Saudi Arabia Sends High-Ranking Delegation to World Economic Forum Annual Meeting


The annual meeting of the World Economic Forum 2024 will be held in Davos (Asharq Al-Awsat)
The annual meeting of the World Economic Forum 2024 will be held in Davos (Asharq Al-Awsat)
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Saudi Arabia Sends High-Ranking Delegation to World Economic Forum Annual Meeting


The annual meeting of the World Economic Forum 2024 will be held in Davos (Asharq Al-Awsat)
The annual meeting of the World Economic Forum 2024 will be held in Davos (Asharq Al-Awsat)

Saudi Arabia announced that a high-ranking delegation will participate in the World Economic Forum (WEF) Annual Meeting 2024 in Davos, Switzerland, from January 15-19, under the theme of "Rebuilding Trust."

The delegation, chaired by Foreign Minister Prince Faisal bin Abdallah, includes Saudi Ambassador to the US Princess Reema bint Bandar, Minister of Commerce Majid al-Kassabi, Minister of State for Foreign Affairs and Envoy for Climate Adel al-Jubeir, Minister of Investment Khalid al-Falih, Minister of Finance Mohammed al-Jadaan, Minister of Communications and Information Technology Abdullah al-Swaha, Minister of Industry and Mineral Resources Bandar al-Khorayef, and Minister of Economy and Planning Faisal al-Ibrahim.

- Current challenges

The Saudi delegation will address these era-defining challenges by working with the international community to advance substantive global collaboration, drive economic resilience, build sustainable resource security, and harness human-centric innovation.

It would also explore the opportunities offered by emerging technologies and their impact on the policy and decision-making process.

The Saudi delegation will highlight the social and economic progress made within the framework of Vision 2030, the transformation, diversification, and development witnessed by the Kingdom in various fields, and the multiple investment opportunities available across the nation's thriving economy.

- Competitive capabilities

The Saudi delegation will share its expertise in enhancing the Kingdom's attractiveness as a private and foreign investment destination.

The delegation will also review the best practices and solutions developed by the Kingdom to enhance the economy's resilience and achieve financial sustainability, in line with its ambitions for economic diversification and sustainable growth under Vision 2030.

- Enhancing cooperation

The 54th annual meeting of the World Economic Forum will discuss ways to enhance cooperation between the public and private sectors to explore future opportunities, review solutions and developments within various economic and development sectors within the framework of international cooperation, and joint work between governments and various institutions.

The Forum brings together representatives from more than 100 governments, major international organizations, and more than 1,000 major private sector players, in addition to representatives of civil society and academic institutions.

The theme "Rebuilding Trust" highlights the importance of joint international action in confronting humanitarian, climate, social, and economic challenges.

- Global risks

In addition, the Global Risks Report 2024 issued by the World Economic Forum warned of a global risk landscape that will witness a decline in human development. It will weaken countries and individuals and expose them to new risks.

Given the systemic changes in global power mechanisms, climate, technology, and demographic distribution, global risks impose significant pressures that may exhaust the world's ability to adapt.

The report said that these matters are among its most prominent findings, which showed that cooperation on global issues is declining and that there is an urgent need to adopt approaches to address global risks.

The transnational risks will become harder to handle as global cooperation erodes.

In this year's Global Risks Perception Survey, two-thirds of respondents predict that a multipolar order will dominate in the next ten years as middle and great powers set and enforce – but also contest – current rules and norms.

WEF Managing Director Saadia Zahidi said underlying geopolitical tensions combined with the eruption of active hostilities in multiple regions contribute to an unstable global order characterized by polarizing narratives, eroding trust, and insecurity.

Zahidi warned that the situation leaves ample room for accelerating risks – like misinformation and disinformation – to propagate in societies that have already been politically and economically weakened in recent years.

- Misinformation and Conflict

Emerging as the most severe global risk anticipated over the next two years, foreign and domestic actors will leverage misinformation and disinformation to widen societal and political divides further.

Cost-of-living pressures continue to bite amidst persistently elevated inflation, interest rates, and economic uncertainty in much of the world.

Misinformation and disinformation have risen rapidly in rankings to first place for the two-year timeframe, and the risk is likely to become more acute as elections in several economies take place this year.

Interstate armed conflict is a new entrant into the top risk rankings over the two-year horizon as both a product and driver of state fragility.

With many conflicts currently ongoing in different parts of the world, the risks of geopolitical tensions and declining community resilience may lead to the spread of conflict contagion.

- Economic uncertainty and declining development

The continued state of economic uncertainty and the widening of the financial and technical gap are among the most prominent features of the coming years, and the lack of economic opportunities ranked sixth in risks over the next two years.

In the long term, obstacles to economic mobility are expected to increase, which will lead to the deprivation of large segments of the population of economic opportunities.

In addition, countries affected by conflict or climate risks may become isolated from investment, advanced technologies, and new employment opportunities.

In the absence of guaranteed and secure livelihoods, individuals may become more vulnerable to involvement in crime, militancy, and extremism.

- The planet is in danger

It is expected that environmental risks continue to dominate the risk landscape over all three timeframes, while the report called on business leaders to reconsider the steps that must be taken to confront global risks.

The report recommended focusing global cooperation efforts on accelerating the construction of protection barriers against the most urgent emerging risks, such as signing agreements to integrate artificial intelligence in the decision-making process.



Trump Set to Lead Largest-Ever US Delegation to World Economic Forum in Davos Next Week

This photograph shows a sign of the World Economic Forum (WEF) at the Congress center, during the WEF annual meeting in Davos on January 20, 2025. (AFP)
This photograph shows a sign of the World Economic Forum (WEF) at the Congress center, during the WEF annual meeting in Davos on January 20, 2025. (AFP)
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Trump Set to Lead Largest-Ever US Delegation to World Economic Forum in Davos Next Week

This photograph shows a sign of the World Economic Forum (WEF) at the Congress center, during the WEF annual meeting in Davos on January 20, 2025. (AFP)
This photograph shows a sign of the World Economic Forum (WEF) at the Congress center, during the WEF annual meeting in Davos on January 20, 2025. (AFP)

US President Donald Trump will return to the World Economic Forum's annual meeting of business, political and cultural elites in Davos, Switzerland next week, leading a record-large US delegation, organizers said Tuesday.

The Geneva-based think tank says Trump, whose assertive foreign policy on issues as diverse as Venezuela and Greenland in recent months has stirred concerns among US friends and foes alike, will be accompanied by five Cabinet secretaries and other top officials for the event running from Monday through Jan. 23.

A total of 850 CEOs and chairs of the world's top companies will be among the 3,000 participants from 130 countries expected in the Alpine resort this year, the forum says.

Forum President Borge Brende says six of seven G7 leaders — including Trump — will attend, as well as presidents Volodymyr Zelenskky of Ukraine, Ahmed al-Sharaa of Syria and others. A total of 64 heads of state or government are expected so far — also a record — though that number could increase before the start of the event, he said.

China's delegation will be headed by Vice Premier He Lifeng, Beijing's top trade official, Brende said.

The forum, which held its first annual meeting in 1971, has long been a hub of dialogue, debate and deal-making. Trump has already attended twice while president and was beamed in by video last year just days after being inaugurated for his second term.

Critics call it a venue for the world’s elites to hobnob and do business that sometimes comes at the expense of workers, the impoverished or people on the margins of society. The forum counters that its stated goal is “improving the state of the world” and insists many advocacy groups, academics and cultural leaders have an important role too.


World Bank: Global Economy Shows Resilience Amid Historic Trade, Policy Uncertainty

A woman places coins inside a red wallet in Germany. (dpa)
A woman places coins inside a red wallet in Germany. (dpa)
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World Bank: Global Economy Shows Resilience Amid Historic Trade, Policy Uncertainty

A woman places coins inside a red wallet in Germany. (dpa)
A woman places coins inside a red wallet in Germany. (dpa)

The global economy is proving more resilient than anticipated despite persistent trade tensions and policy uncertainty, according to the World Bank’s latest Global Economic Prospects report. Global growth is projected to remain broadly steady over the next two years, easing to 2.6% in 2026 before rising to 2.7% in 2027, an upward revision from the June forecast.

The resilience reflects better-than-expected growth, especially in the United States, which accounts for about two-thirds of the upward revision to the forecast in 2026. Even so, if these forecasts hold, the 2020s are on track to be the weakest decade for global growth since the 1960s. The sluggish pace is widening the gap in living standards across the world, the report finds: at the end of 2025, nearly all advanced economies enjoyed per capita incomes exceeding their 2019 levels, but about one in four developing economies had lower per capita incomes.

In 2025, growth was supported by a surge in trade ahead of policy changes and swift readjustments in global supply chains. These boosts are expected to fade in 2026 as trade and domestic demand soften. However, the easing global financial conditions and fiscal expansion in several large economies should help cushion the slowdown, according to the report. Global inflation is projected to edge down to 2.6% in 2026, reflecting softer labor markets and lower energy prices. Growth is expected to pick up in 2027 as trade flows adjust and policy uncertainty diminishes.

“With each passing year, the global economy has become less capable of generating growth and seemingly more resilient to policy uncertainty,” said Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice President for Development Economics. “But economic dynamism and resilience cannot diverge for long without fracturing public finance and credit markets.”

“Over the coming years, the world economy is set to grow slower than it did in the troubled 1990s, while carrying record levels of public and private debt. To avert stagnation and joblessness, governments in emerging and advanced economies must aggressively liberalize private investment and trade, rein in public consumption, and invest in new technologies and education.”

In 2026, growth in developing economies is expected to slow to 4% from 4.2% in 2025 before edging up to 4.1% in 2027 as trade tensions ease, commodity prices stabilize, financial conditions improve, and investment flows strengthen. Growth is projected to be higher in low-income countries, reaching an average of 5.6% over 2026-27, buoyed by firming domestic demand, recovering exports, and moderating inflation. However, this will not be sufficient to narrow the income gap between developing and advanced economies.

Per capita income growth in developing economies is projected to be 3% in 2026 - about a percentage point below its 2000-2019 average. At this pace, per capita income in developing economies is expected to be only 12% of the level in advanced economies.

These trends could intensify the job-creation challenge confronting developing economies, where 1.2 billion young people will reach working age over the next decade. Overcoming the jobs challenge will require a comprehensive policy effort centered on three pillars.

The first is strengthening physical, digital, and human capital to raise productivity and employability. The second is improving the business environment by enhancing policy credibility and regulatory certainty so firms can expand. The third is mobilizing private capital at scale to support investment. Together, these measures can help shift job creation toward more productive and formal employment, supporting income growth and poverty alleviation.

In addition, developing economies need to bolster their fiscal sustainability, which has been eroded in recent years by overlapping shocks, growing development needs, and rising debt-servicing costs. A special-focus chapter of the report provides a comprehensive analysis of the use of fiscal rules by developing economies, which set clear limits on government borrowing and spending to help manage public finances. These rules are generally linked to stronger growth, higher private investment, more stable financial sectors, and a greater capacity to cope with external shocks.

“With public debt in emerging and developing economies at its highest level in more than half a century, restoring fiscal credibility has become an urgent priority,” said M. Ayhan Kose, the World Bank Group’s Deputy Chief Economist and Director of the Prospects Group.

“Well-designed fiscal rules can help governments stabilize debt, rebuild policy buffers, and respond more effectively to shocks. But rules alone are not enough: credibility, enforcement, and political commitment ultimately determine whether fiscal rules deliver stability and growth.”

More than half of developing economies now have at least one fiscal rule in place. These can include limits on fiscal deficits, public debt, government expenditures, or revenue collection. Developing economies that adopt fiscal rules typically see their budget balance improve by 1.4 percentage points of GDP after five years, once interest payments and the ups and downs of the business cycle are accounted for.

Use of fiscal rules also increases by 9 percentage points the likelihood of a multi-year improvement in budget balances. However, the medium- and long-term benefits of fiscal rules depend heavily on the strength of institutions, the economic context in which the rules are introduced, and how the rules are designed, the report finds.


Saudi Industry Minister Discusses Automotive Manufacturing Cooperation with China's BYD

The Saudi and Chinese delegations meet in Riyadh on Tuesday. (SPA)
The Saudi and Chinese delegations meet in Riyadh on Tuesday. (SPA)
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Saudi Industry Minister Discusses Automotive Manufacturing Cooperation with China's BYD

The Saudi and Chinese delegations meet in Riyadh on Tuesday. (SPA)
The Saudi and Chinese delegations meet in Riyadh on Tuesday. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held talks in Riyadh on Tuesday with Chinese company BYD Founder and Chairman Wang Chuanfu to discuss cooperation in automotive manufacturing and the transfer of advanced vehicle technologies to the Kingdom.

They explored ways to strengthen industrial cooperation and expand promising investment opportunities to localize the automotive industry in the Kingdom, with particular focus on electric vehicle manufacturing to meet growing domestic demand and reinforce Saudi Arabia’s position as a leading regional and global hub for automotive production.

Discussions tackled the incentives and enablers offered to investors in high-value industries, including the automotive sector, as well as the Kingdom’s significant investments in electric vehicle charging infrastructure.

The meeting highlighted the objectives of the comprehensive strategy for the mining and mineral industries, which emphasizes support for the electric vehicle ecosystem and the development of local supply chains for battery manufacturing and advanced materials.

These efforts help in localizing the automotive industry and advancing the goals of Saudi Vision 2030 to diversify the national economy.