Saudi Arabia has emerged as one of the most active diplomatic and economic players on the world stage, leveraging its energy wealth, geographic position, and Vision 2030 transformation narrative to secure a prominent role in global affairs that extends well beyond its traditional role as an energy supplier. The Kingdom’s hosting of major international events, from economic summits to global sporting competitions, is a deliberate strategy to reshape international perceptions and build soft power.
Global Economic Forum Engagement
The Future Investment Initiative (FII) conference, held annually in Riyadh, has established itself as one of the world’s most significant investment gatherings, earning the nickname “Davos in the Desert.” Attended by heads of state, sovereign wealth fund managers, multinational CEOs, and technology leaders, FII provides Saudi Arabia — through the Public Investment Fund (PIF) — a platform to announce major investments, attract international capital, and position Riyadh as a global financial centre.
Saudi Arabia’s G20 presidency in 2020 — which was conducted virtually due to the COVID-19 pandemic — gave the Kingdom its first opportunity to chair the world’s premier economic governance forum. Saudi Arabia has consistently participated actively in G7, G20, and OPEC+ settings, shaping global economic and energy policy discussions.
Sports: The New Saudi Soft Power
Saudi Arabia’s investment in global sports has been dramatic and deliberate. The PIF’s acquisition of Newcastle United Football Club brought the Kingdom into one of the world’s most-watched sporting competitions. The creation of the LIV Golf Series — which subsequently merged with the PGA Tour in a landmark deal — repositioned Saudi Arabia as a major player in professional golf. The Saudi Pro League’s recruitment of global football stars has elevated the domestic league’s international profile.
Saudi Arabia is also bidding for, or has secured, hosting rights for major sporting events including a potential FIFA World Cup, Formula 1 Grand Prix at the Jeddah Corniche Circuit, and heavyweight boxing world title bouts. This sports strategy serves multiple Vision 2030 objectives: tourism development, entertainment industry growth, international brand building, and providing leisure and entertainment options for Saudi nationals — particularly the young population that represents the majority of Saudi society.
Diplomatic Dimensions
Saudi Arabia’s diplomatic profile has also grown more complex and independent. The China-brokered normalisation of relations with Iran in 2023 signalled a new Saudi diplomatic pragmatism. The Kingdom continues to balance deep strategic partnerships with the United States and Western allies while engaging actively with China, India, and other major powers. For businesses, Saudi Arabia’s diplomatic positioning means increased market access across a wider range of trading partners — and a strategic environment that rewards companies capable of operating across multiple geopolitical alignments.
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