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Saudi Arabia to Host WEF Special Meeting in Riyadh in April

Saudi Arabia Foreign Minister Prince Faisal bin Farhan bin Abdullah attends a session during the World Economic Forum (WEF) annual meeting in Davos. (AFP)
Saudi Arabia Foreign Minister Prince Faisal bin Farhan bin Abdullah attends a session during the World Economic Forum (WEF) annual meeting in Davos. (AFP)
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Saudi Arabia to Host WEF Special Meeting in Riyadh in April

Saudi Arabia Foreign Minister Prince Faisal bin Farhan bin Abdullah attends a session during the World Economic Forum (WEF) annual meeting in Davos. (AFP)
Saudi Arabia Foreign Minister Prince Faisal bin Farhan bin Abdullah attends a session during the World Economic Forum (WEF) annual meeting in Davos. (AFP)

A high-level delegation from Saudi Arabia concluded its participation in the World Economic Forum (WEF) Annual Meeting 2024 in Davos, culminating in an announcement that Riyadh will host a WEF Special Meeting on global cooperation, growth and energy, between April 28-29.

From January 15-19, the Saudi delegation, headed by Prince Faisal bin Farhan bin Abdullah, Minister of Foreign Affairs, participated in critical dialogues, bilateral and multilateral meetings to shape solutions to global challenges, to build the foundations for a more connected, resilient and thriving future.

The delegation included Princess Reema bint Bandar Al-Saud, Ambassador of the Custodian of the Two Holy Mosques to the United States; Dr. Majid Al-Kassabi, Minister of Commerce; Adel Al-Jubeir, Minister of State for Foreign Affairs, Member of the Council of Ministers, and Envoy for Climate; Khalid Al Falih, Minister of Investment; Mohammed Al-Jadaan, Minister of Finance; Abdullah Al-Swaha, Minister of Communications and Information Technology; Bandar Alkhorayef, Minister of Industry and Mineral Resources; and Faisal Alibrahim, Minister of Economy and Planning.

Some of the highlight sessions in which the delegates participated included: "Securing an Insecure World"; "Frictionless Services"; "Gulf Economies: All In"; "Regulating Non-Banks"; "Bold Steps for a Sustainable MENA"; "Resilience: What It Means and What to Do About It"; "Supply Chains of the Future"; "Investors of First Resort: Government Inc."; "The Future of Banking and Technology in Saudi Arabia: What it Means for Investors"; "MENA’s Economic Dilemma: Reforms Amid Uncertainty"; and a special WEF panel session on "Saudi Arabia: The Course Ahead", which focused on the Kingdom’s leading role in promoting peace, security and prosperity in the Middle East.

The Kingdom’s delegation also launched the Saudi House: Bold Visions Series, which convened change-makers, policymakers, and innovators to engage in dialogues focused on the solutions needed across key areas of economic development including the blue economy, tourism and technology investments.

The WEF Special Meeting in Riyadh is part of a landmark agreement between Saudi Arabia and the Forum, set to convene more than 700 global leaders the public and private sector, international organizations, NGOs, academia and civil society to foster dialogues between countries towards reviving international cooperation.

On Thursday, the Kingdom signed two agreements with WEF’s innovation platform UpLink to catalyze innovative global solutions to today’s most pressing environmental and sustainability challenges. The agreements aim to foster innovation ecosystems around early-stage impact entrepreneurs to stimulate investments and support for breakthrough solutions that address critical sustainable development challenges including ocean degradation, biodiversity loss, and the circular carbon economy.

Another Memorandum of Understanding (MOU) was signed to enhance cooperation between Saudi Arabia and the Organization for Economic Cooperation and Development (OECD). The agreement focuses on a wide range of public policy initiatives in areas including the economy, corporate governance and sustainability.

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Presidential Election: A Crucial First Step toward Saving Lebanon from Economic Crisis

The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
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Presidential Election: A Crucial First Step toward Saving Lebanon from Economic Crisis

The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)

Since 2019, Lebanon has faced one of its worst economic crises in modern history, affecting all aspects of life. The local currency has lost over 95% of its value, driving inflation to record levels and making goods and services unaffordable. Poverty and unemployment have surged.
Amid this, political divisions have paralyzed government action, preventing any effective response to the crisis.
The recent war with Israel added to the burden, causing huge human and material losses estimated by the World Bank at $8.5 billion. This has made Lebanon’s economic and social struggles even harder to resolve, with no president in place to lead the country.
The presidential post in Lebanon has been vacant since President Michel Aoun's term ended in October 2022, leaving the country without a leader to address growing economic and financial issues.
This vacancy has stalled government formation, making it difficult for Lebanon to negotiate with international donors like the International Monetary Fund (IMF), which demands major reforms in exchange for aid.
Choosing a new president is now a critical priority, not only to regain local and international confidence but also to begin the long-needed reforms.
One major challenge the new president will face is the reconstruction effort, which is estimated to cost over $6 billion. This is a huge financial burden that will require significant resources and effort to secure funding.
Reconstruction in Lebanon is not just about fixing infrastructure or repairing damage; it is a key test of the country’s ability to restore its role on the regional and international arena.
To achieve this, Lebanon needs a president with a clear vision and strong international connections, able to engage effectively with donor countries and major financial institutions.
Without credible and unified political leadership, Lebanon’s chances of gaining external support will remain limited, especially as international trust has been shaken by years of mismanagement and lack of reforms.
Keeping Lebanon’s deepening crises in mind, the people are hoping that electing a new president will offer a chance for economic and political recovery.
The new president, along with a strong government, is expected to rebuild trust both locally and internationally and restore political stability—key factors for stopping the economic decline and encouraging growth.
For instance, reviving Lebanon’s vital tourism sector will require better security and restoring confidence in the country as a safe place for investment.
This can only happen with political leadership that has a clear plan for reconstruction and necessary reforms.
Given Lebanon’s ongoing financial struggles, the new president’s ability to address these challenges will be critical to rescuing the country and guiding the economy toward recovery and sustainable growth.