Saudi Arabia, WEF Innovation Accelerator Opening, Discovering Collaborations in the Global Metaverse Village.

Davos, Switzerland, January 18, 2023–(BUSINESS WIRE)– A high-level delegation from Saudi Arabia participated in a multilateral assembly with the management of the World Economic Forum (WEF) in 2023.

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The Kingdom of Saudi Arabia and the World Economic Forum (WEF) have launched an innovation accelerator to assist the catalyst for transformation.

HRH Prince Faisal Bin Farhan Al Saud, Minister of Foreign Affairs, HRH Princess Rima Bint Bandar Al Saud, Ambassador of the United States of America, HRH Bandar bin Ibrahim Al Khorayef, Minister of Industry and Mineral Resources and HRH Faisal. Minister of Economy and Planning F. Alibrahim met with WEF Founder and Executive Chairman Klaus Schwab and WEF President Borge Brande to discover areas of mutual curiosity.

During the assembly N.S. Abdullah bin Amer Alswaha, Chairman of the King Abdulaziz City Council for Science and Technology (KACST) and Chairman of the Research, Development and Innovation Authority (RDIA) Board, and WEF Chairman Borge Brande signed; letter of intent (LoI) to determine a brand new accelerator program in order that it could assist innovation in Saudi Arabia.

The letter of intent states that KACST will work along with the WEF to attach consultants and companions from the private and non-private sectors to determine and unlock promising new markets as a part of the ongoing work to remodel the Saudi financial system.

During the assembly, delegations will spotlight the Kingdom’s function as a pioneering companion in the Global Village Cooperation Forum, which is able to use the metaverse to serve the international neighborhood.

Saudi Arabia intends to construct a home in the village, opening a door of alternative, funding and cooperation between a number of nationwide and worldwide organizations. It will probably be used as a instrument to take part in the occasion, work together with folks, share information and publish bulletins.

During the assembly, it was emphasised that Saudi ARAMCO, one in all the main personal sector organizations in Saudi Arabia, is the first firm to construct a home in the Global Village Collaboration.

The assembly additionally addressed investments in inexperienced applied sciences, in addition to empowering girls and youth, who’re crucial actors in efficient local weather motion. The assembly supplied an replace on the progress of the tasks offered at the 2022 WEF Annual Meeting.

In addition, delegates addressed the way forward for Saudi Arabia’s mining business and its untapped potential, notably given the rising demand for minerals and the significance of harnessing the Fourth Industrial Revolution and Green Technologies.

About the Kingdom of Saudi Arabia at the World Economic Forum 2023

Saudi Arabia’s participation in the 2023 World Economic Forum underscores the Kingdom’s dedication to have interaction in essential dialogues with different international locations to develop options to the world’s most urgent challenges. Recognizing the crucial function of worldwide cooperation in securing international stability, Saudi Arabia is strengthening its efforts on the international stage as a bridge between short-term stability and long-term transformation.

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