‘Global fracture due to lack of trust between superpowers’: WEF panel discusses investing amid geopolitical shifts 

Saudi businesswoman Lubna Olayan emphasized the critical significance of transparency in global relations. (File/AFP)
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Updated 29 April 2024
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‘Global fracture due to lack of trust between superpowers’: WEF panel discusses investing amid geopolitical shifts 

  • Participants emphasized the need for structural reforms to address socioeconomic disparities, and foster trust in global relations

RIYADH: Amid shifting geopolitics and declining foreign direct investment in emerging markets, Saudi businesswoman Lubna Olayan emphasized on Monday the crucial role of trust and transparency for investors, highlighting the need for robust foundations in a deeply interlinked global landscape. 

During a panel discussion on “Investing amid Global Fracture” at the special two-day World Economic Forum meeting in Riyadh, Olayan highlighted the pivotal role of trust in the reshaping of foreign investment strategies due to the emergence of new global players and escalating security concerns. 

“The global fracture stems from a lack of trust between superpowers, which is now escalating to a lack of trust between everyone,” Olayan told the panel.  

The prevailing trend evident in this global fracture, primarily seen in the rivalry between the US and China, is countries prioritizing their own interests without feeling obligated to align with any specific side, she said.  

Emphasizing the critical significance of transparency in global relations, Olayan highlighted the need for the rule of law and the equitable application of laws as fundamental prerequisites for investors.  

Salman Rahman, private industry and investment adviser to the prime minister of Bangladesh, discussed the urgent need for restructuring the global socioeconomic order.  

He pointed to inequalities such as the lack of electricity for 50 per cent of Africa’s population and vaccine disparities exposed during the pandemic.

Rahman’s remarks highlighted the need to address socioeconomic disparities and foster a more equitable global landscape. 

Laurence Fink, chairman and CEO at BlackRock Inc., stressed the importance of cooperation between governments and stakeholders to navigate the deepening divides between major powers.  

He emphasized the critical role of collaborative efforts in addressing the multifaceted challenges of the modern world. 


‘Future cities will be built for visitors, not just residents,’ Saudi tourism minister tells Arab News

Updated 10 November 2025
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‘Future cities will be built for visitors, not just residents,’ Saudi tourism minister tells Arab News

RIYADH: Saudi Arabia is positioning itself at the forefront of the global travel evolution by designing destinations that will target the tourists of the future, the Kingdom’s tourism minister has said.

Ahmed Al-Khateeb added that sustainability would serve as the guiding principle behind Saudi Arabia’s role in tomorrow’s global travel landscape.

Travelers’ habits and the tourism industry’s revenue sources have shifted dramatically in recent years, he told Arab News in an interview.

“People used to travel in groups. Today, they are traveling in smaller groups. Hotels used to make most of their revenues from rooms — now, they are making more from lounges and restaurants.”

And younger generations, empowered by technology, are also redefining how travel is planned and experienced, Al-Khateeb added. “They are driving their own itineraries on the go, which puts pressure on traditional travel companies that once organized large group trips. We are witnessing big shifts in the global travel market.”

Among the world’s fastest-growing tourism markets, China and India are reshaping international travel flows. “China has become the most important source market for outbound travelers, while India is expected to double its number of travelers in the coming years,” the minister said. “This opens a major opportunity for the Middle East — and Saudi Arabia in particular — to emerge as a top destination for international tourists.”

Since 2019, Saudi Arabia has recorded the fastest tourism growth among all G20 nations, said Al-Khateeb. “We have a very strong domestic market and a very strong religious market. Now, we have opened our doors for leisure, business and holiday travelers — whether they seek the Red Sea coast, the southern mountains, our major cities or our beautiful islands.”

Yet the Kingdom’s long-term vision for tourism extends far beyond the present, with destinations being built to serve both visitors and residents sustainably, he added.

“In the 1950s and 1960s, cities were built for residents,” Al-Khateeb said. “Today, in places like Greece, visitors outnumber residents three to one. The cities of the future must be designed for visitors as well — and that’s what we are doing in Saudi Arabia.”

Sustainability has become a non-negotiable element of all tourism development in the Kingdom, he added. “In the last two decades, sustainability has become extremely important. As we build new destinations like the Red Sea, we are fully aligned with sustainability regulations. Whatever we build today is environmentally friendly, ensuring not only environmental, but also social and economic sustainability.”

This principle lies at the heart of Vision 2030’s tourism transformation: “Sustainability is at our forefront whenever we build or operate any new destination,” he added.