Urban Transformation Summit Spurs Bold Action to Reimagine the Future of Cities and Local Economies

San Francisco, 28 October 2025 -The 2025 Urban Transformation Summit, convened by the World Economic Forum, concluded with bold commitments to reimagine the engines of local and global economic growth for a new era shaped by climate change, inequality and technological disruption.

Held under the theme, Accelerating Innovation to Unlock Growth and Resilience, the summit brought together more than 300 leaders from 30 countries, including mayors, ministers, CEOs, investors and civil society representatives, to turn shared ambition into tangible results.

"Cities are where the future of the global economy will be written," said Jeff Merritt, Head of Urban Transformation, World Economic Forum. "The challenge, and opportunity, is to ensure that growth fosters shared prosperity, strengthens resilience and nurtures the ecosystems, cultures and histories that sustain and inspire us."

Redefining Growth for a New Era

At a time of growing economic uncertainty and deepening political divides, the summit underscored that the next phase of growth will be driven by innovation ecosystems, resilient infrastructure and human-centred economies. Over three days of high-impact discussions, participants advanced practical frameworks and partnerships that connect investment, innovation and inclusion.

City leaders, investors and insurers outlined plans to pilot new finance models to close the $4.3 trillion annual resilience investment gap and position climate adaptation as a driver of long-term competitiveness. Through the Resilience Finance Taskforce, underwritten by Tokio Marine Group and convened by the Resilient Cities Network, the Forum and its partners will help build an investable market for urban resilience, linking city planning with private capital and measurable risk reduction.

"Closing the resilience investment gap isn't just about financing risk - it's about financing the future. By embedding climate adaptation into the core of economic strategy, we can protect communities while creating more competitive, investable cities," said Brad Irick, Managing Executive Officer and Co-Head of International Business, Tokio Marine.

The World Economic Forum, together with the Government of Karnataka, Greater Bengaluru Authority, and a coalition of public and private collaborators, announced at the summit the launch of Yes/Bengaluru. The initiative is inviting start-ups to deploy and scale solutions that address the city's most pressing challenges. Key collaborators include Anthill Ventures, AWS, Cisco, Deloitte, Johnson Controls, Rainmatter Foundation and Salesforce.

"Deloitte is proud to be part of a growing coalition of more than 50 global and local stakeholders working together to accelerate investment in local innovation ecosystems," said NSN Murthy, Partner, Government and Public Service, Deloitte India. "As a purpose-driven organization, we know that investing in the communities where we operate isn't just good for business, it's essential to a more sustainable future."

Other initiatives and alliances launched at the Summit include:

"From farmland to one of the world's top innovation clusters, our story shows how connection fuels transformation," saidGrégoire de Lasteyrie, President of the Paris-Saclay Urban Community. "The world doesn't need isolated clusters but constellations of innovation that illuminate the path to shared prosperity. Together, we can design the future we all deserve."

Beyond innovation ecosystems, the rise of the experience economy is redefining how cities create value, attract top talent and strengthen their global competitiveness.

Global tourism and destination leaders called for stronger cross-sector collaboration across infrastructure, finance, technology, skills and policy to unlock the $11 trillion travel and tourism sector's potential as a driver of resilient, sustainable and inclusive growth. New efforts were outlined to accelerate investment and innovation that transform destinations into engines of sustainable growth, job creation and community resilience.

"Tourism should celebrate the soul of a city, not consume it," said José Antonio Donaire, Commissioner for Sustainable Tourism Management, Barcelona City Council. "Through cross-sector collaboration, we're proving that sustainable tourism can protect heritage, strengthen communities and power a more inclusive, creative urban economy."

City officials and executives from global sports organizations and major companies spanning finance, media, technology, infrastructure and consumer goods came together to develop a shared vision for leveraging sport and major events as engines of innovation and community impact. In parallel, a growing coalition of public and private stakeholders, including Mastercard, AB InBev, and the City of Washington DC, announced plans to establish a global community to advance 24-hour economies that promote economic growth and community well-being.

"AB InBev helps power the nighttime economy, connecting people, keeping small businesses alive and supporting vibrant city life. Together with the World Economic Forum and local leaders, we're working to make the economy of the night an even stronger driver of growth and well-being," said Andres Peñate, Global Vice-President of Corporate Affairs, Anheuser-Busch InBev.

Championing Quality as an Economic Advantage

Six global cities - Kuala Lumpur, Medellín, Montreal, Nairobi, San Francisco and Utrecht - were announced as the first cohort of pioneering cities under the Davos Baukultur Alliance, a global coalition dedicated to advancing high-quality, people-centred urban development. The initiative positions these cities as real-world testbeds and beacons of innovation, demonstrating how thoughtful design, planning and governance can drive vibrant communities and resilient local economies.

"By breathing new life into underutilised spaces, Kuala Lumpur demonstrates how heritage, sustainability and innovation can move forward together," said Zaliha Mustafa, Minister in the Prime Minister's Department (Federal Territories), Malaysia. "This is the pathway to greater global competitiveness and liveability."

World Economic Forum partners and Davos Baukultur Alliance members, including KPMG, VELUX Group, Bankers Without Boundaries, UN-Habitat, Habitat for Humanity International, C40 Cities and the World Cities Culture Forum, announced new commitments to help scale these efforts, from embedding long-term value in financing models to unlocking private capital for urban renewal and strengthening global peer-learning networks.

Complementing this work, new frameworks and partnerships were unveiled to embed quality and liveability into the next generation of urban development:

Advancing Human-Centred Collaboration in Cities

At the summit, the World Economic Forum, in collaboration with UN-Habitat, also announced the 2025 Awards of Distinction for Public-Private Collaboration in Cities, recognizing exemplary partnerships that advance innovative, inclusive and sustainable urban solutions.

Public and private sector leaders from Harar (Ethiopia), Jersey City (US) and Kigali (Rwanda) were celebrated for tackling critical urban challenges through public-private collaboration - eliminating plastic waste, expanding equitable access to healthcare and delivering affordable, green and climate-resilient housing. Together, these initiatives demonstrate how civic innovation and partnership can accelerate progress towards healthier, more inclusive cities.

"The tens of thousands of women who keep cities like Harar clean are what drives us to do our part to give them a dignified way to work and live," said Kidus Asfaw, CEO, Kubik. "Their journey shows what's possible when we invest in community."

"We're inspired by the wave of innovation reshaping our economy but we also recognize that some of the most vital areas for human well-being, like healthcare, have lagged behind," said Alexander Richter, Executive Director, Scitech Scity.

"Bwiza Riverside is more than a housing development - it's a model for inclusive urban transformation," said Soleman Idd, Chairman, ADHI Africa. "This public-private partnership demonstrates how climate-resilient building can drive economic empowerment and community resilience in Kigali and beyond."

About the Centre for Urban Transformation

The World Economic Forum's Centre for Urban Transformation advances public-private collaboration in cities to enable more sustainable, inclusive and resilient communities and local economies. To learn more, visit https://weforum.org/cities

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