Technology & IT | Wednesday 4 October, 2017 6:31 am |

The Public Investment Fund (PIF) of the Kingdom of Saudi Arabia, the Kingdom’s main investment arm, announced that the theme of technological change will be at the heart of October’s Future Investment Initiative (FII).

 

Global CEOs, together with leading experts and public officials, will take part in a wide range of discussions during the FII, including a high-profile Summit on Artificial Intelligence (AI) and Robotics on Wednesday 25 October.

 

The discussions happen after SoftBank, alongside PIF, announced the creation of the SoftBank Vision Fund. The US$100 billion fund is the world’s largest technology fund, and has made robotics and AI a key investment focus. At the conference, Masayoshi Son of SoftBank will highlight the strategic importance of investing in technology.

 

David Chen, Executive Director of Hanson Robotics will be there with the company’s latest humanoid robot, Sophia; they will give the audience a taste of the future of AI. Sophia is a “sentient” robot – one who can interpret emotional, conversational and visual data – and she will showcase her ability to track and recognize faces, and hold natural conversations with humans.

 

The summit will cover vital issues such as identifying which industries will be transformed most by artificial intelligence and how societies can provide smooth transformations for workers disadvantaged by the next waves of technological disruption. Speakers will also highlight new opportunities and partnerships for global investors.

 

The summit has attracted influential and inspiring leaders from around the globe. Speakers will include:

 

• Fan Bao, Founder and CEO, China Renaissance, China
• Steve Case, Founder and CEO, Revolution LLC, USA
• Eric Grimson, Chancellor for Academic Achievement, MIT, USA
• Jean Liu, President, Didi Chuxing, China
• Marc Raibert, Founder and CEO, Boston Dynamics, USA
• Masayoshi Son, Chairman and CEO, Softbank Group, Japan
• Peter Thiel, Venture Capitalist and Partner, Founders Fund, USA
• George Whitesides, CEO of Virgin Galactic, USA
• Greg Wyler, Founder and Chairman of OneWeb, USA

 

Other experts from the fields of robotics, digital healthcare, artificial intelligence and nanotechnology will be featured in additional in-depth discussions.

 

The Boston Consulting Group (BCG) will be one of the FII knowledge partners focusing on the event’s technology theme.

 

Joerg Hildebrandt, Senior Partner and Managing Director at BCG Middle East, said: “We are truly honored and excited to be working with the Public Investment Fund on this transformative initiative. The Kingdom of Saudi Arabia is on a clear and defined path in respect to the implementation and advancement of technology. The ongoing initiative will aim to enhance the implementation of digitization and digitalization to improve efficiency and productivity across numerous business operations and most importantly The Kingdom of Saudi Arabia.”

 

The theme of technological change complements PIF’s investment strategy. The Fund has announced that it will be investing US $3.5 billion in ride-hailing app, Uber. The Public Investment Fund’s investments are aligned with Saudi Arabia’s Vision 2030, which recognizes the centrality of digital infrastructure in underpinning advanced industrial activities, and emphasizes how the public and private sectors can work together to identify and develop opportunities.

 

Organized by the Public Investment Fund, FII will take place from 24 to 26 October 2017 in Riyadh. The invitation-only event will bring together internationally-renowned business and investment leaders to explore the new trends, opportunities and challenges that will shape the world economy and investment environment over the coming decades.