Geopolitical stability, inclusive growth, energy security under spotlight in Riyadh at World Economic Forum Special Meeting

Riyadh-Saudi Arabia. 29 April 2024 – Riyadh convened global leaders today at the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development to host candid dialogues and outline bold steps to tackle the most pressing geopolitical, social and economic challenges facing humanity.

Speaking at the Special Meeting, His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy for Saudi Arabia said a just and equitable energy transition will only be achieved by using a range of energy sources to diversify the global energy market. Access to secure and reliable energy, he said, is crucial to enabling people and communities from emerging nations achieve meaningful economic development.

In a session on 'North to South, East to West: Rebuilding Trust', His Highness Prince Faisal bin Farhan Al Saud, Saudi Arabia's Minister of Foreign Affairs, led a discussion on addressing critical challenges through cooperation, speaking of the need to solve the humanitarian crisis in Gaza through "a real commitment to a two-state solution that is a credible, irreversible path to a Palestinian state."

At the first WEF Open Forum to be hosted outside of Davos, Her Royal Highness Reema Bandar Al-Saud, Saudi Arabia's Ambassador to the United States, reflected on the Kingdom's cultural awakening, saying, "right now, what you're watching is a renaissance of this country falling in love with its heritage."

Reflecting on the progress of Saudi Vision 2030, His Excellency Adel Aljubeir, Minister of State for Foreign Affairs of Saudi Arabia, said: "We want to build a country that is diversified, that is inclusive, that is based on technology, that competes in the world and that is part of the global trading system.

At the start of the first day of the Special Meeting, His Excellency the Saudi Minister of Finance, His Excellency Mohammed Aljadaan, said that for long-term planning, countries need to be agile in dealing with economic challenges by making adjustments depending on circumstance.

Meanwhile, His Excellency Abdullah Alswaha, Saudi Arabia's Minister of Communications and Information Technology, discussed the link between artificial intelligence and economic growth, stating, "we are not at a tipping point, but a turning point in humanity," while highlighting how Saudi Arabia is doubling down on AI diffusion across multiple sectors.

His Excellency Ahmed Al-Khateeb, Saudi's Minister of Tourism, said. "in just five years, Saudi Arabia's tourism sector has nearly doubled, growing from $35 billion to $66 billion, with our sights set on reaching $80 billion this year."

Welcoming delegates to the two-day event, His Excellency Faisal Alibrahim, Saudi's Minister of Economy and Planning welcomed global leaders to the "global growth platform" that Saudi Arabia has become under Saudi Vision 2030, and stressed the importance of building a more inclusive global economy "where every nation has the chance to thrive, regardless of its wealth or status".