Saudi Arabia to host World Economic Forum in April

Saudi Arabia is gearing up to host a special World Economic Forum (WEF) meeting in April, announced by Faisal Alibrahim, the kingdom's economy minister. The event, scheduled for April 28-29 in Riyadh, aims to amplify Saudi Arabia's global presence. It will focus on themes of global collaboration, growth, and energy. Alibrahim highlighted the WEF's acknowledgment of Saudi Arabia's growing global influence, leading to the decision to bring this major event to the kingdom. Collaborative efforts with the WEF have been underway to make this event a reality.

Speaking from Davos, Switzerland, where the WEF's main annual event was in progress, Alibrahim, in an interview with Reuters, emphasized that hosting this "global Tier 1 event" would contribute to making Riyadh a more significant global platform. Borge Brende, the president of the WEF, mentioned discussions with Saudi Crown Prince Mohammed bin Salman and cabinet ministers, confirming that this meeting would be the WEF's first outside Davos since the COVID-19 pandemic.

Alibrahim clarified that hosting the WEF event would not diminish the importance of Saudi Arabia's flagship annual event, the Future Investment Initiative (FII). The FII, known for attracting top finance figures globally, including JPMorgan's Jamie Dimon and BlackRock's Larry Fink, aims to promote foreign direct investment in the kingdom. Alibrahim stated that FII would continue to expand and grow, with the government providing unwavering support.

The inaugural FII event in 2017 was coined "Davos in the Desert," and Alibrahim noted that hosting the WEF event would complement and strengthen the FII and other events held in Riyadh. He underscored the events' significance in showcasing Saudi Arabia's economic potential and attracting global investments.

Saudi Arabia has historically been a substantial source of funding, with its sovereign Public Investment Fund making noteworthy investments. In 2022, the kingdom accounted for nearly 40% of investment banking fees in the Middle East and North Africa region, showcasing its increasing role in global finance. The decision to host the WEF event further solidifies Saudi Arabia's position on the international stage, demonstrating its pivotal role in economic forums and investment discussions.

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