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Saudi Arabia to Host World Economic Forum Meeting in April

'Saudi Arabia: The Course Ahead' panel in Davos on Thursday
'Saudi Arabia: The Course Ahead' panel in Davos on Thursday
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Saudi Arabia to Host World Economic Forum Meeting in April

'Saudi Arabia: The Course Ahead' panel in Davos on Thursday
'Saudi Arabia: The Course Ahead' panel in Davos on Thursday

Saudi Arabia will host a special World Economic Forum (WEF) meeting in April, Economy Minister Faisal Alibrahim said on Thursday.

The meeting, scheduled to take place from April 28-29, will focus on global collaboration, growth and energy, Alibrahim said in Davos, Switzerland, where the World Economic Forum's main annual event is currently taking place.

He spoke at “Saudi Arabia: The Course Ahead" panel.

"The (World Economic) Forum has recognized that the kingdom is becoming a stronger, more impactful leader on the global stage... and we found it as an opportune time to bring this global Tier 1 event to the kingdom, and start this new chapter together," Alibrahim later told Reuters in an interview.

"This will contribute to Riyadh becoming a more global platform," he said, adding the Saudi government had been in talks with the WEF for some time to host an event.

Hosting the WEF in Riyadh will not take away from the kingdom's flagship annual event, the Future Investment Initiative (FII), Alibrahim said.

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Turkish Annual Inflation Falls More Than Expected to 44.38%

A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo
A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo
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Turkish Annual Inflation Falls More Than Expected to 44.38%

A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo
A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo

Turkish annual consumer price inflation fell more than expected to 44.38% in December, official data showed on Friday, with education, housing and restaurant prices leading the rise.

Month on month, inflation was 1.03%, the Turkish Statistical Institute said, compared with 2.24% in November. Annual consumer price inflation (CPI) was 47.09% in November.

Furniture prices rose 2.78% from the previous month, data showed, while telecoms-related prices gained by 1.82%.

In a Reuters poll, the annual inflation rate was expected to fall to 45.2%, with the monthly figure seen at 1.61%, owing to easing food price inflation and a limited rise in energy prices.

The latest inflation print was close to the central bank's midpoint prediction of 44% for the end of 2024.

The bank, having kept its main interest rate steady at 50% since March, launched an easing cycle last week, cutting the policy rate by 250 basis points to 47.5%.

The bank said it will set policy "prudently" meeting by meeting with a focus on the inflation outlook while responding to any expected "significant and persistent deterioration".

The Turkish lira was little changed after the data at 35.3850 to the dollar, hovering around the record lows.

The domestic producer price index was up 0.4% month on month in December for an annual rise of 28.52%, the data showed.