The Public Investment Fund, Saudi Arabia's sovereign wealth fund, has formed an advisory board that includes 11 executives from across the globe's technology, finance and business sphere that will provide strategic guidance on developing the kingdom's Future Investment Initiative as platform that attracts investment.
Advisory board members include Masayoshi Son, the CEO of Japan's SoftBank Group, Joe Kaeser, the president and chief executive of German industrial giant Siemens and Stephen Schwarzman, the CEO of private equity Blackstone, which manages about $450 billion of assets, according to a statement from PIF.
The kingdom held the first round of the FII last year and is slated to convene its second gathering October 23 to 25, as part of the country's Vision 2030 that seeks to diversify the economy, cultivate industries and reduce Saudi Arabia's reliance on oil revenues. FII builds on the success of last year’s inaugural event, which brought together over 3,800 participants from more than 90 countries. The event was a gathering of global movers and shakers from across the business and financial world, government officials, influencers and policymakers, hosted by the crown prince, Mohammed bin Salman in Riyadh’s Ritz Carlton hotel.
This year's FII's gathering will explore the world’s most important economic trends; new healthcare frontiers, immersive technologies and the urban future. It will also review emerging business and investment trends, and early-stage growth opportunities.
Saudi Arabia, the region’s biggest economy and Opec’s top oil exporter, is pressing ahead with its economic reform agenda with an emphasis on developing the country's non-oil sector. Riyadh is encouraging foreign investors to help the kingdom build local industries and invest in projects such as the $500 billion Neom, a futurist mega-city scheme launched by the Crown Prince during FII 2017.
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Read more:
On the cusp of a new era, Saudi Arabia courts the world
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Among the reforms the kingdom has already implemented as part of its Vision 2030 economic transformation strategy are the introduction of a 5 per cent VAT rate in January, far-reaching reforms to its capital markets and the enactment of new bankruptcy legislation this month to support corporate financial restructuring.
Other board members include Mohamed Ali Alabbar, the founder and chairman of Emaar Properties, Dubai's biggest listed developer, Ajay Banga, the president and chief executive of Mastercard, Victor Chu, who heads First Eastern Investment Group, Mellody Hobson, the president of Ariel Investments, Arianna Huffington, founder and CEO, Thrive Global, billionaire technology investor Peter Thiel, who is co-founder and partner of the Founders Fund, as well Tidjane Thiam the chief executive of Credit Suisse Switzerland's second-largest bank and Saudi Arabia's most prominent businesswoman Lubna Olayan, who heads the Olayan Financing Company.
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Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
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Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
THE SPECS
Jaguar F-Pace SVR
Engine: 5-litre supercharged V8
Transmission: 8-speed automatic
Power: 542bhp
Torque: 680Nm
Price: Dh465,071
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Top tips
Create and maintain a strong bond between yourself and your child, through sensitivity, responsiveness, touch, talk and play. “The bond you have with your kids is the blueprint for the relationships they will have later on in life,” says Dr Sarah Rasmi, a psychologist.
Set a good example. Practise what you preach, so if you want to raise kind children, they need to see you being kind and hear you explaining to them what kindness is. So, “narrate your behaviour”.
Praise the positive rather than focusing on the negative. Catch them when they’re being good and acknowledge it.
Show empathy towards your child’s needs as well as your own. Take care of yourself so that you can be calm, loving and respectful, rather than angry and frustrated.
Be open to communication, goal-setting and problem-solving, says Dr Thoraiya Kanafani. “It is important to recognise that there is a fine line between positive parenting and becoming parents who overanalyse their children and provide more emotional context than what is in the child’s emotional development to understand.”
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
MATCH INFO
Euro 2020 qualifier
Norway v Spain, Saturday, 10.45pm, UAE