Switzerland’s mountain town of Davos, renowned for hosting the annual World Economic Forum (WEF), will soon see Saudi Arabia’s capital Riyadh take the spotlight. The Kingdom is set to hold a special WEF meeting this coming April, as announced by the Saudi Economy Minister Faisal Alibrahim.
Slated for April 28-29, the event will delve into themes of global cooperation, economic growth, and energy. Alibrahim, speaking from Davos, expressed that the upcoming meeting is a result of the Kingdom’s increasingly influential role on the world stage. “It’s an opportune time to bring this global Tier 1 event to the kingdom, and start this new chapter together,” he said, highlighting the goal of transforming Riyadh into a prominent global hub.
WEF President Borge Brende confirmed that after a pandemic-induced hiatus on meetings outside the regular Davos gatherings, Riyadh was chosen for the Forum’s spring session. This decision followed discussions with Saudi Crown Prince Mohammed bin Salman and various cabinet members.
The Riyadh-hosted WEF will complement, rather than overshadow, the Kingdom’s flagship annual event, the Future Investment Initiative (FII), according to Alibrahim. Despite FII’s ambition to attract foreign direct investment, which has frequently fallen short of expectations, Alibrahim insists that it will continue to flourish with support. The 2017 debut of FII was notably branded as “Davos in the Desert.”
Hosting the WEF is anticipated to bolster the FII and other Riyadh-based events. Notably, Saudi Arabia has been a significant source of funding historically. The sovereign Public Investment Fund executed a whopping $31.5 billion in deals last year, which is nearly 40% of the total investment banking fees generated from the Middle East and North Africa region, according to data from LSEG.