WEF’s Fourth Industrial Revolution center to open in Riyadh

Saudi Culture Minister Prince Badr bin Abdullah greets WEF founder Klaus Schwab in Riyadh on Wednesday. (SPA)

Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah, Minister of Culture Prince Badr bin Abdullah bin Farhan, Minister of Finance Mohammed bin Abdullah Al-Jadaan, Minister of Communications and Information Technology Abdullah bin Amer Al-Sawahha, Minister of Economy and Planning Mohammed bin Mazid Al-Tuwaijri, and Royal Court Advisor Fahd bin Abdullah Tunisian, met on Wednesday with Chairman and founder of the World Economic Forum (WEF) Professor Klaus Schwab, in the presence of a number of ministers, senior officials from Saudi Arabia and WEF.

During the meeting, they discussed areas of joint cooperation between Saudi Arabia and the WEF.

The meeting also witnessed the signing of an agreement between the Saudi government and the WEF to establish a branch of the WEF’s Fourth Industrial Revolution Center in Saudi Arabia to be the fifth in the world.

The agreement was signed by Mohammed Al-Tuwaijri, the Saudi Minister of Economy and Planning, and the WEF founder and executive chairman Klaus Schwab.

It’s noteworthy that the Saudi center will be managed by King Abdul Aziz City for Science and Technology in Riyadh, in cooperation with WEF.

The agreement marks the beginning of cooperation between the WEF and King Abdul-Aziz City for Science and Technology, with the support and coordination of the Saudi Center for International Strategic Partnerships (SCISP).

The Center will provide space for the development of the mechanisms, plans and applications of the Fourth Industrial Revolution in Saudi Arabia, and will also contribute to the adoption of technology and best practices in the region and the world.

This cooperation will also engage Saudi Arabia in the global fourth industrial revolution (4IR) network with countries such as India, China and Japan. The Center will provide an opportunity to collaborate with various government agencies, international institutions and private companies in the framework of efforts to develop effective solutions to the challenges of vital sectors, prepare competencies and raise the level of their capacity, and build advanced talent in areas related to the Fourth Industrial Revolution (4IR).

The fourth industrial revolution (4IR) focuses on a number of areas, the most important of which are artificial intelligence and machine learning, the Internet of Things, robotics and smart cities, shaping the future and governance of technology and data policy, self-mobility, drones, and the future of airspace.

It is noteworthy that the annual meeting of the WEF held in the Federal Republic of Switzerland in the city of Davos is a platform highlighting the challenges and topics of interest to the world, in addition to best practices and practical solutions to these challenges. The Saudi participation with a high-level delegation in the forum is an opportunity to enhance economic relations, investment opportunities and exchange of entrepreneurial ideas.