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Global Companies Compete to Expand Investments in Saudi Defense Expo

Sauidi Crown Prince Mohammed bin Salman during his tour at the previous edition of the World Defense Show (Asharq Al-Awsat)
Sauidi Crown Prince Mohammed bin Salman during his tour at the previous edition of the World Defense Show (Asharq Al-Awsat)
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Global Companies Compete to Expand Investments in Saudi Defense Expo

Sauidi Crown Prince Mohammed bin Salman during his tour at the previous edition of the World Defense Show (Asharq Al-Awsat)
Sauidi Crown Prince Mohammed bin Salman during his tour at the previous edition of the World Defense Show (Asharq Al-Awsat)

Multiple local, regional, and international companies are in fierce competition to participate in the second edition of the “World Defense Show,” set to take place in February 2024 in the Saudi capital, Riyadh.

Their aim is to expand their investments. Participating entities have hurried to reserve 93% of the exhibition’s space, which is estimated to be around 47,000 square meters, nearly six months ahead of the event.

The second edition of the World Defense Shoe is sponsored by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz.

It will be held on February 4-8, 2024, embodying the Saudi government’s aspirations to organize a specialized exhibition among the world’s finest defense and security expos.

The second edition of the global exhibition targets 750 exhibiting entities from 45 countries, along with approximately 115 official delegations and 100,000 visitors from both within and outside the kingdom.

Among the largest pavilions at the show are those of China, Turkey, the US, and the UAE.

Others will be distributed among countries like South Korea, Russia, Croatia, Austria, Poland, Estonia, Greece, Ukraine, and more.

The second edition of the defense exhibition will feature new programs, including the “Future of Defense Platform,” the “Future of Defense Forum,” and the “Space Platform.”

The exhibition will also offer interaction and networking sessions.

These additions will complement the core programs witnessed in the previous edition.

The first day of the exhibition will be dedicated to important figures, delegations, exhibitors, and media, alongside the organization of the “Future of Defense Forum.”

This forum will take place at a high level, featuring prominent speakers who will present their insights and ideas, discussing the future of defense and security.

The Saudi government aims for the exhibition to become one of the top three defense and security expos in the world by 2030, with the country playing an effective role within the global supply chains related to land, maritime, aerial, space, and security defense sectors.

The exhibition supports international business tourism by hosting high-level global delegations, exhibitors, and visitors. It also aligns with the Kingdom’s objectives of localizing over 50% of government spending on defense and military products and services by 2030.

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Business

China to Resume October Fuel Exports after Holiday Pause

FILE PHOTO: Oil storage tanks and facilities of a Sinopec plant in Shanghai, China, March 26, 2026. REUTERS/Go Nakamura/File Photo
FILE PHOTO: Oil storage tanks and facilities of a Sinopec plant in Shanghai, China, March 26, 2026. REUTERS/Go Nakamura/File Photo
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China to Resume October Fuel Exports after Holiday Pause

FILE PHOTO: Oil storage tanks and facilities of a Sinopec plant in Shanghai, China, March 26, 2026. REUTERS/Go Nakamura/File Photo
FILE PHOTO: Oil storage tanks and facilities of a Sinopec plant in Shanghai, China, March 26, 2026. REUTERS/Go Nakamura/File Photo

China is set to resume October refined fuel exports after a brief halt during its Golden Week holiday, a move that will help ease tight global diesel, gasoline and jet fuel markets, four traders familiar with the matter said on Friday.

China has approved October exports of the three fuels at around 3.7 million metric tons combined, according to two other industry participants.

Chinese refiners were expected to export slightly more than 4 million tons of gasoline, diesel and ⁠jet fuel in ⁠September, Reuters reported early last month.

The world's biggest oil importer began curbing fuel exports in March to safeguard domestic fuel supplies as the US-Israeli war on Iran disrupted crude oil flows and refinery production, but relaxed controls between July and September.

China's National Development and Reform Commission and the Ministry of Commerce did not immediately respond to requests for comment.

The Middle East war and the Ukraine-Russia ⁠conflict have disrupted refined fuel output globally and caused prices to rise, particularly for diesel fuel.

China has the world's largest refining capacity, and though its fuel export volumes have typically lagged behind India and South Korea among Asian processors, its refined products are sought after because of the disruptions, particularly in Asia.

However, market analysts said China's move would only modestly ease the fuel market tightness, Reuters reported.

"It will be limited as markets remain tight overall and Middle Eastern supplies are still disrupted," said Stuti Jhunjhunwala, an oil market analyst at Energy Aspects based in Kolkata, India.

June Goh, senior analyst at Sparta Commodities, said Beijing's resumption of ⁠exports was expected ⁠but the volumes were lower than anticipated.

While Beijing typically regulates fuel exports through a quota system, it has recently tightened oversight by vetting shipments on a month-by-month basis.

However, China started its week-long National Day holiday on October 1 without giving major refiners in the world's largest refining hub a green light to export fuel products to regions other than Hong Kong and Macau in October, Reuters reported last week.

Amid the refined fuel tightness, this week the International Energy Agency, which advises industrialized countries on energy policy, agreed to accelerate the release of oil stocks and prioritize diesel supplies under a plan launched in March.

Business

SAMA Governor: Saudi Arabia Maintains Considerable Economic Resilience Despite Regional Tensions

Ayman Alsayari during his participation in the Istanbul Economic Forum (Asharq Al-Awsat)
Ayman Alsayari during his participation in the Istanbul Economic Forum (Asharq Al-Awsat)
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SAMA Governor: Saudi Arabia Maintains Considerable Economic Resilience Despite Regional Tensions

Ayman Alsayari during his participation in the Istanbul Economic Forum (Asharq Al-Awsat)
Ayman Alsayari during his participation in the Istanbul Economic Forum (Asharq Al-Awsat)

Saudi Central Bank (SAMA) Governor Ayman Alsayari said the global economy has shown considerable resilience despite successive geopolitical shocks, but warned that continued conflict in the region was complicating the outlook for growth and inflation.

Speaking at the Istanbul Economic Forum on Thursday, Alsayari said global economic growth was projected at approximately 3% in 2026, following repeated downward revisions, with a recovery expected in 2027. Global inflation, meanwhile, was forecast at around 4.7%, raising concerns about renewed price pressures after a period of easing inflation since 2024.

Turning to Saudi Arabia, Alsayari said the Kingdom had maintained considerable economic resilience despite its proximity to regional tensions, supported by strong foreign reserves and assets, long-term infrastructure investments and economic diversification under Vision 2030.

He highlighted the importance of investments in energy infrastructure, particularly the East-West Pipeline, and in maintaining oil exports amid disruptions affecting the Strait of Hormuz and the Red Sea.

The pipeline has helped Saudi Arabia continue meeting customer demand, he said.

Ayman Alsayari speaking during a session at the Istanbul Economic Forum (Asharq Al-Awsat)

Alsayari said Saudi Aramco had prepared for potential disruptions by establishing oil reserves in different parts of the world, allowing it to continue supplying customers during the conflict.

The governor stressed that recent developments demonstrated the importance of investing in critical infrastructure during periods of stability to strengthen the economy's capacity to absorb unexpected shocks.

The SAMA governor said Saudi banks had maintained their financial resilience since the beginning of the regional conflict, supported by strong liquidity and capital positions.

According to June 2026 data, the banking sector's liquidity coverage ratio stood at 170%, its capital adequacy ratio at 20.9%, and its net stable funding ratio at 114.6%.

He said Saudi banks continued to benefit from the Kingdom's A+ sovereign credit rating, which supported their access to international financing markets despite rising risk premiums.

Domestic liabilities accounted for 87.1% of total liabilities at Saudi banks, significantly limiting their exposure to capital outflow risks.

Alsayari said the Saudi economy recorded negative growth for two consecutive quarters in 2026, largely reflecting weakness in the oil sector.

However, non-oil economic activity continued to expand, growing by approximately 2% in the first quarter and 1% in the second quarter.

He attributed the resilience of domestic demand partly to population growth and record-low unemployment among Saudi nationals, alongside the progress achieved through the Kingdom's economic diversification program.

Inflation in Saudi Arabia remained moderate at 1.8% as of mid-August 2026, supported by government measures, including domestic fuel price caps, and the Saudi riyal's peg to the US dollar.

Alsayari said the currency peg had helped limit imported inflation, given the structure of the Saudi economy.

Business

WTO Raises 2026 Global Merchandise Trade Growth Forecast to 3.9% On AI Boom

A view shows shipping containers at a commercial port in Vladivostok, Russia August 25, 2023. REUTERS/Tatiana Meel/File Photo 
A view shows shipping containers at a commercial port in Vladivostok, Russia August 25, 2023. REUTERS/Tatiana Meel/File Photo 
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WTO Raises 2026 Global Merchandise Trade Growth Forecast to 3.9% On AI Boom

A view shows shipping containers at a commercial port in Vladivostok, Russia August 25, 2023. REUTERS/Tatiana Meel/File Photo 
A view shows shipping containers at a commercial port in Vladivostok, Russia August 25, 2023. REUTERS/Tatiana Meel/File Photo 

The World Trade Organization (WTO) has upgraded its global merchandise trade growth forecast for 2026 to 3.9%, a significant jump from its previous 1.9% projection made in March.

The upward revision is primarily driven by surging investments in artificial intelligence (AI) and adaptable supply chains, which have successfully cushioned economic shocks from the ongoing Middle East conflict.

The latest WTO Global Trade Outlook and Statistics report expects 4.1% growth in 2027, up from a previous forecast of 2.6%, and marginally below 2025 trade volume growth of 4.2%.

A surge in spending on semiconductors and AI data centers provided a significant boost, with trade in those products jumping 67% from a year earlier, the report said.

It said in the first half of 2026, AI-enabling goods such as semiconductors and servers accounted for 47% of global merchandise trade growth.

The WTO said merchandise trade had proved more resilient than expected in the face of disruptions, as stronger demand for AI-related products offset some of the impact of the war and supply chain disruptions.

However, the Geneva-based trade watchdog downgraded its outlook for services trade to 3.3% in 2026, down ⁠from a previous baseline forecast of 4.8%, due to higher aviation fuel costs linked to the conflict in the Middle East.

Growth forecasts this year for transport and travel services, both of which rely heavily on the region, were also cut to 0.9% and 0.2%, respectively. Services trade growth is forecast to rebound to 6.4% in 2027.

Regional Disparities

The WTO report said Asia is set to lead merchandise trade growth in 2026, with imports rising 9.5% and exports 9.9%, while Africa is also expected to post strong growth, with imports up 8.9% and exports ⁠up 5.6%.

Import growth is forecast to remain subdued in North America at 1.4%, although exports are expected to increase 5.7%. By contrast, both imports and exports in the Middle East are projected to contract sharply, falling 15.4% and 17.2%, respectively.

The WTO said signs of wider fragmentation between rival geopolitical ⁠trade blocs had eased while world GDP is expected to grow by 2.6% in 2026, with the largest gains in Asia at 4.3%, followed by Africa and South America, while the Middle East is expected to see a sharp drop in output of 4%.

AI Leads Trade

The report also noted one of the widest gaps in recent years between the growth in world merchandise trade volumes — at 3.5% year-on-year in the ⁠first half of 2026 — and the dollar value of trade, at 15%, reflecting higher prices for energy products and strong demand for AI-enabling goods.

In value terms, AI-enabling goods accounted for nearly half of global merchandise trade growth in the first half of 2026, but remain highly geographically concentrated, the report said.

It then warned that several risks could still affect the forecast such as diminishing household purchasing power due to higher fuel and fertilizer costs linked to disruption of the Strait of Hormuz, a critical route for global energy supplies, and the Russian war in Ukraine, as well as any slowdown in AI investment.

Also, the WTO said signs of wider fragmentation between rival geopolitical ⁠trade blocs had eased, but decoupling between the US and China had accelerated and was now the main driver of divergence in global trade patterns.

US imports from China fell 29% in 2025, reducing China's share of total US imports to 9.3% from more than 20% before trade tensions between the world's two largest economies flared up in 2018, the report said.