Oil Updates – prices set to end week higher after US rate cut

Update Oil Updates – prices set to end week higher after US rate cut
Brent futures were down 50 cents, or 0.67 percent, at $74.38 a barrel at 1:04 p.m. Saudi time. Shutterstock Shutterstock
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Updated 20 September 2024
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Oil Updates – prices set to end week higher after US rate cut

Oil Updates – prices set to end week higher after US rate cut

BENGALURU: Oil prices eased on Friday, but were on track to register gains for a second straight week following a large cut in US interest rates and declining global stockpiles.

Brent futures were down 50 cents, or 0.67 percent, at $74.38 a barrel at 1:04 p.m. Saudi time while US WTI crude futures fell 48 cents, or 0.65 percent, at $71.47.

Still, both benchmarks were up 3.7 percent and 4 percent respectively on the week.

Prices have been recovering after Brent fell below $69 for the first time in nearly three years on Sept. 10.

“US interest cuts have supported risk sentiment, weakened the dollar and supported crude this week,” UBS analyst Giovanni Staunovo said.

“However, it takes time until rate cuts support economic activity and oil demand growth,” he added, regarding crude’s more muted performance so far on Friday.

Prices rose more than 1 percent on Thursday following the US central bank’s decision to cut interest rates by half a percentage point on Wednesday.

Interest rate cuts typically boost economic activity and energy demand, but some also see it as a sign of a weak US labor market.

The Fed also projected a further half-point rate cut by year-end, a full point next year and a half-point trim in 2026.

“Easing monetary policy helped reinforce expectations that the US economy will avoid a downturn,” ANZ Research analysts said.

Also supporting prices were a decline in US crude inventories, which fell to a one-year low last week.

A counter-seasonal oil market deficit of around 400,000 barrels per day will support Brent crude prices in the $70 to $75 a barrel range during the next quarter, Citi analysts said on Thursday, but added prices could plunge in 2025.

Crude prices were also being supported by rising tensions in the Middle East. Walkie-talkies used by Lebanese armed group Hezbollah exploded on Wednesday following similar explosions of pagers the previous day.

Security sources have said the Israeli spy agency Mossad was responsible, but Israeli officials have not commented on the attacks.

China’s slowing economy also weighed on market sentiment, with refinery output in China slowing for a fifth month in August and industrial output growth hitting a five-month low. 


Saudi ACWA Power’s investment in Africa reaches $7 bn, CEO says

Saudi ACWA Power’s investment in Africa reaches $7 bn, CEO says
Updated 28 October 2024
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Saudi ACWA Power’s investment in Africa reaches $7 bn, CEO says

Saudi ACWA Power’s investment in Africa reaches $7 bn, CEO says
  • Marco Arcelli said all the investments revolve around renewables
  • Recent agreements with the Egyptian and Tunisian governments underscore ACWA Power’s commitment to advancing green hydrogen projects and expanding its impact in Africa

RIYADH: Saudi ACWA Power has invested $7 billion in Africa to date, according to the electric power generation company’s CEO.

Speaking during a panel discussion titled “Powering Africa: What is the Future of Energy Investments” during the Future Investment Initiative New Africa Summit in Riyadh, Marco Arcelli said that all those investments revolve around renewables.

This falls in line with the firm’s position as the leading private investor in the continent’s renewable energy sector.

It also aligns with the company’s goal to triple its business size announced in 2023 and expand worldwide, driven by its mission to deliver affordable and reliable energy solutions that foster economic and social development.

“Our experience, ACWA Power is probably the largest energy transition company today, certainly a leading investor in Africa. We have invested more than $7 billion today, 100 percent of that is renewables,” Arcelli said.

“I’m not saying the gas is not part of the transition, in fact, it is because countries like the countries in Africa that are emerging, they need all the energy that they can,” the CEO added.

He went on to say that there is a lot to be done and that the cheapest, fastest, and most secure way to do that is through renewables.

“But certainly, when the economy is growing at the speed that is growing in Africa, you need a complement, so you need the gas and potentially other sources,” Arcelli said.

The world’s largest private water desalination company has also announced that its Redstone Concentrating Solar Power plant in South Africa has reached 50 MW and is set to achieve its full 100 MW capacity in the coming days.

The project will provide clean energy to nearly 200,000 households while significantly reducing carbon emissions. 

Recent agreements with the Egyptian and Tunisian governments underscore ACWA Power’s commitment to advancing green hydrogen projects and expanding its impact in Africa.

Also speaking during the same panel, Kola Karim, group managing director and CEO of Shoreline Group, said looking at the dynamics of Africa, it is evident that it cannot be benchmarked at the same standards as other continents.

“We talk about the industrial revolution in the world, the Western nations have had their first, second, third and Africa has not had its first,” Karim said.

“So, my view is Africa’s blessed with a lot of natural resources, gas is one of them,” he added.

Also present at the panel, Osa Igiehan, CEO of Heirs Energies Limited, said that Africa’s energy future is going to be dominated by gas and renewables.

“Gas is very key. It’s a transmission fluid and we have plenty of it, but renewables is going to be very compelling because it offers us opportunities to address energy gaps in areas that are underserved today,” Igiehan said.

Vera Songwe, chair and founder of Liquidity and Sustainability Facility, was also partaking in the panel, in which she said that there is a question about growth and how fast and how far Africa wants to grow.

“If Africa wants to grow today, our GDP (gross domestic product) is about $3.2 trillion and we need to do a lot more and a lot faster than we need all the technologies we can harness,” Songwe said.

“Africa is already at a tipping point on the transition; 60 percent of Africa’s energy is renewable because of hydro. We have a lot of the economies, they are using hydro,” she added.

Riham Elgizy, CEO of Voluntary Carbon Market, said that 43 percent of Africans do not have access to electricity.

“What century are we in? This is very important for the continent that we finance; be it renewable, be it gas, be it others. All options are on the table,” Elgizy said.

“We need to look at it from a lens of carbon markets and how we can utilize that to scale projects on finance because the major problem in Africa right now is financing. So, this is how to utilize different tools. This is very important to look at and how to be innovative in neutralizing those,” she added.

In September, Saudi Arabia’s FII announced that it would host two summits before its eighth edition, set to take place in Riyadh from Oct 29 to 31. 

Both being held for the first time, one gathering will center on Africa, while the second, titled the “Horizon Summit,” occurring on Oct. 28, will focus on women empowerment and will be chaired by Princess Reema bint Bandar, the Saudi ambassador to the US. 

Under the theme “Infinite Horizons: Investing Today, Shaping Tomorrow,” this edition of the forum will facilitate discussions on how investments can drive a thriving and sustainable future, pushing the boundaries of what is possible for humanity. 

This aligns with FII’s mission to create a purposeful present and a promising future, as well as its vision to bring together the brightest minds and most promising solutions to serve humanity.


Saudi private sector investments in Africa to reach $25bn: finance minister

Saudi private sector investments in Africa to reach $25bn: finance minister
Updated 28 October 2024
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Saudi private sector investments in Africa to reach $25bn: finance minister

Saudi private sector investments in Africa to reach $25bn: finance minister
  • Kingdom is actively involved in shaping the future of Africa by lending aid for philanthropic activities
  • Saudi Arabia has spearheaded several initiatives to develop the African continent

RIYADH: Saudi private sector investments in Africa are expected to reach $25 billion in the next 10 years as economic and trade cooperation between the Kingdom and the continent strengthens, said a top minister. 

Speaking at the Future Investment Initiative New Africa Summit in Riyadh, the Kingdom’s Finance Minister Mohammed Al-Jadaan said that Saudi Arabia is actively involved in shaping the future of Africa by lending aid for philanthropic activities and guiding the continent toward economic diversification. 

The New Africa Summit aims to connect international investors and business leaders, showcasing the unique opportunities available on the African continent and fostering cross-border investment, according to the FII website. 

Saudi Arabia has spearheaded several initiatives to develop the African continent, with the latest one being a memorandum of understanding signed in April. The agreement was between the Saudi Fund for Development and the African Development Bank Group to provide funding for emerging economies in the continent. 

“The relationship between the Kingdom and Africa is not only governed by the geographical location — we are partners with a joint history and a joint future. Our shared history goes beyond economic ties. We have different commonalities in our culture, geographies, and common denominator factors between our people,” said Al-Jadaan. 

He added: “It is expected that Saudi Arabia’s private sector investments in Africa will reach $25 billion in the coming 10 years. Since the summit (Saudi-Africa Summit), within less than a year, we are working on $5 billion of these investments.” 

During his speech, the finance minister also highlighted some of the major initiatives the Kingdom took to propel the socio-economic conditions in Africa, including $10 billion provided by the Saudi EXIM Bank to deliver financing products in Africa in the coming 10 years. 

He added that the EXIM Bank has already allocated $1.5 billion out of this $10 billion. 

“The recent Saudi-Africa summit that was held last year marked a new chapter. Saudi Arabia has dedicated $1 billion from the Custodian of Two Holy Mosques’ Philanthropic initiative in Africa. 

Second, $5 billion from the PIF (Public Investment Fund) has been allocated to diversify economic projects in Africa in the next 10 years, and it has already started,” said Al-Jadaan. 

The minister added that the Kingdom is also helping Africa in various frontiers, including digitalization, and aiding the continent to establish its position in the global landscape.

“The Kingdom was one of the first countries that requested that the G20 give permanent membership for the African Union, and also called for establishing a chair for Africa in the executive body in the World Bank,” said Al-Jadaan. 

He added: “One of the most important challenges faced by several African countries is the sustainability of the debts and this urges serious global cooperation to help these countries deal with sovereignty debts. Saudi Arabia is working with IMF, World Bank, and other groups to handle debts of African nations, especially countries which have less income.” 

According to the finance minister, Saudi Arabia is addressing urgent solutions for African nations and is also working to establish a lasting framework to enhance economic flexibility and financial stability across the continent.

During the inaugural ceremony, Richard Attias, CEO of FII Institute, said the New Africa Summit is a gathering dedicated to investing in the boundless potential of the continent. 

“Africa’s resilience, diversity, and reality are inspiring. From the lively markets to the solar farms, and endless savannahs symbolize ‘Infinite Horizons’, our FII8’s main theme,” said Attias. 

According to the CEO, the New Africa Summit is not aimed at discussing the future of the continent, instead, it intends to reshape it by introducing new narratives and exploring the continent’s untapped resources.

“Our commitment here today is to empower African voices, foster sustainable growth, and embrace the unique vision Africa brings to the world’s stage. Together, we will illuminate the path forward, creating partnerships that transcend borders and crafting an impact that future generations will inherit with pride,” said Attias. 

In a separate panel discussion, Tony Elumelu, chairman of the United Bank of Africa, said that the continent, with 60 percent of its population under the age of 30, is evolving as a startup hub in multiple sectors. 

He added that startups in Africa are tackling multiple challenges, and the failure rate among these companies has gradually decreased over the past several years. 

“We are seeing a young population in the tech sector startup landscape, we are seeing women in agriculture. The startup ecosystem is improving now. There’s room for improvement in the continent, but the good news is that, from where we started years ago, I have seen more progress than ever before,” said Elumelu. 

He added that the African continent has successfully bridged the gender gap over the past few years and said several companies have females in their top leadership. 

Elumelu also invited investors to come and invest in Africa and said the continent is open to new business. 

“The opportunities are there, the challenges are there. That’s what entrepreneurs always do; we try to navigate challenges for the betterment of all. So, Africa is open for business, we do have challenges. You can navigate those challenges,” he concluded. 


ACWA Power reaches 50 MW at South Africa’s Redstone solar plant

ACWA Power reaches 50 MW at South Africa’s Redstone solar plant
Updated 28 October 2024
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ACWA Power reaches 50 MW at South Africa’s Redstone solar plant

ACWA Power reaches 50 MW at South Africa’s Redstone solar plant

JEDDAH: Saudi utility firm ACWA Power has achieved a milestone of 50 megawatts at its Redstone Concentrating Solar Power plant in South Africa and is set to reach full capacity soon. 

In a press release, the company, in which the Public Investment Fund holds a 50 percent stake, stated that the project aims to provide clean energy to nearly 200,000 households while significantly reducing carbon emissions, with a total capacity of 100 MW. 

The successful synchronization of Redstone with South Africa’s national grid, facilitated by partnerships with Herlogas and SEPCOIII, reinforces ACWA Power’s position as a leading private investor in Africa's renewable energy sector, it added. 

With a plan to triple its business size announced in 2023, ACWA Power continues to expand globally, driven by its mission to deliver affordable and reliable energy solutions that foster economic and social development. 

Marco Arcelli, CEO of ACWA Power, said: “Our investments in Africa reflect our commitment to sustainable growth through strategic partnerships and leading-edge technology. ACWA Power is not only a financial leader but also a responsible partner and a pioneer in shaping Africa’s energy and water future.” 

He added that his company is keen to make additional investments in the most promising opportunities, aiming to bring positive change to communities throughout the continent. 

Additionally, the company noted that the Kom Ombo Photovoltaic plant in Egypt has reached its full production capacity of 200 MW, providing clean energy to over 200,000 households, marking another milestone in its African portfolio. 

With current investments totaling $7 billion across Africa, ACWA Power stands as a leading private-sector investor in renewable energy on the continent. 

Beyond power generation, the Saudi-listed company is advancing in green hydrogen, energy storage, and water desalination, thus strengthening Africa’s renewable energy and water landscape for the future.  

Recent agreements with the Egyptian and Tunisian governments underscore ACWA Power’s dedication to promoting green hydrogen initiatives and expanding its influence across the continent. 

Currently, ACWA Power manages a global portfolio of 65 gigawatts and has achieved record-low costs in power generation, water desalination, and potentially green hydrogen, with production expected from NEOM Green Hydrogen Company by 2026 — crucial for providing affordable and accessible solutions worldwide. 

With the lowest levelized water tariff globally, ACWA Power is positioned to enhance access to affordable, clean water across Africa, supporting its commitment to sustainability.


Global leaders, experts descend on Riyadh for FII8 

Global leaders, experts descend on Riyadh for FII8 
Updated 28 October 2024
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Global leaders, experts descend on Riyadh for FII8 

Global leaders, experts descend on Riyadh for FII8 
  • Event expected to witness signing of strategic deals across mulitple sectors

RIYADH: World leaders and industry experts are set to gather in Saudi Arabia’s capital city for the eighth edition of the Future Investment Initiative to discuss opportunities and challenges across the global financial landscape. 

Held under the theme “Infinite Horizons: Investing Today, Shaping Tomorrow,” from Oct. 29 to 31, this year’s FII is expected to ignite discussions on how investment can serve as a catalyst for a prosperous and sustainable future. 

In the lead-up to the event, FII Insitute CEO Richard Attias said deals worth $28 billion are expected to be announced during the gathering.

He also said that 7,100 participants worldwide are registered for the upcoming event. “It is 1,000 more than last year,” he told a press conference on Oct. 15.

Since its launch in 2017, the FII Institute has been organizing annual events in Riyadh, and over the years the program has emerged as one of the flagship conferences in the financial sector. 

Apart from the industry experts, this year’s event will also bring leaders and decision-makers in artificial intelligence, sustainability, energy, geoeconomics and space. 

 

The conference will feature over 500 speakers and facilitate over 200 sessions, plenary discussions, breakouts and conclaves addressing economic stability, geopolitical tensions, and equitable development. 

A press release marking the gathering noted that with the 79th UN General Assembly concluding and the US presidential elections immediately following FII8, the geoeconomic conversations and insights generated at the conference “will serve as a vital addition to the global dialogue, equipping leaders with forward-thinking strategies to navigate the upcoming global landscape.”

FII: The brainchild of the Public Investment Fund

Saudi Arabia’s sovereign wealth fund founded the Future Investment Initiative Institute as a part of the Kingdom’s Vision 2030, which aims to position the country as a global hub for business growth. 

As Saudi Arabia is on a path of transformation, the events organized by the institute have proved to be a strong component of the Kingdom’s regional and global growth in finance and investment. 

According to FII, this year’s conference will challenge attendees to think beyond conventional limits and explore investment opportunities that can bridge current challenges with future possibilities. 

“FII8 pioneers a new kind of mindset — where leaders and game changers break free of past limitations, fueling innovation that leads to boundless human potential and economic growth,” said the organization’s website.

It added: “The world’s visionaries will explore how nonlinear thinking can deploy capital to address the planet’s most critical issues — from infrastructure gaps to environmental threats — ultimately achieving the optimal point between planetary consumption and regeneration, and positively impacting humanity.” 

FII8: Speakers list 

The first day of the event will focus on strategies leaders need to tackle new challenges in an infinitely connected world.

The opening ceremony will begin at 9:00 a.m. Saudi time, and it will be followed by welcome remarks by Attias. 

Yasir Al-Rumayyan, governor of the Public Investment Fund and the chairman of FII Institute, will also deliver his speech on the first day of the event. 

Saudi Arabia’s Minister of Investment Khalid Al-Falih will use his address to discuss the role of policymakers in establishing a robust regulatory framework, navigating global economic shifts to instill optimism and create a path toward growth. 

7,100 participants from around the world are registered for the event.

Richard Attias, FII Insitute CEO

Turkiye’s Minister of Treasury and Finance Mehmet Simsek, Chief Information Officer mentor for asset management firm Board Bridgewater Associates Ray Dalio, and Makhtar Diop, managing director of International Finance Corp., will also speak on panels on the first day. 

On the first day, in a panel titled “First Board of Changemakers: Geoeconomics,” top industry leaders including Laurence Fink, CEO of Blackrock, Ruth Porat, president and Chief Information Officer of Alphabet and Google, Stephane Bancel, CEO of Moderna, as well as Stephen Schwarzman, chairman and CEO of the Blackstone Group, will share their thoughts on strategies that could be implemented to combat environmental challenges and economic inequalities.  

Muhammed Al-Jasser, chairman of the Islamic Development Bank will also speak on a panel named “Second Board of Changemakers: Banking and Investment,” where he will discuss persisting economic challenges the world is facing and the ways to tackle the problems. 

Mohammad Maziad Al-Tuwaijri, vice chairman of Saudi Arabia’s National Development Fund, along with Bernard Mensah, president of International for Bank of America will take part in a panel on global financial stability. 

The first day will also feature discussion on the vitality of accelerating the energy transition journey. 

This session will feature industry leaders including Amin Nasser, president and CEO of Saudi Aramco, Marco Arcelli, CEO of ACWA Power, Catherine MacGregor, CEO of Engie, and Patrice Motsepe, founder and executive chairman of African Rainbow Minerals. 

Other notable speakers who will be attending panels on the first day include Shou Chew, CEO of TikTok, Brian Hongdi Gu, co-president of Xpeng, Masayoshi Son, chairman and CEO of SoftBank Group Corp., as well as Mansoor Ebrahim Al-Mahmoud, CEO of Qatar Investment Authority, and Sarah Al-Suhaimi, chairperson of board of directors of Saudi Tadawul Group. 

The second day of the event will be based on the theme “New Algorithms” where discussions will take place around building future-ready talent to cultivate social resilience, with a focus on how leaders can harness the power of emerging technology for positive impact.

Some of the noted speakers on the second day include Mohamed Jameel Al-Ramahi, CEO of Masdar, Marcelo Claure, founder and CEO of Claure Group, Julie Sweet, chairman and CEO of Accenture, as well as Eric Schmidt, founder and CEO of Schmidt Family Foundation, and Gautam Sashittal, CEO of King Abdullah Financial District. 

Arif Amiri, CEO of Dubai International Financial Center Authority, Olayan Alwetaid, group CEO of STC, and Ossama Rabiee, chairman and managing director of Suez Canal Authority, will also attend panel discussions on the second day of the event. 

FII8’s third day is titled “Investment Day” where discussions will revolve around practical aspects of investing, offering hands-on guidance and tactical knowledge. 

Noted personalities who will speak on this topic include Tony Douglas, CEO of Riyad Air, Rishi Kapoor, vice chairman and Chief Information Officer of Investcorp, Zoe Cruz, founder and CEO of Menai Financial Group, and Benjamin Horowitz, co-founder and partner of Andreessen Horowitz. 

The third day will also witness leaders from the hospitality sector attending a panel where they will discuss the latest trends in tourism and its impacts on the real estate sector. 

Speakers who will be attending this panel include Sebastien Bazin, chairman and CEO of Accor, Elie Maalouf, CEO of IHG Hotels & Resorts, Ferit Sahenk, chairman and CEO of Dogus Group, as well as Sonia Cheng, CEO of Rosewood Hotel Group and Christopher J. Nassetta, president and CEO of Hilton. 

FACTOID

- The conference will feature over 500 speakers and facilitate over 200 sessions, plenary discussions, breakouts and conclaves addressing economic stability, geopolitical tensions, and equitable development.  - The event will focus on strategies leaders need to tackle new challenges in an infinitely connected world.


From carbon markets to revolutionary AI: Replaying FII's major feats

From carbon markets to revolutionary AI: Replaying FII's major feats
Updated 28 October 2024
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From carbon markets to revolutionary AI: Replaying FII's major feats

From carbon markets to revolutionary AI: Replaying FII's major feats

RIYADH: Whether through securing $17.9 billion in deals, or hosting the largest-ever voluntary carbon market auction, recent Future Investment Initiative forums have shifted the dial when it comes to sustainability.

With Riyadh gearing up to hold the eight edition of the event, the success of previous gatherings means that all eyes will be on the more than 7,100 expected attendees to deliver yet another headline-making forum.

Set to be held from Oct. 29-31, FII8 is already set to announce $28 billion in deals, according to FII Institute CEO Richard Attias. 

That figure will be added to the over $128 billion in agreements sealed across past editions.

FII7, which took place between Oct. 24-26 2023, saw deals worth $17.9 billion signed, covering sectors such as aerospace, energy, and manufacturing, reflecting the forum’s role as a catalyst for economic growth.

Saudi Arabia’s energy ambitions were a focal point at FII7, showcasing the Kingdom’s commitment to balancing traditional hydrocarbon investments with renewable power.

Among the major agreements signed was ACWA Power’s financing deal for a wind energy project in Azerbaijan.

The FII Institute also launched its Inclusive ESG Tool, designed to drive sustainability efforts in emerging markets, providing companies and investors with clearer metrics on environmental, social, and governance performance.

Developed in collaboration with London firm ESG Book, the initiative is designed to close the $5.4 trillion investment gap in sustainable projects in developing regions.

AI dominated the discussions at FII7, with leaders exploring its transformative potential across various sectors, including finance, healthcare, and industry.

As Goldman Sachs predicted that AI investments could reach $200 billion by 2025, speakers at the forum highlighted how the technology is reshaping industries and driving productivity. 

Sessions emphasized the need for robust regulatory frameworks to ensure AI benefits society while managing its risks.

Experts also pointed to the complementary relationship between AI and emerging technologies such as blockchain, which are set to revolutionize financial services.

The forum took place against the backdrop of the then upcoming COP28, with a focus on sustainability and climate justice.

A special session brought together stakeholders from the Global South to shape carbon market frameworks, positioning these countries to lead biodiversity conservation and climate action efforts. 

FII7 succeeded in its mission to unite global leaders in tackling the most pressing issues of our time.

FII6

At FII6, held in Riyadh in October 2022, the Kingdom’s Public Investment Fund and the parent company of the country’s stock exchange, the Tadawul Group, led a carbon market auction, with participation from 15 leading Saudi and regional entities. 

Prominent companies such as Aramco, Olayan Financing Co., and Saudi Arabian Mining Co. were among the key buyers of carbon credits, marking a significant step in regional efforts to offset carbon emissions and invest in environmentally conscious initiatives. 

This edition of the forum also saw PIF announce plans to establish five companies aimed at driving investment in neighboring countries. 

These companies would focus on key sectors in Bahrain, Iraq, Jordan, Oman, and Sudan. 

The total planned investment amounted to $24 billion, reflecting Saudi Arabia’s broader economic strategy of fostering regional development and enhancing cross-border economic ties in alignment with its Vision 2030 goals. 

The companies have been rolled out since FII6, including the establishment of Saudi-Bahraini Investment Co. in November 2022 with an investment of $5 billion, and the Saudi-Iraqi Investment Co. in May 2023 with a capital of $3 billion.

The 2022 event, themed “Investing in Humanity: Enabling a New Global Order,” also served as a platform for the announcement of significant investments by the FII Institute. 

The institute revealed a $600,000 investment in Dogtooth Technologies, a UK-based startup that develops fruit-picking robots designed to reduce crop wastage and cut CO2 emissions. 

A similar $600,000 investment was made in Seafood Souq, a technology company offering a digital solution for seafood traceability, further underscoring the FII Institute’s commitment to supporting innovation in industries vital to global food security and sustainability. 

Another key highlight of the event was the launch of the Algoritmi Prize, an annual award established by the FII Institute in collaboration with global research publisher Springer Nature. 

The prize was aimed at promoting cutting-edge research in artificial intelligence and robotics, with a focus on finding technological solutions to some of the world’s most pressing challenges. 

Held at the King Abdulaziz International Conference Center in Riyadh, the event attracted a high-profile roster of global leaders from the realms of business, politics, and civil society. 

Notable attendees included the President of Senegal, Macky Sall; the Prime Minister of Pakistan, Shehbaz Sharif; the Greek Minister of Development and Investments, Adonis Georgiadis; and the Finnish Minister for Development Cooperation and Foreign Trade, Ville Skinnari.