The Kingdom of Saudi Arabia is set to become the center of global economic discussions as it prepares to host a special meeting of the World Economic Forum (WEF) in April. This move is part of the kingdom’s strategic efforts to enhance the international stature of its capital, Riyadh, and promote collaborative efforts on economic growth and energy matters.
The event is scheduled for April 28-29 and was announced by the Kingdom’s economy minister, Faisal Alibrahim, during the WEF’s main annual gathering in Davos, Switzerland. Alibrahim highlighted the recognition of Saudi Arabia as an increasingly influential player on the world stage, making it an ideal time to bring such a prestigious event to the kingdom.
“Hosting the WEF in Riyadh is a step towards turning the city into a global platform for discourse and decision-making,” Alibrahim stated, mentioning that the Saudi government had engaged in extensive discussions with the WEF to secure the opportunity.
Borge Brende, President of the WEF, confirmed that the organization had conversed with Saudi Crown Prince Mohammed bin Salman and other top officials about the upcoming forum meeting in the kingdom. This occasion marks the first WEF meeting outside of its traditional venues in Davos since the onset of the COVID-19 pandemic.
The Riyadh-hosted WEF meeting is expected to complement, not compete with, the kingdom’s flagship annual event, the Future Investment Initiative (FII), according to Alibrahim. The FII is known for attracting leading figures from the finance world and is a key event aimed at drawing foreign direct investment into Saudi Arabia. Despite previously missing its investment targets, the FII continues to gain traction and expand its reach.
Known colloquially as “Davos in the Desert,” the FII debuted in 2017 and has been a focal point for investment into Saudi Arabia. The WEF event is anticipated to bolster not only the FII but also other events held in Riyadh.
Saudi Arabia plays a significant role as a source of investment funds. Last year, the nation’s Public Investment Fund executed deals amounting to $31.5 billion, a substantial portion of the total investments made by sovereign wealth funds globally. Additionally, Saudi Arabia generated almost 40% of the investment banking fees from the Middle East and North Africa region in 2022, showcasing its prominent financial influence.