Aramex launches robotic sorting facility in Jeddah

The Drone Racing World Cup concluded Saturday in the Saudi capital, making history as it entered the Guinness World Records as the largest edition in terms of participating countries, with over 50 countries involved in the tournament.

The event, sponsored by Riyadh Season and organized by the Saudi Federation for Cybersecurity, Programming, and Drones, in collaboration with the World Air Sports Federation, featured participation from over 140 pilots.

The final day of the competition witnessed the qualification of 64 racers. Korean player Minchan Kim came in first place, winning the title of Drone Racing World Cup champion along with a prize of SR375,000 ($100,000). The second place went to French racer Killian Rousseau, who received a prize of SR285,000, while Joaquin Ybanez from the US secured third place, winning a prize of SR185,000. Valuable prizes were also raffled for visitors and attendees during the event.

The Drone Racing World Cup has been held since 2016, and this edition hosted by Saudi Arabia is the first of its kind in the Middle East and North Africa.

The World Economic Forum Annual Meeting, held in Davos from January 20–24, convened global leaders from government, business, and philanthropy under the theme “Inspiring Action. Driving Impact.”

It spotlighted opportunities to foster resilience and sustainable development, particularly in fragile and frontier markets.

Against this backdrop, the panel session titled “New Development Actors for the 21st Century” explored the critical role of the private sector in complementing traditional aid models and addressing systemic challenges in vulnerable economies.

Moderated by Mirek Dušek, managing director at the World Economic Forum, the discussion featured leaders including Badr Jafar, special envoy for business and philanthropy, UAE, and CEO of Crescent Enterprises; Hassan Sheikh Mohamud, Somali president; Ernesto Torres Cantu, head of International at Citi; and Anna Bjerde, managing director of the World Bank.

During the session, Jafar emphasized the transformative potential of frontier markets in driving global growth and resilience.

“Frontier markets represent one of the greatest opportunities of our time to create systemic and sustainable global progress. Home to 85 percent of the world’s population, they are poised to host 80 percent of the global middle class by 2030. Yet traditional aid models continue to fall short of addressing the scale of challenges we face. The private sector must go beyond conventional philanthropy and adopt a strategic investment approach, one that fosters resilience, empowers communities, and delivers measurable, long-term prosperity,” Jafar said.

He highlighted the vast potential of the global impact-investing market, which now exceeds $1.5 trillion, and the untapped opportunities in $450 trillion of global private wealth.

Jafar added: “With the global impact-investing market exceeding $1.5 trillion, and untapped private wealth standing at $450 trillion, the resources required to drive transformative change are available. What is needed now is a framework that aligns these resources with measurable development goals, unlocking the innovation and entrepreneurship inherent in frontier markets.”

The session underscored the critical need for innovative, market-driven approaches to address systemic challenges in fragile and frontier markets.

By fostering collaboration across sectors and empowering local actors, the private sector can play a transformative role in shaping sustainable and inclusive development, the session heard.

As global humanitarian needs continue to outpace traditional funding models, leaders are driving the dialogue toward a future where strategic investments unlock the vast potential of frontier economies, ensuring they emerge not just as beneficiaries, but as architects of global resilience and growth.

The session was part of the World Economic Forum’s Humanitarian and Resilience Investing Initiative, launched in 2019 to unlock impact investing in frontier markets.

This initiative brings together over 100 partners across sectors to increase the resilience of at-risk and crisis-hit communities.

Building on a high-level dialogue chaired by former US Secretary of State Anthony Blinken and co-sponsored by UK Foreign Secretary David Lammy, IDB President Ilan Goldfajn, and Børge Brende during the UN General Assembly, the HRI Initiative continues to champion collaborative approaches that bridge private capital with sustainable development goals in fragile economies.

The World Economic Forum continues to serve as a catalyst for global action, advancing partnerships across sectors to create a more inclusive and resilient future.