A high-level delegation from Saudi Arabia marked its presence at the World Economic Forum (WEF) Annual Meeting 2024, led by H.H. Prince Faisal bin Farhan bin Abdullah, Minister of Foreign Affairs. The delegation actively engaged in critical dialogues and announced Riyadh’s commitment to host a WEF Special Meeting on global cooperation, growth, and energy from April 28-29, 2024.
Key delegates and participation
Saudi Arabia’s WEF delegation included H.R.H Princess Reema bint Bandar AlSaud, Ambassador of the Custodian of the Two Holy Mosques to the United States of America. H.E. Dr. Majid A. Alkassabi, Minister of Commerce, and H.E. Adel A. Aljubeir, Minister of State for Foreign Affairs, Member of the Council of Ministers, and Envoy for Climate also participated in the annual meeting.
Other participants also included:
- H.E Khalid A. Al Falih, Minister of Investment
- H.E Mohammed A. Aljadaan, Minister of Finance
- H.E Abdullah A. Alswaha, Minister of Communications and Information Technology
- H.E Bandar I. Alkhorayef, Minister of Industry and Mineral Resources
- H.E Faisal F. Alibrahim, Minister of Economy and Planning
Highlight sessions and panels
Saudi Arabia’s WEF delegation actively participated in key sessions such as ‘Securing an Insecure World, Frictionless Services’, and ‘Gulf Economies: All In’. Moreover, the delegation participated in key sessions on banking and investments including ‘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.’, and ‘The Future of Banking and Technology in Saudi Arabia: What it Means for Investors’.
Some of the most insightful panels on the economy included ‘MENA’s Economic Dilemma: Reforms Amid Uncertainty’ and the special WEF panel session ‘Saudi Arabia: The Course Ahead’. The special panel session focused on Saudi Arabia’s leading role in promoting peace, security, and prosperity in the Middle East.
Saudi House: Bold Visions Series
Saudi Arabia’s WEF delegation launched the Saudi House: Bold Visions Series. The platform convened change-makers, policymakers, and innovators to engage in dialogues focused on economic development. Hence, discussions revolved around the blue economy, tourism, and technology investments.
Agreements and announcements
Saudi Arabia signed multiple agreements at the WEF annual meeting on different matters including sustainability, economy, and governance:
1. WEF Special Meeting in Riyadh
The announcement of Riyadh hosting a WEF Special Meeting in April 2024 is a landmark agreement between Saudi Arabia and the Forum. The meeting aims to convene over 700 global leaders from the public and private sectors, international organizations, NGOs, academia, and civil society to foster dialogues and revive international cooperation.
2. Agreements with WEF’s UpLink Platform
On January 18th, Saudi Arabia also signed two agreements with WEF’s innovation platform, UpLink. The agreements focus on catalyzing innovative global solutions for pressing environmental and sustainability challenges. Thus, they aim to stimulate investments and support breakthrough solutions addressing issues like ocean degradation, biodiversity loss, and the circular carbon economy.
3. MOU with OECD
Saudi Arabia also signed a Memorandum of Understanding (MOU) to enhance cooperation with the Organisation for Economic Co-operation and Development (OECD). The agreement focuses on various public policy initiatives, including the economy, corporate governance, and sustainability.
The kingdom’s delegation at the WEF Annual Meeting 2024 showcased Saudi Arabia’s commitment to global cooperation and sustainable development. Saudi Arabia will also play a crucial role in fostering international dialogues and addressing pressing global challenges through hosting the WEF Special Meeting in Riyadh.
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