Saudi Arabia is actively positioning itself to capitalize on shifting global dynamics in trade, travel, and technology, as senior ministers outlined the Kingdom’s economic ambitions at the World Economic Forum Annual Meeting in Davos.
A Bridge Economy for Global Trade
Speaking at the forum, Minister of Commerce His Excellency Majid A. Alkassabi highlighted that global trade is moving toward a more managed, rules-based model.
He noted that Saudi Arabia’s strategic location and resource base position it well to serve as a “bridge economy,” connecting Africa, Europe, and Asia, and to act as a global logistics hub amid ongoing supply chain realignments.
Capitalizing on Global Tourism Growth
Tourism growth was emphasized as a major opportunity for the Kingdom. Minister of Tourism His Excellency Ahmed A. Alkhateeb cited UN Tourism projections that global tourist numbers will reach 2 billion by 2030, an increase of 500 million travelers.
He stated this growth is highly encouraging for Saudi Arabia’s hotel operators, investors, and technology providers, underscoring the sector’s significant long-term potential.
Fostering Confidence Through Economic Stability
Economic resilience and policy stability were also central themes in the discussions. Minister of Finance His Excellency Mohammed A. Aljadaan emphasized the critical role of policymakers in ensuring a predictable business environment.
He noted that Saudi Arabia is actively strengthening its economic foundations to build and sustain private-sector confidence.
Positioning as a Partner in the AI Revolution
Technology, particularly artificial intelligence, featured prominently in the dialogue. Minister of Communications and Information Technology His Excellency Abdullah A. Alswaha said the Kingdom is addressing key AI challenges, including energy and memory constraints.
This strategic focus aims to position Saudi Arabia as a partner of choice for global players in accelerating and adopting AI technologies.
Fostering Global Innovation Partnerships
Beyond panel discussions, Davos also saw the launch of the Saudi-U.S. Innovation Partnership, a Global Innovation Platform initiative anchored in Riyadh and Austin. This partnership is aimed at accelerating collaboration in life sciences, AI, and advanced manufacturing.
Additionally, Amplifai Health, a Saudi-based startup, was named a winner of the World Economic Forum’s MINDS AI Global Alliance initiative, highlighting the growing prowess of the local tech ecosystem.
About The World Economic Forum
The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. It was established in 1971 as a not-for-profit foundation and is headquartered in Geneva, Switzerland.
Source: Fast Company Middle East
