Watch now: Sheikh Mohammed attends the 2014 Global Agenda Summit
The World Economic Forum event begins
On Sunday, the Summit on the Global Agenda opened in the presence of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and ruler of Dubai.
After successfully holding the Summit in the UAE for the seventh time, this year marks the fifth time that it has been held in Dubai, with the variety of proposals from this year's summit – which runs until November 11 – to be taken up at the World Economic Forum in Davos in 2015.
Klaus Schwab, founder and executive chairman of the World Economic Forum, who spoke at the Summit on the Global Agenda 2014, the world's biggest think tank-style event, said, "The world does not face only challenges but also opportunities in human development. The key to transformation is the spirit of innovation. HH Sheikh Mohammed bin Rashid Al Maktoum, recognised this when he said: 'Innovation today is driven by effective institutions, strong policies, specialised skills, and an economy where all sectors work together to discover new ways to conduct business. A flexible and creative economy based on a national culture of innovation is the fastest and most sustainable way to reinforce the UAE's competitiveness on a global level.' This is an approach that can be translated into an action plan at the global level."
The three-day summit has attracted more than 1,000 participants, including leaders and experts from around the world, gathering in Dubai under the theme of 'UAE Brainstorms for the World', to discuss the possible solutions to over 80 concerning issues that the world has today.
Take a look at the 'Shaping the Transformations of the World' speech below now: