Saudi Arabia Showcases Leadership And Achievements At World Economic Forum 2024 In Davos

Saudi Arabia has been actively participating in the World Economic Forum (WEF) meetings in Davos, Switzerland. The Kingdom's involvement is marked by achievements and initiatives across various sectors like economy, technology, and environment. It plays a crucial role in stabilising energy markets and balancing interests between energy producers and consumers. Saudi Arabia also aims for global leadership in clean energy production through the circular carbon economy.

In 2018, Saudi Arabia took part in the 48th WEF annual meeting under the theme "Creating a Shared Future in a Fractured World." The King Khalid Foundation joined as an affiliate partner due to its significant contributions to non-profit organisations. In 2019, Saudi Aramco’s Uthmaniyah Gas Plant was recognised as a "Lighthouse" facility by the WEF for its advanced technology applications.

During the 2019 WEF meeting, Saudi Arabia signed a memorandum with the forum to establish a Center for the Fourth Industrial Revolution (C4IR) within the Kingdom. This centre focuses on public-private partnerships and major initiatives in energy, health, and financial systems. It aims to prepare leaders through training and fellowship programs related to the Fourth Industrial Revolution.

The Kingdom's participation in 2020 saw SABIC launch its TRUCIRCLE plastics recycling initiative at the forum. This initiative promotes circular economy principles with innovative recycling solutions. Additionally, the Khurais oil complex was added to the Global Lighthouse Network, marking it as another facility from Saudi Aramco recognised for technological advancements.

In 2022, Saudi Arabia's delegation addressed global challenges at the forum themed "History at a Turning Point: Government Policies and Business Strategies." They highlighted achievements in economic diversification, social empowerment, and pandemic recovery efforts. The Middle East Green Initiative was also discussed alongside Vision 2030's focus on smart solutions using advanced technology.

The Kingdom hosted a dialogue session on sustainable urban development during its participation in 2023. This session emphasised innovation and environmentally friendly technology. A cooperation agreement was signed between the National Competitiveness Center and WEF to enhance trade services competitiveness globally.

Engagement at Recent Forums

At the 2024 WEF under "Rebuilding Trust," Saudi Arabia's delegation led by Foreign Minister Prince Faisal bin Farhan bin Abdullah engaged with over 2,800 world leaders. Discussions focused on security, sustainable economic recovery, and societal impacts of emerging technologies. The delegation showcased progress under Vision 2030 and investment opportunities across various sectors.

The Royal Commission for AlUla (RCU), Mohammed bin Salman Foundation (Misk), and Saudi Data and AI Authority (SDAIA) were prominent participants at this forum. RCU highlighted national trends aligned with Vision 2030 while Misk launched "Youth Majlis" for young leaders' dialogue on global challenges.

Special Meeting Hosted in Riyadh

In April 2024, Riyadh hosted a WEF Special Meeting under Crown Prince Mohammed bin Salman’s patronage. Over 1,000 participants from diverse sectors discussed sustainable development solutions. The Crown Prince engaged in dialogues addressing geopolitical and economic challenges while emphasising international cooperation.

The event included an open forum organised by the Ministry of Economy and Planning alongside WEF featuring local and international speakers. On its sidelines was "Saudi House," sponsored by Saudi Aramco aiming at fostering partnerships across sustainability-focused sectors through interactive pavilions.

Several agreements were made during this special meeting including collaborations with Bill & Melinda Gates Foundation targeting public health issues among others aimed at boosting sustainability within private-sector companies.

Saudi Arabia’s ongoing collaboration with WEF underscores its commitment towards shaping a sustainable future while enhancing international cooperation effectively addressing global challenges.

With inputs from SPA