During its participation at Davos 2025, the World Economic Forum (WEF) Annual Meeting, Saudi Arabia’s delegation called on the international community to prioritize cooperation and dialogue to overcome the challenges of a fragmented world.
“When we prioritize the greater good over narrow interests, we can work towards something that delivers for all of us. And although we will face difficult challenges this year, and in the years to come, I have to hope that we will all, as the global community, focus on working together on solving problems,” stated Saudi Arabia’s Minister of Foreign Affairs, His Highness Prince Faisal bin Farhan bin Abdullah.
Global collaboration in trade
Day two of Davos 2025 delved into key discussions on current challenges and opportunities in the global economy. Discussing global trade, Dr. Majid A. Alkassabi, Minister of Commerce, announced during a session on Trade in Services at Davos 2025 that Saudi Arabia’s trade in services reached SAR540 billion in 2023, reflecting an annual growth rate of 7 percent.
He highlighted the global significance of the services sector, which constitutes approximately 65 percent of the world’s gross domestic product (GDP), 60 percent of foreign investments, and serves as the largest provider of jobs worldwide, particularly benefiting women.
He also emphasized the need for global collaboration to reduce regulatory and procedural obstacles in the services sector, adding that simplifying these systems would enhance competitiveness and alleviate burdens on small and medium enterprises (SMEs), thereby boosting their economic contribution.
“We need to have a new global trade book, we need to find alternative sources of supply to reduce the risk from high-risk regions,” he stated.
Al-Kassabi also outlined Saudi Arabia’s significant investments in digital infrastructure, including SAR93.7 billion already spent and an additional SAR75 billion allocated for future projects. The investments, he said, aim to support digital transformation, enhance businesses, and attract foreign investments.
He noted that the Kingdom has partnered with international organizations to establish legislative frameworks that protect investments and advance human resource development and has created a Center for Distinguished Residence to attract skilled talents.
Saudi Vision 2030 propels tourism growth
During Davos 2025, Saudi Arabia’s Minister of Tourism Ahmed Al Khateeb highlighted the continuous growth in international tourist arrivals to Saudi Arabia. Speaking at The Way We Will Travel panel session, Al Khateeb noted that Saudi Arabia welcomed a record number of nearly 30 million international tourists last year. He added that the Kingdom is on track to welcome 70 million tourists annually by 2030, aiming to rank among the top seven global tourist destinations.
Al Khateeb attributed the success of Saudi Arabia’s tourism industry to sound governance and integrated planning. He emphasized key initiatives, such as the introduction of e-visas and the construction of airports in major tourist destinations, which have significantly boosted the number of international visitors.
“With Saudi Vision 2030, we decided to unlock all sectors, including travel and tourism. We are building destinations, airports and new airlines, and we are looking into the tourism experience, end-to-end,” he stated.
Efforts are underway to develop new destinations and modern airports, including King Salman International Airport, which is projected to accommodate over 120 million travelers. Additionally, the Kingdom has launched a new airline, Riyadh Air, to further support its tourism objectives.
Saudi Arabia’s approach to critical environmental issues
On today’s environmental imperatives, His Excellency Adel A. Aljubeir, Minister of State for Foreign Affairs, Member of the Council of Ministers and Envoy for Climate, Kingdom of Saudi Arabia, said: “Saudi Arabia launched the Middle East Green Initiative to bring together 22 countries in our region, to help them adopt a circular carbon economy approach to deal with critical environmental issues.”
Meanwhile, His Excellency Mohammed A. Aljadaan, Minister of Finance, said: “Saudi Arabia has focused on de-escalating in the region with real actions to strengthen stability and growth, and that paid off, and will continue to do so.”
Outlining Saudi Arabia’s immense industrial potential, His Excellency Bandar Alkhorayef, Minister of Industry and Mineral Resources, said: “We have been able to convert a desert into the largest industrial city that exports petrochemicals globally.”
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Inclusive and global reach to AI
At Davos 2025, Saudi Arabia’s Minister of Communications and Information Technology Eng. Abdullah Alswaha emphasized the importance of artificial intelligence (AI) as a vital factor equivalent to oxygen, water and food, stressing the need to develop a comprehensive and innovative governance framework for technology to avoid negative impacts on economies and societies.
The minister’s remarks came during his participation in a panel discussion titled “State of Play: AI Governance,” where he indicated that the absence of AI in economies is equivalent to depriving individuals of life’s essentials, describing it as a “general-purpose technology” that is a cornerstone for economic and social progress.
“The Kingdom has put the foundations for the AI development we are witnessing today, and we are working with global partners to create inclusive, innovative and impactful AI for all,” he added.
Alswaha also emphasized the importance of developing secure and unbiased systems that affect the reliability of modern technologies.
The minister concluded his speech by reaffirming the Kingdom’s commitment to working with countries and institutions with shared objectives to develop innovative and sustainable AI solutions that meet humanity’s needs while ensuring the equitable distribution of technological benefits for all.
Discussing the importance of diversifying sources of growth, His Excellency Faisal F. Alibrahim, Minister of Economy and Planning, said: “For the economy to detach itself from relying on oil inflows, the most efficient way to do that in the long-term is to create the space for the private sector to grow more dynamically.”
