BNY Mellon is joining The Future Investment Initiative Institute (FII Institute) to support a shared vision for growth in Saudi Arabia and the broader Middle East region through the application of environmental, social and governance (ESG) principles.
The move comes following an active 12 months for the custodian in the region, including establishing an agreement with SNB Capital, the Kingdom of Saudi Arabia’s largest custodian, to provide global securities services capabilities to institutional and large asset owners based in the Kingdom.
BNY Mellon also established a new subsidiary in the Kingdom, through a new office in the country’s capital Riyadh this summer.
The custodian has now said it will work with the institute to identify technologies of the future and share knowledge in order to turn ideas into solutions with a focus on sustainability, education, artificial intelligence and robotics.
FII Institute is a non-profit foundation with an investment arm, and ultimately a forum for leading companies to make a difference globally. Its focus is on AI and robotics, education, healthcare and sustainability.
In the Middle East, BNY Mellon has a presence in Riyadh, Dubai International Finance Centre, Abu Dhabi Global Market, Cairo and Istanbul, serving a range of sovereign wealth funds and other financial institutions.
“We are excited to welcome BNY Mellon, a leading global institution, which supports our shared vision to participate in shaping a better future for all, built on ESG principles, by identifying technological solutions, sharing knowledge and working together to secure sustainable real-world solutions. Moreover, this agreement reflects FII Institute’s commitment to empower the world’s brightest minds to collaborate and actualise a brighter, more sustainable future for humanity,” added Richard Attias, CEO, FII Institute.