The choice to hold the World Economic Forum (WEF) outside of Davos wasn't coincidental. It came as the Middle East reels from multiple crises and conflicts, particularly amid an imminent Israeli assault on Gaza's southern city of Rafah.
The choice of the Saudi capital as the venue to chart the future of “global collaboration, growth and energy for development"— the theme of this year's forum—wasn’t coincidental either.
From Riyadh—an Arab capital viewed as an "alternative Middle East"—a series of clear political and economic messages were broadcast to the world.
Dubbed 'Davos in Riyadh', the forum discussed future trends and indicators in energy, artificial intelligence (AI), and growth opportunities. Notably, it underscored the delicate geopolitical balances necessary to move the Middle East away from being an epicentre for conflicts and toward regional stability.
The event’s resounding success and distinguished attendance should not surprise those familiar with Riyadh and its mega events since the launch of Vision 2030 eight years ago.
'Davos in Riyadh' has realistically and pragmatically defined pathways out of conflicts and disruptive “uncertainty” towards a flourishing regional economy.
Moreover, the forum sent a clear message to countries worldwide that they cannot afford to rest in “economic bliss” while regional conflicts escalate, global supply chains constrict, and economic indicators paint a sobering picture.
Recent data—from the Suez Canal's falling revenues to the International Monetary Fund's bleak growth projections for the Middle East, North Africa, and Central Asia, which fell below 2.7%—underscore the urgency of addressing these challenges.
These same challenges were addressed two weeks ago on the sidelines of the Bretton Woods institutions’ spring meetings. The call was clear: pursue growth and stability instead of reckless and biased policies.
Central to this narrative is the belief that economic cooperation and prosperity play a key role in mitigating tensions. As Saudi Finance Minister Mohammed Al-Jadaan emphasised, “The region needs stability, focusing on its people, growth, and economy instead of politics and conflicts.”
Amidst a world saturated with rhetoric on climate change but lacking concrete action, exemplified by the repercussions of Russia’s invasion of Ukraine, one of the forum's most poignant messages came from Saudi Energy Minister Prince Abdulaziz bin Salman, who said that Saudi Arabia was committed to supplying the world with various forms of energy, whether hydrogen or nuclear.
“We want to provide the world with energy of any kind,” he stated. He said that the Kingdom aims to “collaborate and partner with all nations in the provision of green energy” and hydrogen transport, adding that Saudi Aramco is evolving into an integrated energy company, encompassing renewable and thermal energy.
He said that addressing climate change requires international and regional efforts, not solely local ones, adding that this is especially crucial considering that 60% of the world’s population lacks access to adequate and sustainable energy sources.
He said that concerted global action is imperative if people genuinely want a more equitable world that benefits all people—not just a few, at the expense of others.
The world is currently grappling with rising debt and inflation and widening economic disparities, as well as supply chain disruptions.
These bleak developments unfold against the backdrop of geopolitical shifts and the ever-evolving landscape of microchip industries spanning from the Red Sea to Taiwan.
