‘Investing in humanity’: Riyadh Future Investment Initiative unpacks challenges of tomorrow

The theme of this year’s forum, “Investing in humanity: Enabling a new global order”. (Supplied)
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Updated 26 October 2022
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‘Investing in humanity’: Riyadh Future Investment Initiative unpacks challenges of tomorrow

  • Theme of this year’s forum is “Investing in humanity: Enabling a new global order”
  • Solutions in education, AI and robotics, health and sustainability discussed on first day

RIYADH: For the sixth year in a row, Riyadh is hosting the Future Investment Initiative, a forum that brings together participants from more than 50 nations to discuss, listen and connect, through a diverse series of sessions on business, tech and shared challenges facing humanity.

About 6,000 of the world’s business leaders, policymakers, investors, entrepreneurs and tech experts have gathered in the Saudi capital to explore a fundamental question: What will the new global order look like?

The theme of this year’s forum, “Investing in humanity: Enabling a new global order,” invited participants to delve into topics as diverse as education, artificial intelligence and robotics, health, and sustainability.

During Tuesday’s sessions, delegates explored issues such as supply-chain disruption, the growing demand for travel since the lifting of pandemic restrictions, e-commerce, cybercrime, and the widespread problem of rising inflation.

Much of the discussions revolved around ways in which investors, businesses and governments can work together to recover and restructure vital sectors of the global economy in the aftermath of the COVID-19 pandemic.

“We are in a mess; in fact, we’re in a great mess and, depending on who you’re listening to, a mess that’s going to get even greater,” CNN’s Richard Quest, who hosted several of the day’s sessions, told delegates.

The event, hosted by the King Abdulaziz International Conference Center, gives Saudi and international businesses with a presence in the Kingdom a chance to showcase what they believe the future will look like, from extravagant travel experiences provided by the newly renamed Red Sea Global to major projects developed by the Public Investment Fund.

Panels on the main stage dominated the conversation on Tuesday, while an open stage area and the palm grove pavilions hosted sessions on a wide range of topics, including equality, data, aerospace, and NEOM — the new smart-city development taking shape along the Kingdom’s Red Sea coast.

Just as the global economy was starting to emerge from the shock of the pandemic, the war in Ukraine and resulting Western sanctions on Russia set back the recovery, causing disruption to supply chains and food security, and rising fuel prices. The results include rising inflation worldwide that is running at a 40-year high, growing levels of poverty, and the threat of a looming global recession.

In a panel titled “The new global order: View from the stateroom,” Khalid Al-Falih, the Saudi minister of investment, said the accelerated frequency of disruptions to political and security transitions, the energy transition, and trade and supply-chain transition is worrying.

“Putting it in the context of globalization and deglobalization that is happening, and continues to happen, each of these (trends) is subjecting countries, companies and individuals to an insurance premium,” said Al-Falih.

“These three underpinned the fourth transition, which is the economic transition; higher inflation, higher interest rates, the higher premiums that we’re paying for all this is setting the stage for prolonged slower growth and slower income.”

In keeping with the topic of transitions, participants in a panel titled “Leading the meta-industrial revolution,” pointed out that the world is moving away from manufacturing and services, and instead embracing data, knowledge and information. This transformation from the physical to the virtual was accelerated by the pandemic, they said.

“Today, there is a centralized world that we’re all already operating in that brings physical and augmented virtual reality together,” said Hani Kablawi, chairman of investments company BNY Mellon International.

“We’ve been having ‘virtual’ meetings for a very long time with augmented reality. We’ve been taking tours at innovation centers or cyber centers in virtual reality settings and we’ve been training and developing our staff for a while in that same way.

“But all those things so far have been on what we call ‘centralized platforms’ and the revolution, if you want to call it that, or going to 3.0, might take us into an environment that is a little bit different because it might bring decentralization to the underlying platform and might bring different worlds and platforms together.”

This transition has left institutions vulnerable, however. The number of cyberattacks on leading industries worldwide has grown since the start of the pandemic, mainly in the area of data exfiltration and leakage (55 percent), phishing emails (51 percent), and account takeover (44 percent).

In a panel titled “Safeguarding against future cybercrime,” experts pointed out that no sector is safe from cyberattacks and the threat is often constant, putting massive pressure on systems.

Experts agreed that much more needs to be done to prepare governments and firms to withstand the constant threat of data breaches and malware in an increasingly interconnected world. Panelists were also in agreement that further technological advances are needed to close digital loopholes that could put companies and government entities at risk, and investment in cybersecurity is needed to combat cybercriminals.

Education and new ways of working also featured prominently on the agenda. For many of the speakers participating in a panel called “Clash of priorities,” education was widely viewed as a key element in their move to start their own companies or become partners in global firms.

In many workplaces, different generations can have vastly different work styles. However, through enhanced communication, management of workplace expectations, tailor-made multi-generational office initiatives, proper guidelines, and diversification of expectations, panelists said the challenges can be overcome.

“Six years ago, people over 50 years old and people under 30 years old, 60 percent were watching the same thing. Two years ago, it was 7 percent,” Guillaume Lacroix, the CEO of Brut, a media company that specializes in short-form video content, told the panel.

“For the generation gap in information, you need education to try to make the two come together. Education on some basic tools to understand the world for Gen Z, and education on leaders and how to talk to them, as there is absolutely no communication.”


Masam Project clears more than 4,600 explosive devices from Yemen conflict in Abyan

Updated 26 June 2025
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Masam Project clears more than 4,600 explosive devices from Yemen conflict in Abyan

  • Operation took place on Thursday in Wadi Dufs area of Zinjibar, east of Yemen’s de facto capital Aden
  • Clearance took place in high temperatures, rugged terrain of Abyan Governorate

RIYADH: Saudi Arabia’s Project for Landmine Clearance, known as Masam and launched by Saudi aid agency KSrelief, has successfully destroyed more than 4,600 explosive devices left behind from the war in Yemen.

The operation took place on Thursday in the Wadi Dufs area of Zinjibar, in Abyan Governorate, east of Yemen’s de facto capital Aden.

The project reported the destruction of 4,620 pieces of ammunition and remnants of war, including 155 projectiles, 235 combat fuses, 85 pieces of armor-piercing ammunition, 4,096 bullets, 13 anti-personnel mines, five anti-tank mines, and 31 grenades.

The Masam Project added that its efforts aimed to enhance community security and protect the lives of civilians in Yemen.

Engineer Munther Qassem, commander of the first special task force at Masam, said that the operation had been conducted in a safe area, away from residential communities and agricultural regions, ensuring full compliance with international standards.

He added: “The work of the special task teams does not stop throughout the year, given the importance of our missions in protecting the lives of innocent citizens.”

Qassem added that the team had successfully carried out the operation despite the high temperatures and rugged terrain of Abyan.

The Masam Project stands as a vital contribution to enabling a safe and dignified life for Yemenis.

KSrelief has implemented 3,438 diverse humanitarian projects across 107 countries, valued at over $7 billion, since its launch in May 2015.


Venezuelan president sends message to King Salman, affirming ties

Updated 26 June 2025
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Venezuelan president sends message to King Salman, affirming ties

  • The Venezuelan ambassador to Riyadh, David Velasquez Caraballo, handed the letter to the Saudi Ministry of Foreign Affairs

RIYADH: President of Venezuela Nicolas Maduro has written to King Salman regarding the relationship between Riyadh and Caracas and ways in which it could be strengthened.

The written communication was handed to Dr. Abdulrahman bin Ibrahim Al-Rassi, undersecretary for multilateral international affairs at the Saudi Ministry of Foreign Affairs, by David Velasquez Caraballo, the Venezuelan ambassador to Riyadh, on Thursday. Al-Rassi is also supervisor general of the Public Diplomacy Agency at the Foreign Ministry.

During their meeting, he and Caraballo discussed ways of enhancing bilateral relations between Saudi Arabia and Venezuela, as well as other topics of mutual interest.


KAUST develops new cooling technology to improve efficiency and lifespan of solar panels

Updated 26 June 2025
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KAUST develops new cooling technology to improve efficiency and lifespan of solar panels

  • New technology has the potential to cut down the maintenance cost of solar cells
  • Experiments were conducted in cold and rainy regions of the US to test effectiveness in different climate conditions

RIYADH: The King Abdullah University of Science and Technology has made a notable research breakthrough, developing a new composite material that improves the efficiency and lifespans of the cells used in solar panels through cooling.

The new technology has the potential to cut down the maintenance cost of solar cells, according to the Saudi Press Agency. Results of the study, carried out in partnership with the King Abdulaziz City for Science and Technology, were published in the journal Materials Science and Engineering.

The study targeted the issues of commercial solar panels, which only convert around 20 percent of sunlight into electricity, while the remainder is absorbed as heat or reflected away. Other problems include high temperatures, which reduce the efficiency and performance of the cells, shortening their lifespan and demanding more frequent replacement.

This means that cooling is essential, yet traditional cooling systems such as fans and pumps consume electrical energy; passive cooling, on the other hand, requires no electricity.

Prof. Chiaochiang Gan, lead researcher at KAUST, explained that the nanomaterials used in the passive cooling process are thin substances that can be applied to multiple systems that demand cooling, such as solar cells and agricultural greenhouses, without affecting their performance.

He said that the study, conducted through the Center of Excellence for Renewable Energy and Storage Technologies, led to the creation of a material that absorbs moisture from the air at night and releases it during the day.

Covering solar cells with this material, when deployed in coastal areas of Saudi Arabia for weeks, helps keep them cool.

The passive cooling technology also helps reduce the cost of generating electricity from these cells by 18 percent.

Experiments were also conducted in cold and rainy regions of the US to test its effectiveness in different climate conditions; the results proved the technology effective in all environments.

Preliminary studies also show that other applications for the material include light-emitting devices, which typically suffer from reduced efficiency at higher temperatures.

Abdullah Al-Muqbil, researcher at the Institute of Microelectronics and Semiconductors, director of the Optics and Electronics Center of Excellence at KACST, and co-author of the study, noted that these findings also open up potential for application in lighting and laser technologies.

The research team at KAUST achieved a record-breaking performance in solar cell efficiency due to their specialized designs, showcasing the diverse expertise at the university, according to SPA.

The Center of Excellence for Renewable Energy and Storage Technologies is one of four research centers of excellence run by KAUST. It aims to support the Kingdom’s national goals in fields such as artificial intelligence, food security, renewable energy and storage technologies and smart health.


Replacement of Holy Kaaba’s kiswa completed

The kiswa-changing ceremony at the Grand Mosque in Makkah takes place on Thursday morning. (SPA)
Updated 26 June 2025
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Replacement of Holy Kaaba’s kiswa completed

  • Kiswa exceeds 14 meters in height and is adorned with Quranic verses embroidered with gold-coated silver and pure silver threads, written in the Thuluth script

RIYADH: The Grand Mosque in Makkah faced the dawn of the first day of the first month in the Islamic calendar, Muharram, with the kiswa-changing ceremony by the General Authority for the Care of the Two Holy Mosques, represented by the King Abdulaziz Complex for the Holy Kaaba Kiswa.

This annual event embodies the Kingdom’s commitment to serve the Two Holy Mosques — not only in organizational and administrative aspects but also on a symbolic and sacred level, given the central place the Kaaba holds in the hearts of more than a billion and a half Muslims worldwide.

They installed the embroidered curtain with gold-plated threads, the hizam (belt), the samadiah (decorative elements), lantern-shaped pieces, and decorations surrounding the mizab (rainwater spout), the corners, and other adornments, creating a captivating scene infused with feelings of reverence and supplication.

The occasion also highlights the pioneering role of Saudi youth, who form the backbone of production, supervision, and execution within the complex. 

National competencies demonstrate leadership in guiding work teams, overseeing design details, and innovative technical solutions that ensure the highest standards of precision — merging exquisite craftsmanship with modern technological aspirations.

The kiswa exceeds 14 meters in height and is adorned with Quranic verses embroidered with gold-coated silver and pure silver threads, written in the Thuluth script, forming a masterpiece that demands precise engineering, care and artistic expertise to preserve its identity and quality over time.

This annual event is not merely a repeated occasion but an extension of a historical legacy established by the Founding King Abdulaziz — and reinforced by King Salman and Crown Prince Mohammed bin Salman. It is part of the national vision centered on serving the Two Holy Mosques and enhancing the quality of services provided to pilgrims and other visitors.

Every year, the ceremony to change the kiswa is a memorable scene in the collective memory of the Islamic nations and a living symbol of how the care for the holy sanctuaries has evolved from a responsibility into a leadership role.


Saudi Arabia marks world’s anti-drug day

Updated 26 June 2025
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Saudi Arabia marks world’s anti-drug day

  • More than 922 kg of banned substances seized in KSA over 12 months
  • A number of awareness events were held across the country on Thursday — the UN’s International Day against Drug Abuse and Illicit Trafficking

RIYADH: More than 922 kg of banned substances, including more than 20 million pills, have been seized in Saudi Arabia over the past year, the Kingdom’s customs authority announced on Thursday as officials marked the UN’s world anti-drug day.

One recent drug bust in cooperation with authorities from the Syrian Arab Republic thwarted an attempt to smuggle 200,000 amphetamine tablets from the Levant nation, a Ministry of Interior spokesperson said via the Saudi Press Agency.

The announcement was made as a number of awareness events were held across the country on Thursday — the UN’s International Day against Drug Abuse and Illicit Trafficking.

Events in the Riyadh and Asir regions will run until Saturday, educating members of the public about the dangers of drugs.

Smugglers have attempted to bring contraband into the country in various ways, by concealing the items in shipments of food, household utensils, vehicles, shoes and even inside their body cavities, the Zakat, Tax and Customs Authority said.

The organization places the fight against drugs as one of its top priorities and will continue to tighten security at the Kingdom’s borders, it added.

Jasem Mohamed Albudaiwi, the secretary-general of the Gulf Cooperation Council, said that the GCC countries see drug control measures as a top priority.

The GCC states have formed a united front to tackle the use and trade of illicit substances which endanger families and society, he added.

Albudaiwi also stressed the importance of reintegrating recovering drug addicts into society, and highlighted the role that schools, the media, religious leaders and civil society’s institutions play in stopping the use of drugs.

Meanwhile, the Naif College for National Security in Riyadh celebrated the graduation of 63 trainees of various courses on Thursday, including anti-drug programs.

The ceremony was attended by Maj. Gen. Muhammad bin Saeed Al-Qarni, the director general of narcotics control, who congratulated the graduates and stressed that the Kingdom’s anti-drug programs received the full support of the country’s leadership.

The Zakat, Tax and Customs Authority has called on members of the public to contribute to the fight against drug smuggling in order to protect society and the Kingdom’s economy.

Reports can be made to the domestic telephone number 1910, internationally via 009661910, or via email at 1910@zatca.gov.sa.

All reports are treated with confidentiality, the authority said, and accurate information will be rewarded financially.