Riyadh, October 18, 2023 – Leaders from Oliver Wyman, a global management consulting firm and a business of Marsh McLennan (NYSE: MMC), have shared insights into the key themes and pillars of the 7th Edition of the Future Investment Initiative (FII) event taking place later this month in Riyadh, Saudi Arabia.
FII 2023 will run from 24-26 October in Riyadh under the theme The New Compass, with the objective of turning ideas into real-world solutions in four, critical discussion areas: artificial intelligence (AI) and robotics, education, healthcare, and sustainability.
Mathieu Vasseux, Partner and Head of Saudi Arabia for Oliver Wyman, said: “The New Compass is an apt theme for FII this year, as Saudi Arabia, via Vision 2030, is charting its own unique path and influencing international tides more than ever. Despite worldwide shocks such as the pandemic, decoupling, and geopolitical tensions, the Kingdom’s transformation has been truly unparalleled. The results speak for themselves: private sector participation of nationals is at an all-time high, Saudi Arabia’s GDP has exceeded $1 trillion for the first time, and it was the fastest-growing G20 economy in 2022.”
Jad Haddad, head of Oliver Wyman’s digital practice for India, the Middle East, and Africa, said: “The 7th Edition of FII in Riyadh this month serves as a timely reminder of Saudi Arabia’s enormous potential in the AI space, particularly when it comes to delivering the Vision 2030 goals. During the transition that generative AI will catalyze, the Kingdom could, in some areas, leapfrog economies that have spent trillions of dollars building IP-intensive ecosystems. Plainly put, this technology means that bold visions can be built by fewer people. In fact, Oliver Wyman analysis suggests that harnessing the opportunities around AI could strengthen productivity to the extent that it adds as much as 20 percent to Saudi Arabia’s gross economic output by 2030 – that’s a SR1.2 trillion boost.”
Johnny Ayoub, head of Oliver Wyman’s Energy and Natural Resources, and Climate and Sustainability practices for India, Middle East, and Africa, said: “Protecting nature is vital to Middle East economic growth. If the region’s economies are to remain robust, governments and industries must be proactive about protecting the area’s still rich natural capital. The 7th Edition of FII in Riyadh provides the ideal platform for government, government-owned entities, and sovereign wealth funds to set an example, create awareness, and drive momentum for the private sector’s involvement. The key to engagement around regional environmental sustainability is to create the enabling frameworks for investments that encourage — and, in fact, reward — corporate efforts. Companies should be incentivized to act through grants and tax incentives from government, as well as support from major lenders, who can help finance nature-positive projects.”
About Oliver Wyman
Oliver Wyman is a global leader in management consulting. With offices in more than 70 cities across 30 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. The firm has more than 6,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a business of Marsh McLennan [NYSE: MMC].
For more information, visit www.oliverwyman.com. Follow Oliver Wyman on Twitter @OliverWyman.