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Chaired by Foreign Minister Prince Faisal bin Farhan, a high-level delegation from �������� took part in the 54th Annual Meeting of the World Economic Forum in Davos, Switzerland, from Jan. 15-19, under the theme “Rebuilding Trust.”

The delegation included eight ministers and the Kingdom’s ambassador to the US, Princess Reema bint Bandar.

The Saudi delegation took part in several panel discussions, addressing multiple topics, including, but not limited to, climate change, social and economic challenges, and alternative energy.

The delegation showcased the Kingdom’s social and economic development, made in line with the Saudi Vision 2030 framework.

The ministers also showcased the Kingdom’s serious commitment to developing various promising economic sectors, such as tourism, entertainment, sports, logistics, mining and industry, as well as attracting foreign investment to the country. The aim is to diversify the Kingdom’s national economy and pave the way for collaborative business and investment opportunities.

Several statements were made by the Saudi delegation at the forum to underscore the economic development achieved in the Kingdom toward achieving the Saudi Vision 2030 goals and objectives.

In a panel discussion titled “��������: The Course Ahead,” Saudi Minister of Finance Mohammed Al-Jadaan highlighted the significant efforts taken by the Kingdom to reduce the dominance of the oil sector in the composition of the Kingdom’s gross domestic product.

The Kingdom made significant progress in reducing its national economy’s dependence on oil as a major contributor to GDP, evidenced by the reduction from 70 percent to 35 percent, resulting from the growth in non-oil GDP to 65 percent.

Saudi Minister of Economy and Planning Faisal Al-Ibrahim said that the Kingdom’s economy has expanded by 20 percent since 2016, excluding the oil sector, and is expected to grow by 4.4 percent in 2024. Additionally, he projected that the non-oil GDP of the Kingdom would experience growth between 4.5 percent and 5 percent in the current year.

On another front, concerning clean energy and climate change, Saudi Minister of Investment Khalid Al-Falih said that the Kingdom is strategizing a transition toward a green and blue economy. Meanwhile, ��������’s Minister of State for Foreign Affairs and Climate Affairs Envoy Adel Al-Jubeir said that the Kingdom has been advocating for the diversification of energy sources since the 1970s.

Al-Jubeir added: “We oppose any unrealistic global expectations being promoted about the future of energy and reject the ‘hypocrisy’ in some global attitudes toward oil.”

Minister of Industry and Mineral Resources Bandar Al-Khorayef said that the automotive sector is becoming one of the most prominent industrial sectors targeted for the creation of new supply chains, along with the manufacturing of medicines, vaccines, petrochemicals and industries related to the mining sector.

I believe that the Saudi delegation to the World Economic Forum 2024 has succeeded in delivering clear messages to the world regarding the Kingdom’s economy and future outlook in line with Vision 2030.

This is evidenced by the compliment from Borge Brende, president of the World Economic Forum, on the Kingdom’s participation and its selection to host the first-ever special meeting of the World Economic Forum on April 28 and 29, 2024.

— Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz