RIYADH: Businesses worldwide must acknowledge their role in shaping human development, paralleling the responsibility of governments, said a top Saudi official.
During a panel discussion titled “Board of Changemakers: Invest in Dignity” at the Future Investment Initiative Priority Summit in Rio de Janeiro, Saudi Arabia’s Ambassador to the US Princess Reema bint Bandar emphasized the absence of a sense of collective impact on a global scale.
This observation coincides with ongoing geopolitical tensions such as the conflict in Gaza and the Russia-Ukraine tensions.
“If the business world fails to recognize its responsibility in shaping human development, akin to the responsibility of governments, we are all lost,” Princess Reema stated.
She stressed the importance of broadening the understanding of the beneficiaries of business activities, underscoring that social impact is as crucial as financial return.
“And I think we forget that we need to broaden our understanding of who is impacted by the work that we do, who is impacted by our gain, who is impacted by our profit,” she added.
Princess Reema highlighted that social stability and growth are prerequisites for sustainable business success.
“If we’re talking about investing in dignity, we have to invest in stability, we have to invest in growth, we have to invest an opportunity,” the Saudi envoy noted.
In another panel titled “Will Ascending Economic Powers Reshape the Future of Investment?” Saudi Tourism Minister Ahmed Al-Khateeb discussed the Kingdom’s shift from an oil-centric focus to diversifying into sectors like tourism and mining, as outlined in Vision 2030.
Al-Khateeb outlined three essential pillars for this transformation: a clear vision for the future, leadership and commitment, and a long-term perspective.
“First, it requires a very clear vision for the future, and we have an amazing leader, the crown prince, who established this vision and second it requires a leadership and willingness and we are all, you know, fully committed to make this happen,” the minister said.
“And the third pillar is a long-term view, we must have a long-term view about the future. We must not just look at the short term rather than look at the long term.”
The summit, themed “Invest in Dignity,” aims to explore how investments in renewable energy, artificial intelligence, entrepreneurship, and social impact can prioritize human dignity in policymaking. Discussions also focus on safeguarding the dignity of all citizens as a fundamental goal for economic decision-makers.
