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The World Economic Forum has postponed its April summit in Saudi Arabia due to the US-Israeli war with Iran.
The WEF's Global Collaboration and Growth Meeting was due to be held on April 22 and 23 in Jeddah. It will be rescheduled for a later date as the WEF continues to monitor the regional situation, the Geneva-based body said on Tuesday.
The decision was made “in close consultation” with Saudi Arabia's Ministry of Economy and Planning, the WEF said in its statement.
“This reflects a commitment to convening the meeting under conditions that ensure its full strategic impact. We remain committed to facilitating a forward-looking agenda for the region and beyond and will provide updates about the rescheduled meeting in due course,” it added.
Separately, the ministry said it had made comprehensive preparations to host the meeting and remains fully equipped to convene it, “reflecting its continued role as a global platform for dialogue and agenda setting”, the Saudi Press Agency reported.
Saudi Arabia was chosen to host the meeting in January, underscoring its role as a “reliable partner in fostering dialogue and supporting international stability to unlock prosperity”, the WEF said at that time.
The capital, Riyadh, hosted a special WEF meeting in April 2024. This reflected the efforts of the Arab world's biggest economy to boost its role regionally and globally, increasing and attracting investment, and building up key sectors to increase international co-operation.
Business conditions in the kingdom remained robust overall, with elevated demand and a strong rise in output, the Riyad Bank Saudi Arabia Purchasing Managers' Index showed earlier this month.
These have also strengthened the country's labour market and led to the sharpest increase in wage costs in the survey's history, the report added.
However, the conflict has disrupted economies and industries across the Gulf, while countries have continued to prioritise the safety of their residents and establishments.
Dubai's Arabian Travel Market, a leading summit for the industry, has been rescheduled from May to August, its organiser said last week.
The WEF has warned against the consequences of the war, saying earlier this month that “every additional week of disruption makes recovery harder and more expensive”.
