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The World Economic Forum (WEF), based in Cologny-Geneva, Switzerland, was founded in 1971 as a not-for-profit organization. It gained formal status in January 2015 under the Swiss Host-State Act, confirming the role of the Forum as an International Institution for Public-Private Cooperation. The Forum's mission is cited as "committed to improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas."The WEF is best known for its annual meeting at the end of January in Davos, a mountain resort in Graubünden, in the eastern Alps region of Switzerland. The meeting brings together some 2,500 top business leaders, international political leaders, economists, celebrities and journalists for up to four days to discuss the most pressing issues facing the world. The organization also convenes some six to eight regional meetings each year in locations across Africa, East Asia and Latin America, and holds two further annual meetings in China, India and the United Arab Emirates. Beside meetings, the organization provides a platform for leaders from all stakeholder groups from around the world – business, government and civil society – to come together. It also produces a 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.