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Franklin Templeton CEO Jenny Johnson attends the Global Business Summit in New Delhi, India on February 9, 2024. On Thursday he attended another summit, FII Priorities Miami. Prakash Singh/Bloomberg via Getty Images
Good morning from South Beach, Miami. His second day of the FII Priority Summit begins. This is the annual gathering in the United States of the Future Investment Initiative (FII) Institute, a non-profit foundation run by Saudi Arabia’s Public Investment Fund (PIF), to discuss key trends in policy, investment, and innovation. is convening leaders from around the world. This conversation is similar to what you hear at the World Economic Forum in Davos, the institute’s flagship. The summit in Riyadh is also known as “Davos of the desert.”
This week’s speaker lineup includes CEOs Michael Dell, Julie Sweet, Jenny Johnson, Stephen Schwartzman, Vimal Kapoor, Barry Sternlicht, Marcelo Claure, Pamela Liebman, and Alex Karp. This is proof that Saudi Arabia’s attractiveness is increasing. Investors, partners, and places to do business.
PIF President Yasir Al Rumayyan opened the meeting by announcing that the sovereign wealth fund plans to deploy up to $70 billion in capital per year from 2025 onwards, adding that since 2017 the US alone has already We have invested $100 billion. Al Rumayan may be right in predicting that Saudi Arabia could become an AI hub amid the energy transition.
Saudi Arabia has already introduced reforms in areas such as gender rights; Tourism and investment, but critics remain second-guessed. Freedoms continue to be lacking, especially for women, LGBTQ+ people, and the press. The dilemma for business leaders is how to support change in fast-growing regions of the world without compromising corporate value.
One inspiration for that is Jenny Johnson, president and CEO of Franklin Templeton, which manages $1.5 trillion in assets worldwide. She is deeply obsessed with transforming the company her grandfather founded into a digital leader and creating an inclusive culture everywhere Franklin operates. The newly established organization in Saudi Arabia will be led by CEO Munira H. Aldosary, a woman with a proven track record and deep knowledge of the local market.
He has taken a similar hands-on approach in markets like China, and former Secretary of State Mike Pompeo said Thursday during a hearth conversation with Fox News anchor Maria Bartiromo that China is a business It was harshly criticized as a venue. Mr Johnson, like many business leaders, opposes cutting ties with the world’s second-largest economy.
Expanding into new countries brings new opportunities to create new customers and products that invest in different asset classes, sectors and regions. “My grandfather got into this business because the average person didn’t have access to the profits of the stock market,” Johnson says. Mutual funds offered a basket of stocks at affordable prices. With the expansion of AI, blockchain, and alternative assets, she believes we are at a new tipping point for innovation in investing.
Richard Attias, long-time executive producer of WEF and now CEO of FII, says the goals of the initiative are to: Establish a more inclusive network to foster conversations and bring in more young people, business leaders and policy makers from parts of the world that have received less attention from the WEF. FIIs are creating new indices, ESG frameworks, and investments.
“We don’t pay anyone to participate,” Atias says. The resources and relationships of FII’s major backers are sufficient to create a strong lineup of leaders in Miami. “Once you retire, you will have a better understanding of where that money is going.”
diane brady
@dianebrady
Diane.brady@fortune.com
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