quotes Why Saudi Arabia was chosen to host WEF Special Meeting

19 May 2024
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Updated 18 May 2024
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Why Saudi Arabia was chosen to host WEF Special Meeting

Under the patronage of Crown Prince Mohammed bin Salman, the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development took place in Riyadh on April 28 and 29, in cooperation with the Saudi Ministry of Economic and Planning.

The meeting was intended to bridge the widening North-South gap, exacerbated by issues including emerging economic policies, energy transition, and geopolitical shocks.

More than 1,000 global leaders from various sectors and industries gathered to facilitate dialogue between countries, leveraging international cooperation for economic development and promoting global energy transition and a more equitable and resilient global economy.

One might question why the meeting was held in Saudi Arabia. The answer is very simple. It was part of a landmark agreement between Saudi Arabia and the WEF to cooperate as strategic partners in addressing common issues, as well as challenges facing the global economy — such as high interest rates and inflation, and energy supply and transition — and fostering international cooperation to address these challenges.

Saudi Arabia is an essential player in the global economy when it comes to collaborating with both developed and developing markets to help them achieve their long-term commercial, energy, and financing goals. Riyadh is the capital of the largest economy in the Middle East and a world-leading hub of trade and innovation, connecting three continents: Asia, Africa, and Europe. It marks the midway point between the Global South and Global North.

Saudi Arabia is an essential player in the global economy when it comes to collaborating with both developed and developing markets to help them achieve their long-term commercial, energy, and financing goals.

Saudi Arabia has attracted the world’s attention with its successful economic and financial reforms in line with Vision 2030, from which the world can benefit. This is evidenced by the World Bank unveiling plans to establish a knowledge center within the Kingdom — in collaboration with Saudi Arabia’s National Competitiveness Center — with the aim of boosting global economic reforms by sharing Saudi Arabia’s successful experiences and collaborating with international stakeholders.

Speaking during a dialogue session at the meeting, the crown prince said that cohesion and cooperation with regional and global partners are the keys to achieving security and prosperity.

I believe that Saudi Arabia being chosen to host the WEF Special Meeting in Riyadh is well deserved, because the Kingdom has acted in good faith for several decades to stabilize the global economy by ensuring consistent energy supply without any disruption.

Also, I believe that the Kingdom’s economic achievements under Saudi Vision 2030 can serve as lessons to stimulate the growth of the world economy.

Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz