Richard Attias on Unlocking Prosperity, Global Leadership, and Investment

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Joe Cass: [00:00:00] Hello and welcome. My name is Joseph Cass, senior director at S&P Global Ratings, and the host and the creator of the Leaders Podcast. So today, again, I'm joined by Richard Attias. So as a reminder, Richard is the founder and executive chairman of Richard Attias and Associates and the Executive Chairman, chairman and acting CEO of the FII Institute.

So just a quick reminder that the views of the external guests are their views alone, and they do not represent the views of S&P Global Ratings. Richard, thank you so much for joining me again on The Leaders Podcast.

Richard Attias: Thank you for having me again, Joe.

Joe Cass: So today we're gonna talk about the FII institute.

We're gonna talk about the upcoming FII9 event in Riyadh, but also gonna talk about your background and your personal experiences. But I'll start off with a, a bit of a [00:01:00] blockbuster question. So when the doors close and the cameras go off, what really gets said between these presidents, these billionaires and world leaders that you manage to put together?

Richard Attias: It's a very interesting questions. You know, by definition, if it's happening, chatham house rules. We should not say what we are saying. But joke aside, at the end of the day, you know, global CEOs and world leaders are mainly talking and discussing about how they can invest in the countries, how business-friendly is the country.

When they face a lot of bureaucracy or when they're not happy with the tax framework, they mentioned that to the leader. [00:02:00] The leader is always expecting to have, including investment in the country, which is not just to invest, take the profit and run. So they are usually talking about how to make an impact on the investment in the country for the population.

And they try quite often to build personal relationships because this is the most important. Trust is absolutely essential, and this is a cement of a long-term relationship. Trust, trust, trust. And I see more and more, successful foreign direct investment where the investor and the leader are building even friendship relationships.

Everything now is based on personal relationship and, and I see in many countries in the world, big [00:03:00] deals made very quickly because there is a huge trust between the world leader and the global CEO or Chairman of the Private equity or the sovereign wealth fund, or the banks or whoever is investing in the country.

And last but not least, they speak quite often off-record on what is the cha, what are the challenges in terms of stability and security of the country because, investors are always extremely concerned where they feel a lack of stability or uncertainty in the country. So these are the conversations happening behind the door.

Joe Cass: Fantastic. So Richard, I wanted to talk a bit more about the upcoming FII9 conference in Riyadh, so that the big kind of high level theme [00:04:00] is the key to prosperity. What can attendees expect from this year's event?

Richard Attias: If you allow me, Joe, we will make a quick, quick, look at what happened since 2020, the past five years.

2020, we were the only conference which was hosted in the world despite COVID, and we were absolutely convinced that, the humanity is extremely resilient and that will come even stronger post COVID. This is why we hosted under the thematic, the Neo Renaissance. We had the feeling that the world will come back and we will see a renaissance in many sectors like tourism, where as you know now, the number of visitors, airports, traffic are even bigger and higher than it was before COVID, and this is happening in many [00:05:00] sectors.

So from Neo Renaissance, we realized when we hosted this hybrid conference in Riyadh that, many investment now should be done with purpose and that we're ignoring some important sectors which will have an impact on humanity. This is why 2021, we say invest on humanity and sectors like healthcare education.

We were ignored or underestimated. And then the year after we realized that the world is changing drastically. A shift between west and east, north and South. This is why we spoke about the new global order, and we realized that this new global, global order was a reality, and that investors, CEOs, world leaders.

They needed something. They needed a tool, which was the thematic of the year after the new compass, to understand how to navigate and to understand in which [00:06:00] direction the wind was blowing for investors. In which sec geographies, in which sectors they should invest. And we realize that these new sectors were new horizon.

Were offering infinite horizons, infinite opportunities, which was a thematic of, 2020, 20, of the eighth edition in 2024. And then what is happening this year? We are hearing more and more the citizen of the world, thanks to our great survey called the FIR Priority report, that citizen, they really want to have a little bit of prosperity.

And prosperity doesn't mean money. Sometime it means dignity just to not be left on the side. So this is why this year we are curating all conversation around one topic. Please ladies and gentlemen delegates of FII try to tell us. How we should [00:07:00] unlock the keys for prosperity in all sectors, in all geographies, AI is fantastic, but AI should be inclusive.

So what should we do for countries or continents like Africa or some countries in Latin America or even in Asia, to not be left behind in this AI revolution, access to technology, access to food security, access to education. So let's unlock all these opportunities.

Joe Cass: Yeah. Fantastic. Thanks. So Richard, the FII works very closely with the public investment fund, PIF.

How would you describe the relationship and what impact has the PIF had on shaping Saudi Arabia's broader position on a global stage?

Richard Attias: FII as a conference started under the leadership of the PIF, the Sovereign Wealth Fund in 2017. [00:08:00] Three years later, we decided that the FII should become autonomous and FII should be owned by a not-for-profit foundation called the FI Institute to be totally independent, financially and independent from an editorial point of view, which is absolutely the case now for almost five years.

But PS is the founding partner and you cannot talk about investment, which is the core and the DNA of FII as a conference and as FII institute, which wants to have an impact on humanity unless you listen and you hear, the opinion of the PIF. PIF is an amazing tool and today's almost $1 trillion under management, and we are involved in so many sectors.

Hundred purse portfolio companies in almost all sectors. So the relationship is fantastic by great and good [00:09:00] coincidence our chairman of the FI Institute is Excellency Yasir Al-Rumayyan. He's also the governor of PIF. So we have very close relationship and we are supporting as much as we can the PIF strategies and vice versa.

On day three, for example, of the F conference, which is on the 30th of October, we'll have a summit inside the FII conference about the assets management, curated by PIF and PF experts. We every year have something about the carbon strategy, carbon neutral strategy, which is one of the great, priorities of PIF. We launched together some initiative related to ESG 2.0, how to reinvent the ESG framework to make ESG rules more inclusive, and so far and so on. So we're extremely close because PF is our founding partner. But back to your question about how they [00:10:00] impact the transformation of the kingdom of Saudi Arabia.

It's massive. Almost all the Giga project happening, like NEOM, Murabba, Diriyah, Qiddiyah, all this Red Sea Global, all these projects which are transforming the landscape of the kingdom, creating jobs, launching so many new sectors, which is the vision 2030. I would say to summarize that, PF is definitely the platform and the tool which is implementing the vision 2030 and the, the leadership of the conference, who is also the chairman of PF.

Joe Cass: Great. And Richard, you had, I think it was February this year, you had President Trump, so he joined your event on the FII priority events in Miami. How was that appearance organized kind of logistically, and what was it like interviewing President Trump on stage?

 

Richard Attias: It was a great moment, to be honest, to [00:11:00] interview the president of United States of America. He's probably the most powerful man in the world, by definition. And, when the president was reelected in November, I suggested to my chairman, Yasir Al-Rumayyan, we should invite the president of United States because we're coming to Miami.

So it'll be fantastic to hear from him. Four weeks after he to takes office, what is his vision about the business? What is his vision about the global economy? What is going on with the tariffs, how we see, the relationship between the administration and the global business community and so far and so on.

So we send an invitation and the invitation was immediately accepted. Then we had conversation between us and the White House, people. His Excellency Yasir Al-Rumayyan met with the president or so then we met him during the inauguration and he immediately said yes. [00:12:00] He realized that it is a great opportunity to speak in front of 1500 CEOs, in Miami.

It was in his, I would say almost territory. So he was at home and, we were, he was supposed to deliver a 20 minute speech. I feel that he was feeling very confident, very well, and he spent almost 90 minutes and I suggested to also ask some questions and he accepted even to take some personal question.

He had no clue what the questions were about, so there is no censorship. Very open conversation. And I am almost the one who interrupted the conversation because I felt guilty to keep the president with us for almost 90 minutes, but I could have continued for an additional 30 minutes. It would not be a, a big challenge for him.

He, he [00:13:00] was feeling very well with, friends, with an audience, which was extremely happy to see and to hear from the president. It was a nonpartisan event, if you see what I mean. And he spoke very openly. Even he took, as I said, some personal question about what he wants his legacy to be. What was the best advice he got in his life, how he sees, the future of United States, how he sees the brand, United States of America.

So he accepted to answer two very unusual questions and, the participant were extremely happy to have his moment with the president. And to understand where the president wanted to go. He addressed some challenges on geopolitics, on geoeconomics, the relationship with the Middle East. So it was a great conversation and, it happens almost naturally.

Joe Cass: Wow. That's, that's really impressive. Congratulations [00:14:00] on the, on the, on the cool...

Richard Attias: I think, I think he, he, he, he checked about how credible is the FI Institute and we're very happy because. To have the President of United States and the White House advisor to say, yes, Mr. President, you can definitely address in front of the audience of this not-for-profit foundation was for us, something great because it was about our credibility and our legitimacy to hold the president of United States of America.

Joe Cass: Yeah. Well, well, on that note, Richard, you know, more world leaders personally than pretty much anyone else I know, as you've just discussed. What's the biggest kind of topic on their mind right now, do you think?

Richard Attias: Well, leaders are extremely concerned. They're extremely concerned because, almost on all continents today, you have conflicts or potential conflicts, which could destabilize more and [00:15:00] more, our world, which could destabilize and penalize the growth of the economy. Geopolitics are of an influence on geoeconomics, and this is concerning many world leaders, because they want to build peace, because peace is a key element for prosperity. But we hope that, we'll see lights at the end of this tunnel of, an era for more than three years now where too many conflicts are slowing down the process of growth while at the same time you have amazing opportunities take to new technologies.

AI bringing so many opportunities for growth, progress in science, bringing a lot of opportunities in biotech, in healthcare, and how to reduce poverty and how to make a humanity more healthy. You see a lot of new opportunities thanks to innovation, so we need to [00:16:00] fight to make the half full glass more than half.

Joe Cass: Yeah, absolutely. So Richard, when FII began, I mean the press used, used to call it, I don't know if they still do now, Davos in the desert, but now it feels like it's grown into this global movement. I mean, we spoke about Miami event. I know you do events all over the world.

How would you define its kind of unique identity today? How do you think, or how would you differentiate the FII versus the World Economic Forum at Davos?

Richard Attias: First of all, FII has nothing to do with Davos and has nothing to do with the dessert. I think this cliche started from the very beginning because I was for 15 years of producing the Davos Forum in Switzerland, so people made analogy, but Riyadh is far from the desert.

Even if there is a [00:17:00] beautiful desert in Saudi Arabia, Riyadh is becoming one of the most modern and developed capital in the world. Riyadh looks more close to Singapore than to any desert. Riyadh is much more closer to great developed, western and eastern capitals in the world, and it is becoming one of his top five capitals in terms of, growth in terms of modernity.

The land, the skyline of Riyadh looks more close to the skyline of any global, global, modern cities in the world. And at the horizon of Expo 2030, with all the Giga project happening, Murabba and many things happening in Riyadh, it's far from being the desert now, Davos. Davos is a global conversation, which is quite often also on geopolitics.

While FII is extremely [00:18:00] focused on geoeconomics, in Davos, you have conversation about, really several topics, which has not often, I would say talking about our value proposition is very simple. I will quote is is a crown prince, who in fact is the founder of the FII. The ID claim from came from him, and I will always remember his definition of FII.

Let's create a platform where investors and CEOs would come once a year to have a global conversation. It's not about Riyadh, it's not about promoting Saudi Arabia. It's really a global conversation to understand where they should put their money in terms of sectors and in terms of geographies. This is a definition of FII, which is quite different from the definition of Davos or Milken or Bloomberg conferences or even CGI, Clinton Initiative in New York.

So our DNA is [00:19:00] quite unique and this is why we host every year, year after year for the nine consecutive year, 5,000 global CEO's. And the other parameter, which is quite interesting, is we are probably the most inclusive platform. You have people from China, from Asia, from America, from all part of the world.

Together in a very peaceful place, very neutral place, working together, networking together, debating together. And you, you have the old guard, the extremely successful global CEOs also sitting at the same table of the new generation of innovators, of tech, pioneers, of students, because we try to be always extremely inclusive.

And last but not least. People like you, influencers, media, leaders, you are also part of the conversation because you are in the center of the conference center. We don't leave the media on the side. We want the media to be part of this conversation because you have [00:20:00] this moral, responsibility to share all the conversation, the knowledge, because we want also FII, to be a platform and access of for knowledge.

To be inclusive for even people who cannot join us, to be remotely, being able to attend the conversation and to understand what's going on. So it's very different. I think it's a unique platform today, and this is why we are supported by more than 45 strategic partners because they feel that what is happening is impactful.

And we are at FI Institute the foundation. Launching many initiatives who are extremely tangible and many of them could become resolutions that we share with international organization like the United Nations, the G20, the G7, to be a resolution implemented or so with the support of world leaders.

Joe Cass: Yeah, [00:21:00] absolutely. And Richard, what are your, let's see, your hopes, aspirations. For the FII institute in the next say, three to five-ish years.

Richard Attias: It's a fantastic question because we're really in the middle of this, strategy. The board and the executive committee are brainstorming and working hard now to by the end of this year, which is literally tomorrow, come with a new strategy, a new business plan.

About what we want to achieve by 2030. Definitely we want to be more global. We will, I hope, be able to implement offices on each continent as much as we have now, FII, priority Summit happening in Miami. We had one in Europe. We started in Albania a few months ago in Keana because, many world leaders [00:22:00] were having and hosting their European conference there.

Next year, we'll probably look at the country where we will go, which will be one of the big European countries where other big and political events will happen because we want to bring the business dimension. We are going to Tokyo in few months. First week of December we'll be in Tokyo for the FII Priority Asia Summit.

So as much as we have our platforms, and we create these dialogues all over the world, we need to also have a physical presence. So number one, the expansion will be physical by being more close to our strategic partners, to our members on each continent. Number two, we want to continue to be the owners, the catalyst, the inspiring force of four, five, very practical, but very impactful initiatives, which will become resolutions.

On AI, on healthcare, [00:23:00] on how to protect the oceans. We have already these three great initiative that we will present and explain how they are deploying at FII9 on how to, for example WAVE, great Initiative. Initiated by Her Royal Highness Princess Reema, the ambassador of Saudi Arabia in United States of America, which is also a member of our board on how to generate clean and recreate the, the oceans, which is extremely important. We want an initiative on AI be inclusive to not live on the side sub, I would say underprivileged countries or people to have access to AI and technology. And last but not least, we want to create initiative resolution to make a, a more healthy humanity. So we want to have more impactful initiatives. So to be global, to have more initiatives.

To definitely be the home of [00:24:00] more members to join us because each single individual could contribute to ideas, to impact, to, I would say, initiatives, ideas, and last but not least, which is extremely important. We want to be the most inclusive, platform and probably the most desired. I would not say loved because it's too ambitious, but the more desired platform for the use.

And this is why we created FII Institute tv. Because as you know, the young generation spend all their time on social media and on, on their phones. So we want also to give them access to all this information, to share knowledge, to inspire them, and, uh. Last but not least, we want also to be, as I said, a do tank, which means we're helping financially thanks to our pillar act, some startups, because we want to lead by [00:25:00] example.

We invested and we deployed already almost $7 million by investing in seven different startups in several sectors, from sustainability to healthcare, to AI, et cetera. And we want to continue to potentially do that and to help and to give a hand. To young entrepreneurs. We are launching in FII9 a great, tech, I would say, competition to help raising money for startups and to give them access to, finance.

So this is how I see the role of FII. We just want to be an amazing platform, really delivering concrete results. Concrete initiative and to always create the best conversations, the unexpected conversations without any censorship. And to be sure that all voices are heard, [00:26:00] all opinion are heard, but not a single session.

And unless we leave the room with solutions, with proposals, we are probably today, in total humility, the most real call for action.

Joe Cass: Fantastic. Thanks for sharing that. So last question, Richard. You're meeting leaders across the globe regularly. Do you have one kind of piece of art? So a book, a film, or something else that you recommend leaders read or watch again and again.

Richard Attias: First of all, we will publish, in one month, a book that you will find on the seats of FII9 about prosperity, and these are, this book would include 60 definitions of prosperity coming from world leaders [00:27:00] and from global CEOs. So I wouldn't, I am personally curious to read this book. Because this will be probably the first book that the I Institute will publish, and it is definitely the content developed by world leaders.

So I think it'll be interesting to see the difference of definition of prosperity. But back to your question about which book I would recommend, there is one book I don't, don't say. There is only many books deserve to be read, to be honest. But personally, I like one book, which was write written by Andy Grove, eh, who was the founder, the global CEO of Intel, years and years ago.

It was called "Only Paranoid Survive." And I think we live [00:28:00] in the world today where we see so many things happening that we need to be proactive on the unpredictable. So I think, some people in my under eyes think I'm crazy to be paranoid, but I think it's important today to be, ready for anything which could happen because we are living in a so unpredictable world.

You wake up in the morning, you have no clue what will happen. So you need to be paranoid because by being paranoid, you will not be taken by surprise. And sometime people say, oh my God, you are super pessimistic. I say, no, I'm trying to think of the worst case scenario to be ready, because this is. I think the role and responsibilities of any world leader and any global CEO, because we have huge responsibility for our citizen when we are a world leader.

And you have huge responsible for your employees [00:29:00] when you are a global CEO of a corporations. So you have this moral responsibility to guarantee the survival of your company and the good health of your country. So in both case. I think it's important to be paranoid and to read, how to be ready, for, anything which could happen.

You know, if you are thinking of COVID, no one was ready for this, tsunami, which happened and impacted the humanity for more than a year where all cities, countries were locked down, cities became Gulf Cities, and it has a huge impact. So we never know what could happen next, you know, so in terms of pandemic, in terms of cybersecurity, negative impact in terms of conflict.

So we need to be ready for the worst case scenario to be sure that, we will be able [00:30:00] to immediately react and to show that our humanity is extremely resilient and can survive to anything.

Joe Cass: Fantastic. Well, Richard. Always a pleasure having you on Leaders. Thanks so much for joining. For everyone watching, for everyone listening, see you next time on The Leaders