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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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ExxonMobil Launches 'Promising' Exploration Well Off Cyprus

The Wolf Moon is shown over the capital Nicosia in the southeast island of Cyprus, Wednesday, Jan. 15, 2025. (AP Photo/Petros Karadjias)
The Wolf Moon is shown over the capital Nicosia in the southeast island of Cyprus, Wednesday, Jan. 15, 2025. (AP Photo/Petros Karadjias)
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ExxonMobil Launches 'Promising' Exploration Well Off Cyprus

The Wolf Moon is shown over the capital Nicosia in the southeast island of Cyprus, Wednesday, Jan. 15, 2025. (AP Photo/Petros Karadjias)
The Wolf Moon is shown over the capital Nicosia in the southeast island of Cyprus, Wednesday, Jan. 15, 2025. (AP Photo/Petros Karadjias)

ExxonMobil and Qatar Energy on Friday began exploratory drilling for natural gas in a prospect west of Cyprus, Cyprus President Nikos Christodoulides said on X.
The east Mediterranean has yielded some major gas discoveries in recent years, and a disruption in energy supplies from Russia after its 2022 invasion of Ukraine has sharpened Europe's attention on securing alternative sources of supply.
"Cyprus progresses exploration activities, aiming to be an alternative and reliable source of natural gas for the EU," Christodoulides wrote in his post.
According to Reuters, he said drilling at the prospect, named Electra, got underway on Friday morning.
ExxonMobil executives have previously described Electra as 'highly promising'.
The company secured hydrocarbon exploration licenses for Cyprus in 2017. Other multinationals in the region include US's Chevron (CVX.N), opens new tab, Italy's Eni (ENI.MI), opens new tab and France's TotalEnergies (TTEF.PA).
Cyprus has made modest finds offshore compared to sizeable discoveries by neighbors Egypt and Israel. It has not yet put any gas into production.
The Mediterranean island nation is divided with the internationally-recognized government in the south and a breakaway Türkiye-backed administration in the north.
Cyprus's drilling activities are being closely monitored by Ankara, a Turkish defense ministry official said. The area being drilled lies outside continental shelf boundaries declared by Türkiye, they added.
Cyprus and Türkiye do not have diplomatic relations, and past exploration efforts have exposed disputes and overlapping claims.