Okaz/Saudi Gazette JEDDAH — The higher authorities have approved the establishment of a non-profit private entity called "Future Investment Initiative Foundation" that enjoys full financial and administrative independence. The Riyadh-based foundation is entitled to open branches and bank accounts within Saudi Arabia and outside. The foundation's objective is to support local and international efforts aimed at improving the environment pertaining to investment, development, economy, as well as social and cultural environment in a way contributing to supporting and promoting investment activities related to the Future Investment Initiative (FII). The foundation will have the right to create a platform for stakeholders in various areas relevant to its objectives, and these include government officials, investors, entrepreneurs, innovators and academics. It will also serve as a platform for strategic partners such as leading international investors and business leaders. The powers of the foundation include preparation and organization of events, conferences, seminars and workshops related to FII at the local and international levels; provide knowledge support in taking decisions related with investment; encourage ideas for future investment through different media outlets; and identify innovative solutions related to the global and Saudi economies with the creation of alliances and the strengthening of relationships that support individual or joint investments. The foundation will also be allowed to establish a platform for emerging investment professionals at the local and international levels; identify and evaluate events and activities, as well as relevant partnerships related to investment with appropriate technical mechanisms to enhance the experience of participants in the events and activities in which the foundation is either an organizer or participant. It will also extend advice to governments and companies about the future of investment at the local and international levels. According to the statute of the foundation, it will be allowed to establish or own companies on its own or in partnership with others within or outside the Kingdom in a way serving its purposes. It allows the foundation to explore the prospect of establishing non-profit institutions and legal entities on its own or in partnership with others inside or outside Saudi Arabia. The statute also spells out the foundation's right to establish and manage endowments within and outside Saudi Arabia, as well as to establish partnerships with Saudi or foreign institutions or organizations that engage in network businesses.
