At Davos, Kingdom Pushes Diplomacy and PIF Talks 2024 Investment Strategy | SUSTG.com – News, Analysis, and Features on all things Saudi Arabia

Saudi Arabia’s strong presence at the World Economic Forum in Davos, Switzerland is emblematic of an increasingly confident Kingdom on the global stage, with top officials from both the government and Saudi Arabia’s Public Investment Fund on the ground to promote Saudi Arabia’s interests.

Saudi Arabia’s presence at Davos is a who’s who of Saudi officials and business leaders. The delegation is lead by HRH Prince Faisal bin Farhan Al-Saud, Saudi Arabia’s Minister of Foreign Affairs. The high-level group also includes several prominent figures, including Princess Reema bint Bandar AlSaud, Ambassador of the Custodian of the Two Holy Mosques to the United States of America, Dr. Majid A. Alkassabi, Minister of Commerce, Adel A. Aljubeir, Minister of State for Foreign Affairs, Member of the Council of Ministers, and Envoy for Climate, H.E. Khalid A. Al Falih, Minister of Investment, Mohammed A. Aljadaan, Minister of Finance, Abdullah A. Alswaha, Minister of Communications and Information Technology, Bandar I. Alkhorayef, Minister of Industry and Mineral Resources, and Faisal F. Alibrahim, Minister of Economy and Planning.

Other members include additional high-ranking officials from various ministries and government agencies, business leaders representing key sectors of the Saudi economy, academic experts and thought leaders, and representatives of civil society organizations, Saudi Arabia said.

The Kingdom’s representatives at Davos have used the platform to push for calm in the Middle East and an end to Israel’s war in Gaza.

Saudi Arabia’s foreign minister said on Tuesday the Kingdom could recognize Israel eventually if a comprehensive agreement were reached that included statehood for the Palestinians, despite the war between Israel and Hamas showing no sign of easing, according to a report in Reuters.

“We agree that regional peace includes peace for Israel, but that could only happen through peace for the Palestinians through a Palestinian state,” Prince Faisal bin Farhan told a panel at Davos.

U.S. Secretary of State Antony Blinken reiterated the need for a “pathway to a Palestinian state” during a talk Wednesday at the World Economic Forum’s annual meeting in the Swiss ski resort of Davos, saying Israel would not “get genuine security absent that.”

On the investment side, according to Bloomberg, Saudi Arabia’s PIF said it was planning to make big investments in both the semiconductor and space industries this year as the kingdom accelerates efforts to diversify its economy away from oil.

The Public Investment Fund is looking at making a “sizable investment” this year into the semiconductor industry, Saudi Minister of Communications and Information Technology Abdullah Alswaha said in an interview at the World Economic Forum in Davos. “They plan to make an announcement on a particular champion within the space to lead the Saudi efforts,” he said, declining to give further details, per Bloomberg.