World Economic Forum series of research reports and engages its members in sector-specific initiatives. There have been many other international conferences nicknamed with "Davos". However, the World Economic Forum objected the use of "Davos" in such contexts for any event not organised by them. This particular statement was issued on 22 October 2018, a day before the opening of 2018 Future Investment Initiative (nicknamed "Davos in the desert") organised by the Public Investment Fund of Saudi Arabia. The WEF was founded in 1971 by Klaus Schwab, a German-born business professor at the University of Geneva. First named the "European Management Forum", it changed
World Economic Forum and accomplishing little of substance, particularly with the increasing involvement of NGOs that have little or no expertise in economics. Instead of a discussion on the world economy with knowledgeable experts alongside key business and political players, the annual meeting of the forum now features the top political topics of the day appearing in media, such as global climate change and AIDS in Africa. Faculty member Steven Strauss at the Harvard Kennedy School, has raised an additional concern, pointing out that many of the WEF's strategic partners (who in return for financing the annual meeting have the ability to set