RIYADH: The world is witnessing the highest inflation rate in 40 years, and it is necessary to use proper data analysis to combat this crisis, according to Yasir Al-Rumayyan, the governor of Saudi Arabia’s Public Investment Fund.

Speaking at the Future Investment Initiative in Riyadh on Oct. 25, Al-Rumayyan said that humans should be open to innovation and find new ways to tackle problems together.

“Right partnerships and alliances will enable us to fulfill our ambitions over the long term. Here in Saudi Arabia, we are creating partnerships between companies that unlock opportunities and drive sustainability,” said Al-Rumayyan, who is also the chairman of FII.

The PIF governor added that humans can deal with global problems like climate change through a data-driven approach.

He also added that PIF is the first sovereign wealth fund in the world to issue green bonds.

Al-Rumayyan further noted that the new global order will be set by discussions in the FII.

FII, which will run from Oct. 25 to 27, will witness 6,000 global business chiefs, policymakers, investors and entrepreneurs gathering in Riyadh for the summit.

The three-day event’s theme is ‘Investing in Humanity: Enabling a New Global Order.’