ago, it “made the cost of information zero,” which led to the creation of global companies like Google.

He added that AI is going to “reduce the cost of three very important things to basically zero: cognition, creativity, and problem-solving.”

He said: “In our companies, we hire thousands of people, we pay them to do what? We pay them to think, we pay them to problem solve, we pay them to be creative, and AI is going to enhance that.”

As an example of how Claure’s company utilized AI for higher efficiency, he mentioned that his teams used to require about 100 hours to manage a marketing campaign. However, after employing AI, the same process took less than an hour.

“So, think about a 99 percent efficiency,” he said.

Highlighting that generative AI, such as ChatGPT, will develop an IQ level of 12,000 in the next three to four years, Stephen Schwarzman, chairman and CEO of Blackstone Group, stressed the importance of “ethics in AI.”

He told the panel of CEOs: “In terms of the downsides of the technology, that in the hands of bad actors, call them rogue states, will have the use of this very powerful technology — that is a bad thing.”

Schwarzman highlighted that AI technologies are “moving so quickly,” making it more of a challenge to “catch up” and “protect systems.”

He added that experts in the field, such as MIT (Massachusetts Institute of Technology) scientists, “are really cautious about this technology.”

He said: “In other words, they love it. It can do marvelous things, but unlike most of the business community, they are not against regulation. In fact, they are pretty enthusiastic about regulation because they see the downsides, and they want those downsides addressed.

“And one of the things I have tried to do with both AI ethics centers at MIT and at Oxford, is try and be part of that dialogue, encourage people to be thinking about this — there is a lot of stuff going on in the regulatory world.”

Echoing Claure’s observation that AI is advancing rapidly, Schwarzman emphasized the importance of responding with the appropriate regulations at a fast pace.

“This is moving so fast, whatever you come up with, it’ll be obsolete pretty quickly,” he said.

In addition to AI, Jennifer Johnson, president and CEO of Franklin Templeton, identified five broad trends that may define the next decade in investments: demographics, deglobalization, digitization, decarbonization, and debt.

Like the rest of the speakers, Johnson stressed the importance of regulating AI.

“The problem is, it is scary,” she said. “But on the other hand, if we do not create environments where the good folks are learning how to use AI, the bad guys become the experts on it.

“And, so, you have to create and allow for innovation to happen.”

Speaking about deglobalization, Johnson highlighted that the supply chain was shifting.

She said: “It’s the China plus one, the nearshoring, the French shoring. But the key is that capital is moving.”

She added that “capital goes where capital is treated well — where there is a political will to create policies like the Kingdom (of Saudi Arabia) is doing to create opportunities for investment.”

Johnson referred to the shifting of supply chains as “disinflation,” but she also noted that “the raising of interest rates to slow down the economy” means that while there is a global growth slowdown, there are also “pockets of strength … like (in) India.”

Alongside Claure, Johnson and Schwarzman, panelists partaking in the roundtable discussion also included Pierre Beaudoin, chairman of the board of Bombardier, and Pam Liebman, president and CEO of The Corcoran Group.


Saudi Arabia set to be global leader in ‘positive’ use of AI, Public Investment Fund chief predicts

Saudi Arabia set to be global leader in ‘positive’ use of AI, Public Investment Fund chief predicts
Updated 22 February 2024
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Saudi Arabia set to be global leader in ‘positive’ use of AI, Public Investment Fund chief predicts

Saudi Arabia set to be global leader in ‘positive’ use of AI, Public Investment Fund chief predicts
  • Yasir Al-Rumayyan tells Future Investment Initiative Priority forum in Miami the focus should be on harnessing the benefits the technology can offer the global economy
  • Kingdom ‘well positioned to become an AI hub outside of the US’ thanks to its energy supplies, and the political will and financial resources to develop the technology

LONDON: Artificial intelligence will dominate the global investment conversation for the foreseeable future, the governor of the Saudi Public Investment Fund predicted.

Speaking on the opening day of the Future Investment Initiative Priority forum in Miami on Thursday, Yasir Al-Rumayyan said the focus should be on harnessing the benefits AI can offer the global economy, including its potentially game-changing effects on global gross domestic product.

“I think AI is coming, it’s going to come in a big way, and I think the impact will be very positive once we have the right set of regulations that will monitor, control and enable the AI ecosystem,” he said.

Saudi Arabia is on course to become a world leader in AI, in terms of innovation and development, he added.

“We are very well positioned to become an AI hub outside of the US for many reasons,” said Al-Rumayyan.

“Number one … nobody talks about energy; AI (development) will consume a lot of energy. We are the global leaders when it comes to fossil-fuel energy and when it comes to renewable energy. But we also have the political will and we have the funds needed for deployment in this initiative.”

As boss of Public Investment Fund, the main economic engine for Saudi Arabia’s Vision 2030 reforms agenda, Al-Rumayyan also updated delegates on the progress of the economic reforms in the Kingdom.

“The difference between (Saudi Vision 2030) and the visions presented by other countries is we are achieving a lot of the KPIs (key performance indicators) ahead of schedule,” he said.

“One of the numbers I really like to reference is the women in the workplace in the Kingdom; our target was 20 percent by 2030, we achieved 30-plus percent by the year 2020.”

Al-Rumayyan also confirmed that the FII is launching two new forums, in Brazil and the Kenyan capital Nairobi. The potential for investment in Latin America and Africa is huge, he said, but not enough focus was being placed on it.

The Brazil forum will focus on the issues of deforestation and the transition from fossil fuels to renewable energies, which are vital to the development of South America, Al-Rumayyan said. In Nairobi, the discussions will center around the massive opportunities offered by Africa’s expected population growth over the next decade.