抖阴短视频

RIYADH: The Future Investment Initiative conference is playing a critical role in highlighting 抖阴短视频鈥檚 progress toward Vision 2030, according to a partner at the US-based consulting firm Bain & Co.

Speaking to Arab News on the sidelines of the event in Riyadh, Gregory Garnier talked up the role of the Public Investment Fund in diversifying the Kingdom鈥檚 economy beyond oil, facilitating strategic investments, and fostering partnerships for green energy initiatives.

Held under the theme 鈥淚nfinite Horizons: Investing Today, Shaping Tomorrow鈥� from Oct. 29 to 31, FII8 is set to welcome more than 7,000 attendees as it hosts discussions on how investment can serve as a catalyst for a prosperous and sustainable future.

鈥淔II is always a big moment for Bain and for the Kingdom. It鈥檚 really the time where we measure the progress of the Kingdom toward the Vision,鈥� Garnier said, adding that 鈥渢here is no better place to see how the Kingdom is progressing toward the Vision.鈥�

He discussed PIF鈥檚 efforts in realizing the intiative鈥檚 objectives, underscoring its commitment to diversifying the economy beyond oil. 鈥淚t really starts from the Vision and starts with a vision, which, of course, we want to develop outside of oil,鈥� he explained. 

Garnier elaborated on the necessity for sovereign intervention to catalyze sector growth, but added: 鈥淚t doesn鈥檛 mean that every sector needs to be built by and invested by the sovereign wealth fund.鈥� 

Investment strategies are diverse, ranging from joint ventures to foreign investments aimed at localizing supply chains. Garnier pointed to the recent announcement of Alat investing in Lenovo as an example, emphasizing that 鈥渋t鈥檚 a broad investment to bring it back, supply chain manufacturing, and commercial activity in the Kingdom.鈥�

The Bain & Co. partner also stressed the importance of ensuring that investments yield maximum returns, both financially and in terms of positive impacts on the economy. 

鈥淚t鈥檚 not just about buying. It鈥檚 also making sure that every dollar you invest has the maximum return, the financial but also an upward impact on job GDP because money is not infinite. So you need to make choices with it,鈥� he added.

Discussing sustainability, Garnier remarked on 抖阴短视频鈥檚 commitment to net-zero emissions by 2060, with PIF targeting 2050. 

He explained the gradual nature of this transition, stating: 鈥淭he sovereign wealth fund does have a big role, but it鈥檚 not the only one.鈥� 

Garnier underlined that reducing consumption is important before making energy use greener, saying: 鈥淔irst, we need to reduce and optimize the consumption of the Kingdom before making it greener, consume less. And there鈥檚 been a lot of investment in that space.鈥�

PIF is actively exploring ways to lower carbon emissions across its portfolio, which Garnier described as a necessary investment. 

He emphasized 抖阴短视频鈥檚 plans to invest in green energy, mentioning that 鈥渢here鈥檚 a huge program by the Kingdom, by the utilities.鈥�

The Bain & Co. partner added: 鈥淏ut we are talking about hundreds of billion dollars to be invested to transition toward a fully green mix, namely hydrogen, solar, wind.鈥�

Highlighting a recent joint venture with TCL, a Chinese manufacturer, Garnier pointed out the focus on local production of green technologies. 鈥淚t鈥檚 not only putting solar panels but also making sure they are also manufactured in the Kingdom,鈥� he said.

He also observed a surge in the activity of Middle Eastern sovereign wealth funds globally, saying: 鈥淚t鈥檚 fair to say the Middle East sovereign wealth funds, and all GCC (Gulf Cooperation Council) countries are very active globally and have become a powerhouse for the financial investor market globally.鈥� 

Garnier identified a key trend toward strategic investments and financial diversification, highlighting that 鈥渟ome are strategic, which is investing in a specific company globally because I want this company to play a role in my own country, like in KSA or elsewhere.鈥�

The interview also touched on the burgeoning mergers and acquisitions market, which Garnier described as 鈥済rowing fast across all asset classes and all types of transactions.鈥� 

He highlighted an increased desire for family-owned businesses to exit through various routes, including sales to wealth funds and initial public offerings, adding: 鈥淭hey see the value that injecting new investors allows the companies to grow but also the company to professionalize.鈥�

As the conversation shifted to artificial intelligence, Garnier acknowledged the Middle East鈥檚 unique opportunity to lead in this space. 

He explained: 鈥淭he region has capital, and it鈥檚 also very energy intensive,鈥� highlighting the potential for the Kingdom to play a pivotal role in the AI ecosystem, from producing semiconductors to running large-scale data centers. 

鈥淚t鈥檚 a fantastic opportunity for the region,鈥� he concluded, emphasizing the Kingdom鈥檚 capacity to harness its resources effectively to shape the future of AI.