Davos 2025: Saudi Arabia calls for nations to put “greater good” first

At the 2025 World Economic Forum in Davos, the Saudi Arabian delegation called on the international community to prioritize cooperation and dialogue to overcome the challenges posed by current global divisions. Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah stated that when common interests are placed above narrow ones, it can bring well-being to all. Despite the challenges expected in the coming years, he expressed hope that the global community could unite and collaborate to address these issues.

On the second day of the Davos 2025 meeting, participants delved into the challenges and opportunities facing the global economy. Saudi Minister of Commerce Dr. Majid Abdullah Al-Kassabi announced at a session on trade in services that Saudi Arabia's trade in services reached 540 billion riyals in 2023, with an annual growth rate of 7%. He emphasized that the service sector holds a significant position in the global economy, accounting for about 65% of global GDP, 60% of foreign investment, and being the largest global job provider, particularly benefiting women.

Dr. Al-Kassabi also stressed the need for global cooperation to reduce regulatory and procedural barriers in the service sector. Streamlining these systems will enhance competitiveness, alleviate the burden on SMEs, and thus promote their economic contribution. He noted, "We need a new global trade manual, and we need to find alternative sources of supply to reduce risks from high-risk areas." He also highlighted Saudi Arabia's significant investments in digital infrastructure, including 93.7 billion riyals already spent and 75 billion riyals planned for future projects, aimed at supporting digital transformation, promoting business development, and attracting foreign investment.

Saudi Minister of Tourism Ahmed Al-Khateeb noted at the Davos 2025 meeting the continuous growth in the number of international tourists visiting Saudi Arabia. During a panel discussion on "How We Will Travel in the Future," he stated that Saudi Arabia hosted a record of nearly 30 million international tourists last year and is on track to achieve its goal of hosting 70 million tourists annually by 2030, placing it among the top seven global tourist destinations. Al-Khateeb attributed the success of Saudi Arabia's tourism sector to sound governance and comprehensive planning, highlighting key initiatives such as the launch of e-visas and the construction of airports at major tourist destinations, which have significantly increased the number of international visitors. "Through Saudi Vision 2030, we decided to open up all sectors, including tourism. We are building destinations, airports, and new airlines, and focusing on the end-to-end tourism experience," he said.

Saudi Minister of State for Foreign Affairs and Climate Envoy Adel Al-Jubeir, speaking on today's environmental issues, stated, "Saudi Arabia launched the Middle East Green Initiative, which aims to bring together 22 countries in our region to help them adopt a circular carbon economy approach to address key environmental issues." Meanwhile, Saudi Minister of Finance Mohammed Al-Jadaan said, "Saudi Arabia has been committed to easing regional tensions through practical actions, strengthening stability and growth, which has been effective and will continue to be so." Minister of Industry and Mineral Resources Bandar Al-Khorayef outlined Saudi Arabia's immense industrial potential, stating, "We have been able to transform the desert into the world's largest industrial city for petrochemical exports."

At the Davos 2025 meeting, Saudi Minister of Communications and Information Technology Abdullah Al-Swaha emphasized the importance of artificial intelligence (AI), considering it as essential as oxygen, water, and food. He stressed the need for a comprehensive and innovative governance framework for technology development to avoid negative impacts on the economy and society. Minister Al-Swaha stated during a panel discussion titled "The State of AI Governance" that the lack of AI in an economy is equivalent to depriving people of life necessities, describing it as the cornerstone of economic and social progress. "The Kingdom of Saudi Arabia has laid the foundation for the AI development we see today, and we are working with global partners to create inclusive, innovative, and impactful AI for all," he added. He also emphasized the importance of developing secure and fair systems, which are crucial for the reliability of modern technology. Concluding his remarks, the Minister reaffirmed Saudi Arabia's commitment to working with like-minded countries and institutions to develop innovative and sustainable AI solutions that meet human needs while ensuring the equitable distribution of technological benefits.

Discussing the importance of diversifying sources of growth, Saudi Minister of Economy and Planning Faisal Al-Ibrahim stated, "The most effective way to move the economy away from its dependence on oil revenues in the long term is to create a more dynamic growth space for the private sector."