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FII9 Day 1: Who Said What in Riyadh?
Wednesday, October 29, 2025
Happy Wednesday everyone!
The opening day of Saudi Arabia’s FII9 focused on AI innovation, infrastructure expansion, and regional economic engagement. PIF Governor Yasir Al-Rumayyan outlined a new long-term strategy to 2040, emphasizing private-sector collaboration. Investment Minister Khalid Al-Falih highlighted a strategic shift toward AI, citing HUMAIN as a flagship venture. CEO Tareq Amin unveiled HUMAIN ONE, the world’s first AI operating system, and detailed plans for massive data-center expansion, serving 150 countries. Wall Street leaders including Jane Fraser, Larry Fink, and Steve Schwarzman attended, while Gulf counterparts discussed Eurobond sukuk issuance and GCC-UK trade deals, signaling global interest in the Kingdom’s tech and investment ecosystem.
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FYI of FII: Here’s What Happened in Edition 9 in Riyadh
The opening day of the Future Investment Initiative (FII9) in Riyadh reflected Saudi Arabia’s growing confidence on the global stage, as Blackstone and Saudi AI firm HUMAIN inked a $3 billion data center deal, global finance leaders announced regional expansions, and neighboring Gulf economies advanced new trade and debt plans.
The day began with Yasir Al-Rumayyan, governor of the Public Investment Fund (PIF), outlining the fund’s evolving vision. He said the old models of investment are no longer “fit for purpose” and stressed the need for closer government–private sector collaboration. Al-Rumayyan confirmed that the PIF would soon announce a new long-term strategy, extending from 2030 to 2040, focused on job creation and developing domestic industries.
Shortly after, Investment Minister Khalid Al-Falih highlighted progress on the Kingdom’s giga-projects, calling them the “catalytic nucleus of development,” but hinted at a strategic shift. “It’s time to maybe scale back on government or PIF spend,” he said, adding that emerging areas like artificial intelligence were prompting a reallocation of resources.
Al-Falih pointed to Humain, the PIF’s newly launched AI firm, as a symbol of this transition. Tareq Amin, CEO of Humain, took the stage to introduce Humain One — a new AI-powered operating system that integrates intelligent agents directly into workplace computers. “We think we can do better and re-architect the entire computing interface,” Amin said, comparing it to Microsoft Windows. The platform features apps rivaling Zoom and Microsoft Word, underscoring Saudi ambitions to become a producer of advanced technology.
The morning session saw participation from Wall Street leaders including Jane Fraser of Citigroup, Larry Fink of BlackRock, and Steve Schwarzman of Blackstone. Fraser, fresh off her appointment as co-chair of the U.S.–Saudi Business Council, noted Citi’s new regional headquarters in Riyadh as evidence of deepening ties.
In a separate panel, Lubna Olayan, chair of Olayan Group, said Saudi Arabia “is booming,” citing technology, data centers, renewables, and healthcare as key areas of opportunity.
Regional discussions brought additional momentum. Qatar’s Finance Minister Ali Al-Kuwari revealed plans to issue Eurobond sukuk within weeks and confirmed that most of Qatar’s $500 billion U.S. investment pledge will target AI and technology. Alongside Turkish and British ministers, he announced that Qatar and Turkey are nearing completion of a free trade agreement with the U.K., with the wider GCC-UK deal also close to conclusion.
The day also came with a note of caution from Blackstone CEO Steve Schwarzman, who warned that global power supplies could become strained as energy-hungry data centers proliferate — a challenge Saudi Arabia aims to address by leveraging its vast natural gas reserves.
Humain CEO Unveils AI OS and Ambitious Saudi Infrastructure Vision at FII9
At the Future Investment Initiative (FII9) in Riyadh, Tareq Amin, CEO of Saudi Arabia’s AI company Humain, outlined his vision for transforming both infrastructure and computing interfaces.
“I truly believe Saudi Arabia has the potential to be the third-largest AI infrastructure provider outside of China and the United States,” he said, emphasizing the Kingdom’s abundant energy and coordinated public–private partnerships under the direction of the Ministry of Energy.”
Amin revealed that Humain’s data centers already serve 150 countries, with only 5% of traffic originating in Saudi Arabia. “Seventy percent of my job feels like I’m a real estate developer — securing land, power, and connectivity,” he said.
He also unveiled Humain One, calling it “the world’s first AI operating system,” built to replace legacy icons and workflows with a unified text-and-voice interface. “We believe you need only one IT product for your enterprise,” Amin said. “This is the future UX.”
Binance Blockchain Week 2025 to Return to Dubai with Star-Studded Web3 Lineup
Binance, is set to host its flagship event, Binance Blockchain Week, at the Coca-Cola Arena in Dubai on December 3rd and 4th.
The 2025 edition will unite leading voices from the global Web3 and blockchain ecosystem, celebrating milestones and exploring the next phase of the industry’s evolution. The conference promises an impressive lineup of keynote speakers, covering exchanges, smart contracts, education, investment, and regulation, reflecting Binance’s growing global influence.
Confirmed speakers include Michael Saylor, Executive Chairman of Strategy, making his first UAE crypto appearance; Brad Garlinghouse, CEO of Ripple; Lily Liu, President of the Solana Foundation; Raoul Pal, Co-Founder and CEO of Real Vision; and CZ, Founder of Giggle Academy, BNB Chain, and Co-Founder of Binance and many more. In addition to the esteemed lineup, Binance Blockchain Week will also feature key leaders from Binance, including Yi He, Co-Founder; Richard Teng, Chief Executive Officer; Rachel Conlan, Chief Marketing Officer; and Catherine Chen, Head of Binance VIP & Institutional.”
Binance Blockchain Week represents the pinnacle of the brand’s 1,500 global events, bringing together opinion leaders, builders, regulators, and community members to shape the future of Web3. Returning to Dubai for a second year, the city continues to establish itself as a global hub for blockchain innovation, supported by a progressive regulatory landscape and thriving tech ecosystem.
Qatar-Owned PSG Posts Small Loss Despite Champions League Triumph
🔹 What Is It About
Paris Saint-Germain reported a small financial loss last season despite winning the UEFA Champions League for the first time. Revenue rose to €837 million ($976 million), putting the French club among Europe’s top earners. A spokesperson said PSG is close to breaking even but did not disclose the exact figure. The result highlights how even the continent’s richest clubs struggle to balance the books amid soaring player costs.
🔹 Why It Matters
The shortfall reflects broader financial pressures in European football. PSG faced reduced domestic broadcast income after DAZN exited its Ligue 1 deal, while its 47,000-seat stadium limits matchday revenue compared with larger rivals. The club’s wage bill, though trimmed below 65% of revenue, still weighs heavily. Despite these challenges, PSG remains among the sport’s elite, trailing only Real Madrid and Manchester City in revenue generation.
🔹 What’s Next
PSG plans to sustain profitability by developing younger talent instead of relying on superstar signings. The club continues discussions over a potential move to a larger stadium to boost future earnings. Backed by Qatar Sports Investments and partially owned by Arctos Partners, PSG’s focus now shifts to securing long-term financial stability to match its on-field dominance.
🦄 World of Startups
Pakistani co-working startup COLABS to expand into Kingdom with flagship site in Riyadh.
UnifyApps Raises $50 million to scale enterprise AI Platform and expand Gulf presence.
1001 AI, a deep-tech startup dual-headquartered in London and Dubai and founded by Bilal Abu-Ghazaleh, has raised $9 million in a seed funding round with participation from Amjad Masad (Replit), Amira Sajwani (DAMAC), Khalid Bin Bader Al Saud (Saudi RA’ED Ventures), and Hisham Al-Falih (Lean Technologies).
The Canadian regulatory authorities granted Whish Money, Lebanon-based remittances and mobile wallet platform, financial services licenses to operate in Canada.
KitchenomiKs, Oman-based foodtech, raised $3.2M in a funding round led by Jasoor Ventures.
👨💻From Smashi Business’ Desk
UAE Tycoon Al Habtoor Slams Israeli Minister Over Remark That Saudis Should ‘Keep Riding Camels in the Desert’
Pavel Durov’s tweet on the Louvre heist takes an unexpected turn, blending humor with sharp criticism of French security.
UAE’s Hadban Twins Among First 25 Creators Honoured With Instagram Rings in New York.
🔍In other news…
Aldar feels the glow from Disneyland magic
UK finance minister praises GCC free trade talks
The Middle Eastern subsidiary of Crown Agents Bank (CAB), a British provider of cross-border payments, has received an in-principle approval from Abu Dhabi’s financial hub, the ADGM.
BlackRock’s Fink Sees Case for Crypto, Gold as ‘Assets of Fear’
Jumeirah Lakes Towers drains another lake for ‘community hub’
Sharjah reports sharp rise in foreign real estate investors
