The World Economic Forum (WEF) on Wednesday announced it would postpone its Special Annual Meeting 2021 in Singapore to Aug. 17-20 due to COVID-19 and the global travel restrictions.

The annual gathering usually takes place in the Swiss ski resort of Davos. In December, the Geneva-based WEF had scheduled the Special Annual Meeting 2021 for May 25-28.

"Although the World Economic Forum and Government of Singapore remain confident of the measures in place to ensure a safe and effective meeting, and local transmission of COVID-19 in Singapore remains at negligible levels, the change to the meeting's timing reflects the international challenges in containing the pandemic," the WEF wrote in a press release.

The meeting follows the Forum's virtual Davos Agenda under the theme "A Crucial Year to Rebuild Trust" which took place in January.

"Current global travel restrictions have made planning difficult for an in-person meeting in the first half of the year," noted the press release. "Furthermore, differing quarantine and air transport regulations have increased the lead time necessary to ensure that participants globally can make arrangements to join."

The WEF said the event would bring leaders face-to-face to focus on shaping solutions to the most pressing challenges of our times.

"A global leadership summit needs the participation of all global stakeholders," said Klaus Schwab, the WEF's founder and executive chairman.

"The Special Annual Meeting in Singapore in August will provide the place for leaders from business, government and civil society to come together to address the steps for global recovery," he said.

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