By Ron Chen, Bureau Chief, Asia

A high-level delegation from the Kingdom of Saudi Arabia has concluded its participation in the World Economic Forum (WEF) Annual Meeting 2024, culminating in an announcement that Riyadh will host a WEF Special Meeting on global cooperation, growth and energy, between 28-29 April 2024.

From 15-19 January, the Saudi delegation, Chaired by Minister of Foreign Affairs, HH Prince Faisal bin Farhan bin Abdullah, participated in critical dialogues, bilateral and multilateral meetings to shape solutions to global challenges and build the foundations for a more connected, resilient and thriving future.

Thedelegation included HRH Princess Reemabint Bandar AlSaud, Ambassador of the Custodian of the Two Holy Mosques to the United States of America; HE Dr. Majid Alkassabi, Minister of Commerce;  HE Adel Aljubeir, Minister of State for Foreign Affairs, Member of the Council of Ministers, and Envoy for Climate; HE Khalid Al Falih, Minister of Investment; HE Mohammed Aljadaan, Minister of Finance; HE Abdullah  Alswaha, Minister of Communications and Information Technology; HE Bandar Alkhorayef, Minister of Industry and Mineral Resources; and HE Faisal Alibrahim, Minister of Economy and Planning.

Some of the highlight sessions in which the delegates participated included:‘Securing an Insecure World’; ‘Frictionless Services’; ‘Gulf Economies: All In’; ‘Regulating Non-Banks’; ‘Bold Steps for a Sustainable MENA’; ‘Resilience: What It Means and What to Do About It’; ‘Supply Chains of the Future’; ‘Investors of First Resort: Government Inc.’; ‘The Future of Banking and Technology in Saudi Arabia: What it Means for Investors’; ‘MENA’s Economic Dilemma: Reforms Amid Uncertainty’; and a special WEF panel session on ‘Saudi Arabia: The Course Ahead’, which focused on the Kingdom’s leading role in promoting peace, security and prosperity in the Middle East.

The Kingdom’s delegation also launched the Saudi House: Bold Visions Series, which convened change-makers, policymakers, and innovators to engage in dialogues focused on the solutions needed across key areas of economic development including the blue economy, tourism and technology investments.

The WEF Special Meeting in Riyadh is part of a landmark agreement between Saudi Arabia and the Forum, set to convene more than 700 global leaders the public and private sector, international organizations, NGOs, academia and civil society to foster dialogues between countries towards reviving international cooperation. 

On Thursday 18th of January, the Kingdom signed two agreements with WEF’s innovation platform UpLink to catalyze innovative global solutions to today’s most pressing environmental and sustainability challenges. The two agreements aim to foster innovation ecosystems around early-stage impact entrepreneurs to stimulate investments and support for breakthrough solutions that address critical sustainable development challenges including ocean degradation, biodiversity loss, and the circular carbon economy.

Another Memorandum of Understanding (MOU) was signed to enhance cooperation between the Kingdom of Saudi Arabia and the Organisation for Economic Co-operation and Development (OECD). The agreement focuses on a wide range of public policy initiatives in areas including the economy, corporate governance and sustainability.