Saudi Arabia signed a Letter of Intent (LoI) with the World Economic Forum (WEF) to establish a new accelerator programme to help ignite innovation in the country.
The pact signed by the King Abdulaziz City for Science and Technology (KACST) and Saudi Research, Development and Innovation Authority (RDIA), with the WEF envisages the institute working alongside the Forum to connect experts and knowledge partners from the public and private sectors to identify and unlock new promising markets.
The agreement with WEF is part of the ongoing work to transform the Saudi economy. A high-level Saudi delegation, which is participating in this year’s annual meeting at Davos, also held a multilateral meeting with the WEF leadership.
The meetings were to explore areas of mutual interest. During the meeting, the delegates highlighted the kingdom’s role as a pioneering partner in the Forum’s ‘Global Collaboration Village’, which will leverage the metaverse to serve the global community.
Saudi Arabia intends to build a house in the village, opening a door to opportunities, investment, and collaboration between various national stakeholders and international entities.
It will be used as a tool for attending events, interacting with people, sharing knowledge and making announcements.
It was highlighted in the meeting that Saudi Aramco will be the first company to build a house in the Global Collaboration Village.
The delegates also highlighted the future of the mining industry in Saudi Arabia and its untapped opportunities, especially considering the increasing demand for minerals and the importance of leveraging the fourth industrial revolution and green technologies.
The meeting also covered investment in green technologies, as well as female and youth empowerment as a vital enabler in effective climate action.
Follow us on
