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Davos President praises Saudi reforms & strength of the investment fund

Davos President praises Saudi reforms & strength of the investment fund

The President of the World Economic Forum “Davos” praised the economic reforms currently taking place in the Kingdom and the strength of the Investment Fund.

Borge Brende revealed that the Geneva-based forum is studying the possibility of holding a regional summit for the Middle East and North Africa in Riyadh.

Brende said in press statements on the sidelines of the forum that he “really appreciates the strong Saudi delegation participating in Davos, which includes seven senior ministers, including the ministers of foreign affairs and finance,”.

He noted that the situation of women now in Saudi Arabia is completely different from what it was during his first visits.

He praised the investments made in diversifying the economy, modern technologies, education, and skills.

“I see a willingness to be serious about investing the additional resources and revenues generated by the energy sector in diversifying the economy and creating a very strong sovereign wealth fund,” he added.

Brende also sees parallels between what is happening in the kingdom and the experience of his native Norway, which has used its sovereign wealth fund to invest in education and create better conditions for industries.

He said that the fund will provide a very solid base for the coming years when oil and gas revenues will reach their peak and that money should be invested in diversifying the economy, education, skills, and infrastructure, as well as in the transition to a green economy.

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