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DAVOS: Saudi Minister of Economy and Planning Faisal Alibrahim gestures as he addresses the audience, during the annual meeting of the WEF at Davos on January 24, 2025. -- AFP
DAVOS: Saudi Minister of Economy and Planning Faisal Alibrahim gestures as he addresses the audience, during the annual meeting of the WEF at Davos on January 24, 2025. -- AFP

Saudis showcase charm offensive at Davos forum

DAVOS: Two buildings branded “Saudi House” and “Saudi At Davos” stand out on the chic main street of the Swiss Alpine village hosting the World Economic Forum, showcasing the kingdom’s growing presence at major international events.

Saudi officials and business leaders make the annual pilgrimage to the meeting of the world’s global elites every year, with this year’s delegation counting 57 people. Nine ministers made the trip this time, the most from any country, with some participating in panel discussions alongside other powerbrokers from around the world. The “Saudi At Davos” building, where the delegation hosts guests, overlooks the congress center hosting the WEF talks where world leaders and entrepreneurs hold their annual talkfest.

A European official who attends major international conferences said the Saudis have a “strong” presence at formal events such as G20 or IMF meetings or informal ones like the WEF.

“The delegations even seem large by our standards,” he said on condition of anonymity.

Saudi Arabia began to increase its footprint in global events after Crown Prince Mohammed bin Salman launched his Vision 2030 reform agenda in 2016, an official said. Since 2017, Saudi Arabia has held its own annual “Davos in the Desert” conference, officially dubbed the Future Investment Initiative (FII), to showcase the crown prince’s vision of diversifying the country’s oil-dependent economy.

Saudi Arabia “needs to punch at (its) weight” on the global stage given its growing institutional presence and the return of Donald Trump, the kingdom’s finance minister told AFP in Davos.

The wealthiest country in the Arab world has taken a larger place on the international scene since assuming the presidency of the G20 in 2020, and is seeking the right balance between its Western allies and emerging countries. “We are a key player in the world, the world economy, and we need to punch at our weight”, Finance Minister Mohammed Al-Jadaan said on the sidelines of the annual World Economic Forum in Davos.

Through Al-Jadaan, the Gulf state also chairs the committee advising the International Monetary Fund (IMF) on monetary and financial matters.

Riyadh is also a key geopolitical player in the Middle East and a Global South looking to make its voice heard. “We need to make sure that emerging economies and low income countries’ voice is heard,” Al-Jadaan said.

It hosts Formula 1 races and professional golf tournaments. In 2021, the Saudi Public Investment Fund bought the Newcastle United football club in England. It scored a major coup last year when it was selected to host the 2034 World Cup. “It is about visibility. It’s about leadership,” Karen Young, a political economist at the Middle East Institute in Washington, told AFP.

The Saudi efforts are aimed at two audiences, domestic and international, Young said. “This is really to demonstrate to Saudi citizens that there is a government that’s interested in what people want, especially what young people (want),” she said. “That’s the first priority.” Two-thirds of the Saudi population is under 30 years old. 

“The second priority is this visibility on the international stage,” she said. The focus on sports is “a conscious decision by the government to say, ‘hey, we’re here, we’re part of a bigger community’,” she said. The European politician said Saudi diplomacy “is deeply rooted as a value in their economic interests”.

The sports industry contributed $6.9 billion to Saudi Arabia’s gross domestic product last year, compared to $2.4 billion in 2016, according to figures from the Saudi sovereign wealth fund. “For us, to invest in sports and entertainment and culture to attract investors is actually a very good economic investment,” Jadaan said. — AFP

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