Saudi Arabia Signs Agreement with the World Economic Forum to Establish a Branch in the Kingdom of the Centre for the Fourth Industrial Revolution

Riyadh, Prince Faisal bin Farhan bin Abdullah Al-Saud, the Minister of Foreign Affairs; Prince Badr bin Abdullah bin Farhan Al-Saud, the Minister of Culture; Mohammed Al-Jadaan, the Minister of Finance; Abdullah Al-Swaha, the Minister of Communications and Information Technology; Mohammed Al-Tuwaijri, the Minister of Economy and Planning; and Dr. Fahad bin Abdullah Toonsi, Royal Court Advisor and General Secretary of the Saudi G20 Secretariat; met on Wednesday with Professor Klaus Schwab, the Founder and Executive Chairman of the World Economic Forum (WEF).

The meeting was also attended by a number of princes, government ministers and senior officials in the Kingdom as well as WEF senior officials. During the meeting, they discussed areas of joint cooperation between Saudi Arabia and the World Economic Forum.

Following this, they witnessed the signing of an agreement between the Government of the Kingdom of Saudi Arabia and the World Economic Forum to establish a branch in the Kingdom of WEF's Centre for the Fourth Industrial Revolution, the fifth such center in the world.

The two parties were represented in the signing of the agreement by H.E. Mohammed Al-Tuwaijri, the Minister of Economy and Planning, and Professor Klaus Schwab, the Founder and Executive Chairman of the World Economic Forum.

This agreement marks the beginning of cooperation between WEF and KACST with the support and coordination of the Saudi Center for International Strategic Partnerships (SCISP).

KACST will manage the Centre for the Fourth Industrial Revolution in cooperation with WEF. The Centre will provide space for the development of the mechanisms, plans and applications of the Fourth Industrial Revolution in the Kingdom and will contribute to the adoption of technology and best practices in the region and the world, which reinforces the directives of the wise leadership and harnesses the tools provided by the Fourth Industrial Revolution to serve the Kingdom.

This cooperation will bring the Kingdom into the global Fourth Industrial Revolution network with countries such as India, China and Japan. The Centre will also provide the opportunity to cooperate with various government agencies, international institutions and private companies, in line with the efforts to develop effective solutions to the challenges of vital sectors, alongside preparing competencies and capacity-building, and advanced skill development in the areas related to the Fourth Industrial Revolution.

The Fourth Industrial Revolution is based on a number of areas, including Artificial Intelligence, Machine Learning, the Internet of Things, robots, smart cities, the governance and future shaping of technology and data policy, automated mobility, unmanned aerial vehicles (UAVs), and the future of airspace.

Later, the ministers and officials hosted a lunch banquet in honor of WEF's executive chairman.

The annual meeting of the World Economic Forum, in Davos, Switzerland, is a platform that highlights the challenges and topics of interest to the world, in addition to best practices and practical solutions to these challenges. The Kingdom's participation in the Forum is an opportunity to enhance economic relations, investment opportunities, and exchange pioneering ideas.

Source: Saudi Press Agency