Saudi Arabia to encourage cooperation, comprehensive economic integration at WEF

Saudi Arabia to encourage cooperation, comprehensive economic integration at WEF
Saudi Arabia to encourage cooperation, comprehensive economic integration at WEF

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s World Economic Forum delegation aims to highlight the Kingdom’s innovative business models and promote cooperation toward comprehensive economic integration, a leading minister has said.  

The remarks by Saudi Arabia’s Minister of Communications and Information Technology Abdullah Al-Swaha came ahead of the 54th annual meeting of the WEF, taking place at Davos, Switzerland, from Jan. 15 to 19. 

Speaking to the Saudi Press Agency, the minister noted that the Kingdom hopes to foster dialogue on how “to build a prosperous digital future for all” through investment in technical and artificial intelligence-related economies. 

Saudi Arabia hopes to continue to fulfill its role as an effective international leader in initiating global innovative solutions, he added. 

The minister further noted that under the leadership of King Salman and Crown Prince Mohammed bin Salman, the nation hopes to “serve humanity” by building an interconnected future in a multitude of fields.  

He stressed that public health, sustainability, energy, industry and future economies are significant sectors to focus on. 

This aligns with Saudi Arabia’s national ambitions and priorities for research, development and innovation, according to SPA.  

The official said: “The Kingdom’s Vision 2030, led by His Highness the Crown Prince, represents the greatest story of transformation on the economic and social levels. The transformation was created by the vision through the digital economy that led the Kingdom to be today the pivotal center for technology and innovation in the region.” 

He added: “As the largest technology market with more than $43 billion, and the largest point of concentration of talent and digital capabilities with more than 354,000 young men and women, with qualitative growth in the empowerment of women in the sector that reaches today to 3 percent, exceeding the average of the European Union, the G20 and Silicon Valley.” 

The Saudi delegation, headed by the Kingdom’s Minister of Foreign Affairs Prince Faisal bin Farhan, will utilize the platform to highlight the progress achieved within the framework of Saudi Vision 2030, according to SPA.  

It aims to shed light on the process of transformation and development that the region is witnessing in various fields and the investment opportunities available, with hopes to reach a prosperous, diversified economy that is open to possibilities for cooperation. 

In a statement to SPA, the Kingdom’s Minister of Industry and Mineral Resources Bandar Alkhorayef said Saudi Arabia’s participation in the annual meeting confirms its pivotal role in confronting many global challenges. 

He cited the nation’s support for supply chains and capacity building as well as its important role in the shift towards net zero.  

The minister added that the Kingdom’s vision aligns with many global issues, encompassing climate change, sustainable development, and innovation. 

He further noted that Saudi Arabia is committed to its economic diversification plans and to providing new job opportunities for citizens by investing in new industries based on innovation and technology. 

Alkhorayef said: “The Kingdom’s participation in Davos is an opportunity to communicate with important players in the private sector around the world, with the aim of cooperating on these issues and enhancing economic and development mobility in the Kingdom in various sectors, such as industry, mining, local content, research, development and innovation.” 

The minister explained that building international partnerships is an essential element in addressing contemporary challenges, especially in the areas of food, water, energy, and the security of sustainable global supply chains, in addition to reliable access to vital minerals, which are extremely important in supporting the transition to clean energy. 

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