The Banking Executive Magazine - July 2023 Issue

Summits and Valleys eignty of Arab countries and the co- hesion of their institutions, preserv- ing their achievements, striving for further progress concerning Arab ac- tion, and taking advantage of the human and natural assets that Arab region enjoys addressing the chal- lenges of the new era in a way that serves the goals and aspirations of a promising future for Arab peoples and future generations. The Arab League summit concluded with a joint declaration urging re- gional cooperation. The participation of the president of Syria, Bashar al-Assad, in the Arab League summit formalizes Syria's re- stored relationship with the Arab world. The Saudi push to end Syria's isola- tion and mobilize efforts to address the conflicts in Sudan and Ukraine il- lustrate how the Arab League summit was a showcase for the Kingdom's agenda to portray itself as a major driver of global peace-building. The Arab League summit has facili- tated Saudi Arabia's position as an emerging pro-diplomacy force. The Kingdom of Saudi Arabia presi- dency of the 32nd Arab League sum- mit, stressed a number of initiatives that are bound to contribute to ad- vancing the joint Arab work in the cultural, economic, social and envi- ronmental fields, including: - The initiative of teaching the Ara- bic language to non-native speak- ers. - The Culture and Green Future Ini- tiative. - The initiative of sustaining the sup- ply chains of essential food com- modities for the Arab countries. - The initiative of research and ex- cellence in the water desalination industry and its solutions. - The initiative to establish a think tank for research and studies in sustainability and economic devel- opment. DAVOS SUMMIT 2023 The World Economic Forum Annual Meeting in 2023 took place in Janu- ary 16 to January 20 in Davos, Switzerland. It brought together top decision-makers from government, business, and civil society to address major global issues and priorities for the year ahead. The Davos 2023 summit addressed the main theme of resilience and globalization in a frag- mented world. Sustainability was high on the agenda of Davos 2023 despite geopolitical crises. Davos 2023 highlighted that investment and innovation in green technology, boosted by artificial intelligence, will be the greatest investment opportu- nity since the Industrial Revolution. Governments need to develop a strategy and set goals to enhance in- vestment confidence in green tech- nology. Reform of multilateral finan- cial institutions would be key to driv- ing the flow of public and private investment in emerging markets. The summit concluded with the im- portance of developing frontier tech- nologies for private-sector innovation and resilience in the next five years. the BANKING EXECUTIVE 42 ISSUE 175 JULY 2023