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Saudi Arabia to Host Energy Convention in May 2024

The Saudi Energy Convention will feature over 250 international speakers and decision-makers. (Asharq Al-Awsat)
The Saudi Energy Convention will feature over 250 international speakers and decision-makers. (Asharq Al-Awsat)
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Saudi Arabia to Host Energy Convention in May 2024

The Saudi Energy Convention will feature over 250 international speakers and decision-makers. (Asharq Al-Awsat)
The Saudi Energy Convention will feature over 250 international speakers and decision-makers. (Asharq Al-Awsat)

Saudi Arabia will be at the forefront of renewable energy, hydrogen, and water advancements as it gears to host the Saudi Energy Convention in May 2024.

The Convention will feature over 250 international speakers leading over 50 conference sessions, providing visitors with essential insights into the latest energy trends and strategies.

The event, organized by dmg events, will be held at the Riyadh International Convention and Exhibition Centre (RICEC) as the Kingdom's first event designed to focus on energy, hydrogen, and water.

Vision 2030 aims to see the Kingdom become one of the most competitive in the world by the end of the decade, with an economy powered by renewable energy, a burgeoning private sector, and thriving small and medium enterprises.

The Kingdom's ongoing socioeconomic reforms have already enabled it to become the fastest-growing G20 economy in 2022, according to the International Monetary Fund (IMF), with overall economic growth reaching 8.7 percent.

The Convention will convene leaders and experts across the energy value chain to accelerate and scale the energy transition.

The event will gather the people and solutions required to build a more resilient, efficient, and eco-conscious energy landscape, covering both the conventional and renewable energy sectors.

Furthermore, the conference will address solutions needed for a more flexible, efficient energy landscape that prioritizes environmental preservation.

Specialized sub-conferences will be dedicated to each energy, water, and hydrogen theme, gathering sector leaders to deliberate on vital opportunities and challenges.

President of dmg events Christopher Hudson said the Saudi Energy Convention will be a new focal point for the global energy industry.

The new event is designed to respond to the great investment and collaboration opportunities as the Kingdom leverages its passion, ambition, and resources to provide the world with a new economic and social strength model, he added.

"We look forward to having the Saudi Energy Convention play a key role in facilitating the partnerships, innovation, and investment in energy, hydrogen, and water that can fast-track Saudi Arabia's ongoing transformation and growth," said Hudson.

The Saudi Energy Convention also includes the Saudi Water Convention and the Saudi Hydrogen Convention, providing a 360-degree view of Saudi Arabia's forward-looking energy diversification and economic development efforts.

All these events will create an integrated platform for Saudi Arabia that addresses the challenges facing the entire energy value chain and the pivotal role of hydrogen and water in the energy transition.

The three conventions will jointly showcase the latest innovative solutions accelerating the global energy transition and support Saudi Arabia's goals of seeing renewable energy meet 50 percent of its energy mix and becoming net zero for carbon emissions by 2060.

The conventions will offer direct access to financiers from key infrastructure and utilities projects within the Kingdom, alongside international investors and decision-makers, facilitating new growth opportunities and commercial partnerships.

Saudi Arabia is among the world's fastest-growing economies, with national development plans paving the way for investment opportunities worth hundreds of billions of dollars.

The Kingdom is witnessing unprecedented growth, aligned with the national strategy anticipated to draw in $90 billion in energy investments and $53 billion in water sector investments to cater to domestic demand.

Additionally, the Kingdom is eyeing investments exceeding $36 billion as part of its national hydrogen strategy, aiming to position Saudi Arabia as the world's premier hydrogen supplier.

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Japan, South Korea Hit with 25% Tariffs as Trump Ramps up Trade War in Letters to Leaders

After the US set a 25% tariff rate on Japan and South Korea, a Toyota sign is shown at a Toyota dealership in Tustin, California, US, July 7, 2025. (Reuters)
After the US set a 25% tariff rate on Japan and South Korea, a Toyota sign is shown at a Toyota dealership in Tustin, California, US, July 7, 2025. (Reuters)
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Japan, South Korea Hit with 25% Tariffs as Trump Ramps up Trade War in Letters to Leaders

After the US set a 25% tariff rate on Japan and South Korea, a Toyota sign is shown at a Toyota dealership in Tustin, California, US, July 7, 2025. (Reuters)
After the US set a 25% tariff rate on Japan and South Korea, a Toyota sign is shown at a Toyota dealership in Tustin, California, US, July 7, 2025. (Reuters)

US President Donald Trump on Monday began telling trade partners – from powerhouse suppliers like Japan and South Korea to minor players – that sharply higher US tariffs will start August 1, marking a new phase in the trade war he launched earlier this year.

The 14 countries sent letters so far, which included smaller US exporters like Serbia, Thailand and Tunisia, hinted at opportunities for additional negotiations while at the same time warning that any reprisal steps would be met with a like-for-like response.

"If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge," Trump said in letters, released on his Truth Social platform, to Japan and South Korea.

The higher tariffs, levied on US importers of foreign goods, take effect August 1, and notably will not combine with previously announced sector tariffs such as those on automobiles and steel and aluminum.

That means, for instance, that Japanese vehicle tariffs will remain at 25%, rather than the existing 25% auto sector tariff climbing to 50% with the new reciprocal rate as has occurred with some of Trump's tariffs.

The clock has been ticking for countries to conclude deals with the US after Trump unleashed a global trade war in April that has roiled financial markets and sent policymakers scrambling to protect their economies.

Trading partners got another reprieve as Trump signed an executive order on Monday extending the Wednesday deadline for negotiations to August 1.

Trump has kept much of the world guessing on the outcome of months of talks with countries hoping to avoid the hefty tariff hikes he has threatened.

The rate for South Korea is the same as Trump initially announced, while the rate for Japan is 1 point higher than the one announced on April 2. A week later, he capped all of the so-called reciprocal tariffs at 10% until Wednesday. Only two agreements have so far been reached, with Britain and Vietnam.

Wendy Cutler, vice president of the Asia Society Policy Institute, said it was unfortunate Trump was hiking tariffs on imports from two of the closest U.S. allies, but there was still time for a breakthrough in negotiations.

"While the news is disappointing, it does not mean the game is over," Cutler said. Trump said later Monday that the United States would impose 25% tariffs on goods from Tunisia, Malaysia and Kazakhstan; 30% on South Africa, Bosnia and Herzegovina; 32% on Indonesia; 35% on Serbia and Bangladesh; 36% on Cambodia and Thailand and 40% on Laos and Myanmar.

South Korea said it planned to intensify US trade talks and considers Trump's plan for a 25% tariff from August 1 as effectively extending a grace period on implementing reciprocal tariffs.

"We will step up negotiations during the remaining period to reach a mutually beneficial result to quickly resolve the uncertainties from tariffs," the country's Industry Ministry said. There was no response from the Japanese embassy in Washington.

MARKET DROP

US stocks fell in response, the latest market turmoil as Trump's trade moves have repeatedly whipsawed financial markets and sent policymakers scrambling to protect their economies.

US stocks were driven to near bear-market territory by his cascade of tariff announcements through the early spring but quickly rebounded to record highs in the weeks after he put the stiffest levies on hold on April 9.

The S&P 500 closed down about 0.8%, its biggest drop in three weeks. US-listed shares of Japanese automotive companies fell, with Toyota Motor closing down 4.0% and Honda Motor off by 3.9%. The dollar surged against both the Japanese yen and the South Korean won.

"Tariff talk has sucked the wind out of the sails of the market," said Brian Jacobsen, chief economist at Annex Wealth Management. Most of the announced tariff rates have been rounded down, he added, and the letters come across as "take it or leave it" offers.

US Treasury Secretary Scott Bessent said earlier on Monday he expected several trade announcements in the next 48 hours, adding that his inbox was full of countries' last-ditch offers.

TRADING BLOCS

The European Union will not be receiving a letter setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday.

The EU still aims to reach a trade deal by July 9 after European Commission President Ursula von der Leyen and Trump had a "good exchange," a commission spokesperson said.

It was not clear, however, whether there had been a meaningful breakthrough in talks to stave off tariff hikes on the United States' largest trading partner.

The EU has been torn over whether to push for a quick and light trade deal or leverage its economic clout to negotiate a better outcome. It had already given up hopes for a comprehensive trade agreement before the July deadline.

Trump has also said he could impose a 17% tariff on EU food and agriculture exports. The president also threatened leaders of developing nations in the BRICS group, who are meeting in Brazil, with an additional 10% tariff if they adopt "anti-American" policies.

The group includes Brazil, Russia, India and China among others.