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.



Iraq Studies Alternative Options for Oil Exports

Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
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Iraq Studies Alternative Options for Oil Exports

Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty

Iraq is studying alternative measures to export crude oil after disruptions to the process amid the US-Israeli war against Iran. At the same time, the country intends to continue producing crude oil at a level of 1.4 million barrels per day.

Iraqi Oil Minister Hayyan Abdul Ghani told the official television channel Al-Iraqiya News that oil exports account for 90 percent of Iraq’s revenues, and that the ministry has decided to continue producing crude oil at 1.4 million barrels per day.

He emphasized that the production and supply of petroleum products to meet domestic demand have not stopped.

He added that refineries are operating at full design capacity to cover local needs, and that sufficient quantities of liquefied gas are available to fully meet domestic needs.

Regarding exports, he explained that the export process has stopped in the south, prompting the government to search for possible alternatives to export crude oil. He revealed that an agreement is close to being signed to export oil through the Turkish Ceyhan pipeline.

Abdul Ghani added that the ministry has prepared a comprehensive plan to manage the current phase, particularly after the new circumstances in the Strait of Hormuz, noting that a plan has been activated to transport 200,000 barrels per day by tanker trucks through Türkiye, Syria, and Jordan.

In a separate context, the oil minister denied that tankers targeted in Iraqi waters belonged to Iraq, explaining that they were not Iraqi vessels and were carrying naphtha.

Iraq recently lost its entire oil export capacity of 3.35 million barrels per day after Iran closed the Strait of Hormuz following escalating conflict in the region.

Iraq relies on crude oil sales for about 95 percent of its revenues to meet the needs of the country’s annual federal budget. This means that the country would face a critical situation if the conflict in the Gulf region and the Strait of Hormuz continues.


Gold Set for Weekly Drop as Oil Price Surge Weighs on Rate-cut Hopes

FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
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Gold Set for Weekly Drop as Oil Price Surge Weighs on Rate-cut Hopes

FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo

Gold prices were on track for a second consecutive weekly drop, despite edging up on Friday, as surging energy prices due to the Middle East war dimmed prospects for near-term US interest rate cuts.

Spot gold was up 0.3% at $5,095.55 per ounce, as of 0633 GMT on Friday. US gold futures for April delivery fell 0.1% to $5,100.20.

The US 10-year Treasury yields eased, increasing the appeal of the non-yielding bullion. Bullion, however, has ‌lost more ‌than 1% so far this week. Since the war ‌started ⁠on February 28, ⁠it has dropped over 3% so far.

Fears of inflation and questions about the Federal Reserve's ability to cut interest rates if high oil prices persist are somewhat counteracting gold's appeal, said Tim Waterer, KCM Trade chief market analyst.

"Given the ongoing uncertainty about the duration and scope of the conflict in the Middle East, I expect gold to remain on the ⁠radar for investors as a safety play." Heightening geopolitical ‌tensions, Iran's Supreme Leader Mojtaba Khamenei said ‌on Thursday that Tehran will keep the strategic Strait of Hormuz closed as ‌leverage against the US and Israel, which has stoked concerns about ‌global energy supply and risk assets.

Oil prices rose above $100 a barrel, as attacks on oil tankers in the Gulf and warnings from Iran shattered prospects of quick de-escalation in the Middle East conflict. As oil prices surged, US President Donald ‌Trump again demanded Fed Chair Jerome Powell cut interest rates.

Traders, however, expect the Fed to keep rates ⁠steady in the current ⁠3.5%-3.75% range at the end of its two-day meeting on March 18, according to CME Group's FedWatch tool. While recent inflation data suggest price growth is under control, the war and the resulting spike in crude prices have yet to filter through the data.

Investors are awaiting the release of the delayed January Personal Consumption Expenditures Index, expected on Friday. Gold discounts in India widened this week to their deepest point in nearly a decade as demand stayed subdued and some traders steered clear of paying import duties, while the escalating Middle East war boosted safe-haven demand in China.

Spot silver was down 1% at $82.91 per ounce. Spot platinum lost 1% to $2,111.45 and palladium fell 1% to $1,603.


Iran War and Rising Fuel Costs Could Boost Panama Canal Traffic, Administrator Says

A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
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Iran War and Rising Fuel Costs Could Boost Panama Canal Traffic, Administrator Says

A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)

Panama Canal Administrator Ricaurte Vásquez said Thursday that the conflict in the Middle East and rising fuel costs could ultimately benefit the interoceanic waterway as global shippers adjust routes.

In an interview with The Associated Press, Vásquez said that higher energy, fuel and navigation costs could make the Panama Canal a more attractive option for commercial traffic.

“When costs increase, in general when the price of marine fuel rises, the Panama Canal becomes a more attractive route,” Vásquez said.

Oil prices have risen amid the war in the Middle East, which has led to the temporary closure of the Strait of Hormuz by Iran in response to US and Israeli attacks. About one-fifth of the world’s oil passes through the waterway at the mouth of the Gulf.

If higher energy costs persist, routing cargo through Panama can cut voyages by between three and 15 days, depending on the route, while reducing fuel consumption, he said.

Vásquez said higher fuel costs are expected to affect container ships, bulk carriers and tankers transporting liquefied natural gas. If Middle Eastern supplies are disrupted, shipments may be replaced by other sources, including the United States, which could redirect some LNG cargo from Europe to Asia via Panama.

Gerardo Bósquez, an executive with the Panama Maritime Chamber, said a prolonged conflict could reshape global trade routes, with gas transport among the segments likely to benefit.

Vásquez cautioned that any changes will not be immediate and will depend on how long cargo operators expect the conflict and instability in the Gulf last.