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Riyadh, WEF Cooperate to Kick off 4th Industrial Revolution

A person passes by a World Economic Forum logo in Davos, Switzerland, January 20, 2019. (Reuters)
A person passes by a World Economic Forum logo in Davos, Switzerland, January 20, 2019. (Reuters)
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Riyadh, WEF Cooperate to Kick off 4th Industrial Revolution

A person passes by a World Economic Forum logo in Davos, Switzerland, January 20, 2019. (Reuters)
A person passes by a World Economic Forum logo in Davos, Switzerland, January 20, 2019. (Reuters)

Saudi Arabia and the World Economic Forum (WEF) in Davos, Switzerland, signed a Memorandum of Understanding (MoU) to develop a framework for cooperation in various aspects, such as the establishment of the WEF Center for the Fourth Industrial Revolution in the Kingdom and other areas of global importance.

The agreement was jointly signed by the Saudi Minister of Foreign Affairs and head of the Kingdom’s delegation to the Davos meetings, Dr. Ibrahim al-Assaf, and Professor Klaus Schwab, chairman of the Board of Directors of WEF.

The MoU will consolidate the partnership between the Kingdom and the WEF by supporting the ongoing transformation of Saudi Arabia through the various programs and initiatives of the Forum.

It focuses on cooperation in public-private partnerships as well as key initiatives, including the future of energy, health, health care, financial and monetary systems, and other areas. It also provides for collaboration over the Fourth Industrial Revolution Center being managed by WEF, including the establishment of the center in the Kingdom.

Assaf, who is also member of the Board of Directors of Saudi Center for International Strategic Partnerships, said on the occasion that the Fourth Industrial Revolution “will make changes in the way people live, and as such, the Kingdom will benefit from its many advantages and resources so as to ensure its global competitiveness through important partnerships.”

He added that the Kingdom would be in a privileged position to benefit of the opportunities in the heart of the Fourth Industrial Revolution.

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Future Investment Initiative Conference Gathers Global Decision-Makers in Riyadh

One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)
One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)
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Future Investment Initiative Conference Gathers Global Decision-Makers in Riyadh

One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)
One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)

Under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, Riyadh is set to launch the eighth edition of the Future Investment Initiative (FII) conference on Monday.
This year’s event carries the theme, “Infinite Horizons... Investing Today, Shaping Tomorrow” and will feature prominent figures in finance, investment, and technology.
Through its annual conference, often called the “Davos of the Desert,” the Future Investment Initiative aims to foster discussions on how investment can drive a prosperous and sustainable future, expanding the possibilities for humanity.
The conference is expected to attract over 7,000 guests and 500 speakers, covering a wide range of current topics across more than 200 sessions. Key areas of focus include economic stability, equitable development, climate change, artificial intelligence, innovation, health, and geopolitical issues.
Among those looking to leverage projects aligned with Saudi Arabia’s Vision 2030 are David Solomon of Goldman Sachs, Jane Fraser of Citigroup, and Larry Fink of BlackRock, which recently agreed to establish a multi-asset investment platform in Riyadh, backed by a $5 billion investment from Saudi Arabia’s sovereign wealth fund. This year, the conference will also host the New Africa Summit, featuring speakers from Africa’s mining and banking sectors.
Reflecting Saudi Arabia’s emphasis on technology and artificial intelligence, industry leaders in these fields will participate in the event. Notably, Alphabet President Ruth Porat, TikTok CEO Shou Zi Chew, and tech entrepreneur Benjamin Horowitz, co-founder of the venture capital firm Andreessen Horowitz, are scheduled to speak for the first time.
According to Richard Attias, CEO of the Future Investment Initiative, executives worldwide are expected to announce deals exceeding $28 billion. Some of these initiatives will focus on artificial intelligence, including a new potential fund with Andreessen Horowitz that could grow to $40 billion, as reported by Bloomberg.
The Kingdom is also expected to announce a new company that will invest at least $10 billion in making Saudi Arabia the world’s largest producer of hydrogen—a low-carbon fuel critical for the global transition away from fossil fuels. Key speakers from Asia will include Hong Kong’s Financial Secretary Paul Chan and Belt and Road Commissioner Nicholas Ho.
On the eve of the event, Swiss entrepreneur and FII participant Stephan Knuser told Asharq Al-Awsat that the conference will provide significant business insights for both local and international communities, anticipating that new partnerships will form between Swiss and Saudi companies in energy-efficient technologies and food security.
Neil Bush, Chairman of Sky Towers, remarked: “We view FII as not only a driver for attracting capital but also for bringing in technologies that accelerate Saudi Arabia’s goals.” According to Bush, the FII topics align with needs like business registration processes, free trade zone policies, and strategies for developing industrial complexes, which will help accelerate Vision 2030 goals, including carbon reduction.