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  • Sheryll Mericido

FII session emphasizes global cooperation and AI for the common good

Riyadh, October 24, 2023, In an engaging session titled "Making Change and New Standards" at the Future Investment Initiative (FII), the focus was placed on the significance of international cooperation and the utilization of technology, particularly artificial intelligence (AI), for the greater good of humanity.

Yasir Al-Rumayyan, the Governor of the Public Investment Fund and Chairman of the FII Institute, actively participated in this discussion. He emphasized that the Kingdom of Saudi Arabia is on track to have renewable energy account for 50% of its energy sources by 2030. This transition is based on well-defined plans, driven by unwavering political will. Al-Rumayyan also underscored the critical role of investments in renewable energy for the sake of a sustainable future.

Furthermore, Al-Rumayyan highlighted the importance of collaborative efforts by countries worldwide to advance the field of AI. He emphasized the need to forge partnerships that yield AI applications dedicated to serving humanity, particularly as the future is expected to see a shift toward artificial superintelligence. Achieving a balance in AI's utilization becomes paramount in this context.

During the session, prominent leaders of major global companies discussed the importance of financial services that support investments, ultimately contributing to expanding opportunities and evaluating the pace and competitiveness of the world's economies. These discussions also delved into the global economic concerns and crises, along with strategies for building resilience against unexpected shocks.

The participants emphasized the need for competitive incentives in the face of intense global business competition. They stressed the importance of fostering a healthy competitive environment to fuel global economic growth. Additionally, the role of international partnerships was highlighted, particularly in sectors like mining and healthcare, where modern technologies, including AI, have played a significant role in providing solutions, such as advancements in pharmaceutical industries and addressing climate challenges. Furthermore, the discussion emphasized the increasing role of women in the global economy.

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