DAVOS — Saudi Arabia and the World Economic Forum (WEF) signed on Wednesday here, a memorandum of understanding (MoU) aimed at drawing up a framework for cooperation in setting up of the Forum Center for the Fourth Industrial Revolution in the Kingdom and other areas of international significance.

The agreement was signed by Minister of Foreign Affairs Ibrahim Al-Assaf, who is also head of the Kingdom’s delegation to Davos meetings, and Professor Klaus Schwab, chairman of the Board of Directors of WEF.

The MoU deals with the partnership with the Fourth Industrial Revolution Center being managed by WEF, including the establishment of the center in the Kingdom.

Al-Assaf, who is member of the Board of Directors of Saudi Center for International Strategic Partnerships, said following the signing of the agreement that the Fourth Industrial Revolution makes changes in the way people live, and as such the Kingdom will benefit from its many advantages and resources so as to ensure its global competitiveness through important partnerships.

He pointed out that the Kingdom would be in a privileged position to avail of opportunities in the heart of the Fourth Industrial Revolution.

The agreement would be instrumental in deepening the partnership between the Kingdom and the WEF by supporting the ongoing transformation of the Kingdom through various programs and initiatives of the Forum.

The MoU focuses on cooperation in partnerships between public and private sectors as well as key initiatives, including focusing on the future of energy, health, healthcare, financial and monetary systems, and other areas. — SG/SPA