FII Riyadh Reflections: Intelligent Capital and the Architecture of the Next Decade
“Saudi Arabia is not just adapting to the future – we are helping to shape it.”
– HRH Mohammed bin Salman, His Royal Highness Crown Prince and Prime Minister of Saudi Arabia
It was an honour to return to Riyadh for the 9th edition of the Future Investment Initiative #FII9 – a global gathering that continues to redefine how capital, technology, and purpose converge to shape the future. This record-breaking edition brought together 9,000 delegates from over 60 countries, 2,000 members, and 60 strategic partners, with more than half the sessions focused on AI. The message was clear: intelligence, energy, and capital are now the defining forces of progress. That spirit of optimism and transformation set the tone for the week – a reminder that the future isn’t something to adapt to, but something to build together.
Private Capital: The New Economic Backbone
“The GCC is rapidly emerging as one of the world’s most dynamic destinations for global capital.”
– Larry Fink, Chairman & CEO BlackRock
If one message stood out from #FII9, it’s that private capital is now the world’s new growth engine – over $13 trillion AUM today, projected to exceed $20 trillion within five years. As Larry Fink (BlackRock) noted, “The GCC is rapidly emerging as one of the world’s most dynamic destinations for global capital,” while HRH Prince Fahad bin Mansour Al Saud aptly called Riyadh “the capital of capital.”
With PIF growing from $150 billion in 2015 to nearly $1 trillion today, Vision 2030 is clearly moving from ambition to architecture – building the systems, talent, and institutional depth that position Saudi Arabia as a global investment hub for the decade ahead.
AI: The Defining General-Purpose Technology of Our Age
“Technology could benefit or hurt people, so the usage of tech is the responsibility of humanity as a whole, not just the discoverer.”
– Dr Eric Schmidt, Co-Founder Schmidt Futures, CEO Relativity Space
The second dominant theme in Riyadh was unmistakable: AI is the defining general-purpose technology of our time – reshaping industries, economies, and even the boundaries of human potential. Conversations spanned AI sovereignty, data governance, and automation ethics, underscoring both scale and speed. Philip Johnston (Starcloud) announced plans for the world’s first AI data centre in space, noting that “SpaceX is lowering launch costs 100× – we can now train AI off-planet, cooled by the cosmos.” Eric Jang (1X Technologies) spoke of deploying 100,000 humanoid robots by 2027, calling it “the dawn of robots building robots.”
Yet amid optimism came reflection. Dr. Fei-Fei Li (Sequoia Professor of Computer Science at Stanford University & CEO of World Labs) urged that “technology must put human dignity, well-being, and agency at its core,” while Evan Spiegel (Snap Inc.) reminded us that “the next generation of social technology must restore trust, empathy, and real human connection.” These perspectives converged around a defining question: How do we ensure exponential progress serves humanity – not replaces it?
AI and Energy: The Defining Interdependence
“Eventually, the cost of intelligence will converge with the cost of energy”
– Sam Altman, CEO OpenAI
Across discussions in Riyadh, one truth stood out: the future of AI and the future of energy are inseparable. As compute demand and data-centre expansion accelerate, the clean, resilient, and circular supply of energy is fast becoming the defining constraint – or the ultimate catalyst – of the intelligence economy. The implication is profound: energy is no longer a backdrop to innovation – it is its currency. Jonathan Ross (Groq), called AI “the fourth civilisation-level resource, after stone, iron, and oil.” It is abundantly clear – without sustainable energy systems, the promise of intelligent technologies cannot scale.
Saudi Arabia’s leadership in green hydrogen, renewables, and data-centre infrastructure reflects that understanding — investing precisely where energy and intelligence converge. In doing so, the Kingdom is positioning itself not just as an energy superpower, but as a central architect of the next computational age.
Systems Leadership: Values, Ethics, and Hope
“Peace requires freedom and justice — and it begins with inner coherence.”
– María Corina Machado, Nobel Laureate, WEF YGL
Beyond technology and capital, the forum opened space to reflect on values, governance, and the ethics of acceleration. As innovation outpaces regulation, how we lead becomes as critical as what we build. Ruth Porat (Google) captured it perfectly: “True leadership will belong to those who set the ethical and regulatory standards.” Her words resonated across panels on AI sovereignty, data ethics, and systems governance – reminding us that progress without principle is fragile.
The call to system-wide leadership reached the moral dimension. In one of the week’s most powerful moments, María Corina Machado (Nobel laureate, World Economic Forum, Young Global Leader) reflected: “Peace requires freedom and justice – and it begins with inner coherence.” Meanwhile, Børge Brende (President of World Economic Forum), in his reflections, observed that the deepening collaboration between WEF and Saudi Arabia signals a broader realignment – one where inclusive growth, sustainability and innovation form the foundation for the next global era.
At its heart, the summit reaffirmed that hope itself is a form of leadership – a renewable resource that fuels systems change and collective progress. It reminded us that exponential technological progress must remain in service of humanity – not at its expense – and that innovation should empower creative entrepreneurs worldwide to serve humanity together.
The Next Decade: Intelligent Capital in Action
“Even in a fragmented and challenging world, we need spaces like FII — places for new thinking, strategic conversations, and forging partnerships in the cause of prosperity and progress.”
– Richard Attias, CEO FII Institute
I am focused on the foundational rails that move capital, intelligence, and capability across markets. FII9 reaffirmed what we already believe: the next decade belongs to those who build across boundaries – between energy and intelligence, capital and capability, human ambition and machine scale – and do so with purpose.
I left Riyadh deeply inspired by the scale of ambition and the seriousness of purpose driving this transformation. That spirit – one of optimism, acceleration, and global collaboration – will define the decade ahead. The momentum in Riyadh is unmistakable. The Kingdom’s Vision 2030 is no longer an aspiration; it is architecture in motion – shaping how capital, energy, and intelligence will define prosperity for decades to come.
#FII9 #Vision2030 #EnergyTransition #AI #SystemsChange #DigitalInfrastructure #GreenHydrogen #IntelligentCapital #AlcentCapital #TMAlpha #WEF26 #GCCInnovation
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