KUWAIT: Kuwait Financial Centre “Markaz” has announced its participation as a speaker at the plenary session of the first day of “Future Investment Initiative”, on October 29 at 2.15 pm at Ritz Cartlon, Riyadh, KSA. The initiative is held under the Patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al-Saud, and the leadership of HRH Prince Mohammed bin Salman bin Abdulaziz, the Crown Prince, Deputy Prime Minister, Chairman of the Council of Economic and Development Affairs and Chairman of the Public Investment Fund (PIF).
The initiative is organized on October 29-31 2019 by PIF, the investment arm of KSA and one of the largest sovereign funds globally. Organized around the overall theme of ‘What is next for global business?’ the event will focus on three key pillars:
1) Sustainable future: Exploring new innovations and investment models that can support profit, people and planet
2) Technology for good: Business and policy frameworks that can guide the future growth of the tech industry
3) Advanced society: Cultural and organizational systems that can inspire humanity in the age of machines.
Mr Manaf A Alhajeri, CEO of Markaz, will shed light, through his participation as a speaker in the plenary session titled Trading Places: What new financial centers are rising up around the world?, on a number of key topics such as Why now? London, New York, and Hong Kong might be the world’s great financial capitals, but as economic and geopolitical shifts create a new global order, a new establishment is emerging.
Urgent questions? In post-Brexit Europe, how will Dublin, Frankfurt, and Luxembourg differentiate themselves to capture business leaving London? In Asia, cities such as Singapore, Kuala Lumpur and Busan are rising as are Tianjin, New Delhi, and Baku – what factors are fueling this rise? In the Gulf region, Riyadh is attracting significant financial firms, as are Dubai and AbuDhabi. Will this success establish MENA as a major global financial player?
Key takeaways? What these ambitious upstart cities are doing to attract global financial capital and become the bustling financial hubs of the future. In addition to Alhajeri, FII will bring together decision makers, leading investors and global experts to explore future economic trends and opportunities, shed light on the future of industries, and discuss how investment can continue to drive overall global prosperity and development.
In this context, Alhajeri said, “This initiative is part of the notable movements undertaken by CGG countries to attract international investments to the region. Changes achieved and reforms enacted in the past five years in the GCC region are important.GCC governments are veering towards ‘minimum government and maximum governance’ and establishing institutions of excellence (free zones and innovation hubs) with good infrastructure, in addition to leveraging on high mobile and internet penetration, ICT adoption for government services to improve ease of doing business.
Development of private sector is at the heart of ongoing reform efforts. GCC governments have provided enabling business environment for private sector growth to encourage job creation. Up gradation of Kuwait and Saudi Arabian capital markets to various ‘Emerging Market’ indices allowed more attraction to the GCC economic and raised their competitiveness. Furthermore, financial inclusion, financial development and financing options are integral for achieving robust, inclusive and sustainable economic growth. Financial hubs also provide the eco-system for investment and savings that drives entrepreneurial endeavors and economic growth.”
Alhajeri added, “Yet, certain challenges remain, such as attracting firm and capital into GCC, improving ease of doing business and competitiveness of economy, a greater need for National Investment Policy (NIP), enhanced focus on innovation and knowledge and changing the geopolitical perceptions.” The Future Investment Initiative (FII) is an international platform for expert-led debate between global leaders, investors and innovators with the power to shape the future of global investment. It is focused on utilizing investment to drive growth opportunities, enable innovation and disruptive technologies, and address global challenges.
?The third edition of FII will continue building active, global networks of influential decision makers to explore the emerging industries that will shape the global economy and investment landscape over the coming decades.