Riyadh, October 28 (QNA) - The ninth edition of the Future Investment Initiative (FII9) conference sessions officially began Tuesday in Riyadh, Saudi Arabia, under the theme "The Key to Prosperity."

In his opening remarks, Governor of the Public Investment Fund, Chairman of Saudi Aramco Board, and Chairman of the Board of Trustees of the FII Institute Yasir Al-Rumayyan hailed the conference as the world's preeminent gathering for those with the vision to translate ideas and investments into tangible global impact.

"Deals worth more than $250 billion have been concluded through this platform since the conference's inception less than a decade ago," he stated.

"Together, we have come a long way, but this year we must take our impact to even greater heights."

He stressed the gravity of the moment, noting that the collective power of capital represented by the decision-makers present "imposes a great responsibility on us, and at the same time, gives us a greater opportunity to shape the future of the global economy. We must assume this responsibility and seize this opportunity without delay."

He pointed out that investors and companies now face a new economic reality and swift technological transformations.

The old models that propelled us to this stage, he argued, can no longer keep pace. "Governments cannot correct the course alone, and the private sector cannot bear the burden alone," he said.

"The solution lies in the combined efforts of governments and the private sector as true partners. 

We need a new model and global cooperation that keeps pace with a new era of shared prosperity."

Al-Rumayyan emphasized that FII is the ideal platform to unite world leaders, investors, and decision-makers from diverse sectors.

He cited that the global GDP has surpassed $111 trillion and is expected to grow by $2.8% this year. 

However, he highlighted a critical disconnect revealed in this year’s FII annual priorities report. While 66% of people feel positive about their lives, only 37% are optimistic about the world's future, and 69% worry about job loss due to foreign competition, he said.

"This gap between individual hope and collective doubt represents a warning," he cautioned.

He proposed that technology could help bridge this divide, provided it is accessible to all.

Yet, he noted, three out of four people fear that artificial intelligence will widen the educational gap between societies with educational opportunities and those without. "We cannot allow this to happen. 

We must confront the inequalities that have hindered progress," he asserted, noting that in 2025, nearly 10% of the world's population—approximately 808 million people—will live in extreme poverty.

"With every challenge comes an opportunity to find solutions that serve all of humanity," he concluded. (QNA)