On the last day of the Sixth Future Investment Initiative Conference, the Ministry of Investment signed two agreements in the technology sector.
Riyadh: October 27, 2022: On the last day of the Sixth Future Investment Initiative Conference, the Ministry of Investment signed two agreements in the technology sector. The Ministry of Investment and the Royal Commission for Al-Ula Governorate signed an agreement with IBM to build and develop an artificial intelligence system in Al-Ula. Another agreement was signed between the Ministry of Investment and the Brazilian technology firm Ocellottto collaborate on the development of an innovative battery system for future electric vehicle projects.
11 investment agreements have been signed with leading international companies in space, biotechnology, education, and other sectors, indicating the Kingdom's growing confidence as a global investment destination.
Eng. Khalid bin Abdulaziz Al-Falih, His Excellency the Minister of Investment, participated in a number of sessions of the Future Investment Initiative conference, during which he discussed a variety of global economic and investment issues in the presence and participation of government leaders, senior executives, and other experts from around the world.
The Global Supply Chains Reseliance Initiative was highlighted during the conference sessions as one of the main pillars of the National Investment Strategy, which aims to attract investments in supply chains in strategic sectors where the Kingdom has a competitive advantage, allowing the Kingdom to obtain an advanced rank among global markets and become one of the 15 largest economies in the world by 2030. The Global Supply Chains Initiative aims to help local and global investors build low-risk, low-cost, and carbon-neutral supply chains that capitalize on the Kingdom's natural resources, strong logistical infrastructure, and untapped potential. During its first two years, the initiative aims to attract more than $10 billion in industrial and service investments in global supply chains to the Kingdom.
Furthermore, during the Future Investment Initiative conference, the Ministry of Investment participated in a number of dialogue sessions with Ministry representatives over the course of three
days. During a panel discussion titled "Can medical and technological developments contribute to curing diseases around the world?" Dr. Sarah Al-Thari, General Supervisor of the Biotechnology and Pharmaceutical Sector, shared her views with the participants on the latest developments in biotechnology that fuel innovation in both preventive and precision medicine.
Mr. Asaad Al-Jumoei, Executive Director of the Global Supply Chains Reseliance Initiative, represented the Ministry of Investment in a panel discussion titled "Overcoming the Crises Facing Global Supply Chains," in an attempt to answering many questions about supply chains, including how supply chain crises disrupt global economic growth. and what are the best solutions?
Finally, Mr. Fahad Al-Hashem, Director General of the Real Estate Sector at the Ministry of Investment, discussed restricted supply chains and how companies and governments respond to them during his participation in the ROSHN session, which discussed topics related to economic sustainability, supply chains, and ambitious projects.
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