Saudi Arabia’s FII: World leaders to discuss building a strong economy post-pandemic
January 25, 2021, 11:06 am

Saudi Arabia’s FII: World leaders to discuss building a strong economy post-pandemic

A file photo of the Future Investment Initiative (file photo: AFP)

World leaders, former presidents, CEOs and heads of economy will be among those converging for Saudi Arabia’s fourth annual Future Investment Initiative (FII) conference next week. Discussions about the future of global economies in a post-pandemic world are on the agenda.

The event will feature over 140 speakers and will officially be opened on Wednesday by Yassir al-Rumayyan, the governor of Saudi Arabia’s Public Investment Fund (PIF), and chairman of energy-giant Saudi Aramco, with the theme: “The Neo-Renaissance.”

The first day of the conference will see Al-Rumayyan discuss how, given the resurgence of COVID-19, the World Bank recently lowered its projections and now expects the global economy to grow by just 4 percent in 2021. It contracted 4.3 percent in 2020, the deepest recession since World War II.

Al-Rumayyan will talk about the economic aftershocks the pandemic will reverberate for the years ahead, and how institutions can anticipate economic scars much deeper than previous financial crises. As CEOs and policymakers continue to engineer new strategies for the post-crisis economic recovery, the global investment community can leverage the economic downturn to build a stronger, more sustainable future for everyone.

Attended by Saudi Arabia’s Crown Prince Mohammed bin Salman, day one will also see a panel discussion about a new era of interdependence and how it can reinvigorate international investment.

Speakers including, Khalid bin Abdulaziz Al-Falih, Saudi Arabia’ Minister of Investment, Dr Rania Al-Mashat, Egypt’s Minister of International Cooperation, and the UAE’s Sultan Ahmed bin Sulayem, Group Chairman and CEO, of DP World, will discuss how the global investment community can use the global economic downturn, caused by the coronavirus, to build a more sustainable future.

Local, regional and international experts will also gather to discuss key sessions, including: ’Health of nations: A CEO’s guide to investing in the next decade of global health’; ’The new CEO playbook: How are leaders reinventing work for the post-COVID world’, and ’Leaps and bounds: How immersive technologies amplify human potential.”

Also in attendance will be Prince Abdulaziz bin Salman, the Kingdom’s Minister of Energy, who will be joined by Mukesh Ambani, chairman of Reliance Industries, Patrick Pouyanne, chairman and CEO of Total, and Dr. Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology and Special Envoy and group CEO of the Abu Dhabi National Oil Company (ADNOC). They form a panel discussing the future of investment in the energy sector.

Yassir al-Rumayyan, Governor of Saudi Arabia’s Public Investment Fund and FII Institute Chairman, speaking at the opening of the 3rd Edition of FII on October 29, 2019. (Supplied)

Other high-profile names that have already been confirmed include, Lord Gerry Grimstone, the UK’s Minister of State for Trade, and Khaldoon Al Mubarak, CEO and managing director of Mubadala.

Also on topic for day one, will be the future of the sports industry in a post-pandemic world in a discussion led by Saud Arabia’s Prince Abdulaziz bin Turki al Faisal al-Saud, and featuring international Olympic medalists, and sporting chiefs from France, the UK, Kenya and Jamaica.

Also on the agenda will be sustainable investment, global digital policy and technological transformation post-COVID-19, new pathways of global growth and regional resilience against COVID-19 - and the importance of forward-looking investments that prioritize economic diversification and resiliency in securing a new era of growth and stability for GCC nations. The day will conclude with a topical discussion addressing the power of partnerships in a post-COVID-19 world.

The second, and final day of the summit will see world leaders, including former Australian Prime Minister Kevin Rudd, Argentina’s president Alberto Fernandez and the French Minister of Economy, Bruno La Maire, discussing how world leaders can realize the mandates set by the G20.

Day two will also see discussions about investment opportunities presented by the new generation of ’tech for good’ ventures Artificial Intelligence (AI) will lead the resurgence of the global economy, and the importance of innovation in global sustainable development, and the investments needed in infrastructure to enable the next wave of growth are being discussed.

World environmental leaders will also come forward to discuss Climate Change and the action needed under the Paris Agreement.

While international CEOs will discuss how business leaders are building more adaptive companies, and financial experts will debate the future of digital currency.

Debating the future changes in education, entertainment, healthcare and travel and tourism, led by digital transformation, will happen, while experts will also gather to discuss how inspired leadership is the catalyst for forward-thinking institutions, alliances, and frameworks to improve international cooperation and drive progress and prosperity over the next decade and beyond.

Richard Attlas, CEO of the FII Institute, will close the two-day conference with a discussion looking at the road ahead for global nations.

In the lead up to the conference, al-Rumayyan said in a statement: “There has never been a more important time for leaders, investors and policy makers to come together to work towards re-energizing the global economy.”

Saudi Arabia previously postponed the fourth FII conference to January 2021 from October 2020 due to global travel issues related to the coronavirus pandemic.

“The 4th edition of FII will see the most innovative technologies to facilitate global conversations and to be inclusive at the benefit of all of humanity,” said Richard Attias, the CEO of the FII Institute said.

“The FII Institute will act as a catalyst and a pioneer to allow interaction and exchange of disruptive ideas. There has never been a more important time to bring the greatest minds together to harness this opportunity to reimagine our world.”

This year the conference will differ from previous editions, as the main program is live streamed from Riyadh, the Kingdom’s capital, without participants in attendance due to coronavirus social distancing measures.

source: Jennifer Bell

Image source: AFP

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.