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Saudi Arabia to Host WEF Special Meeting in Riyadh in April

Saudi Arabia Foreign Minister Prince Faisal bin Farhan bin Abdullah attends a session during the World Economic Forum (WEF) annual meeting in Davos. (AFP)
Saudi Arabia Foreign Minister Prince Faisal bin Farhan bin Abdullah attends a session during the World Economic Forum (WEF) annual meeting in Davos. (AFP)
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Saudi Arabia to Host WEF Special Meeting in Riyadh in April

Saudi Arabia Foreign Minister Prince Faisal bin Farhan bin Abdullah attends a session during the World Economic Forum (WEF) annual meeting in Davos. (AFP)
Saudi Arabia Foreign Minister Prince Faisal bin Farhan bin Abdullah attends a session during the World Economic Forum (WEF) annual meeting in Davos. (AFP)

A high-level delegation from Saudi Arabia concluded its participation in the World Economic Forum (WEF) Annual Meeting 2024 in Davos, culminating in an announcement that Riyadh will host a WEF Special Meeting on global cooperation, growth and energy, between April 28-29.

From January 15-19, the Saudi delegation, headed by Prince Faisal bin Farhan bin Abdullah, Minister of Foreign Affairs, participated in critical dialogues, bilateral and multilateral meetings to shape solutions to global challenges, to build the foundations for a more connected, resilient and thriving future.

The delegation included Princess Reema bint Bandar Al-Saud, Ambassador of the Custodian of the Two Holy Mosques to the United States; Dr. Majid Al-Kassabi, Minister of Commerce; Adel Al-Jubeir, Minister of State for Foreign Affairs, Member of the Council of Ministers, and Envoy for Climate; Khalid Al Falih, Minister of Investment; Mohammed Al-Jadaan, Minister of Finance; Abdullah Al-Swaha, Minister of Communications and Information Technology; Bandar Alkhorayef, Minister of Industry and Mineral Resources; and Faisal Alibrahim, Minister of Economy and Planning.

Some of the highlight sessions in which the delegates participated included: "Securing an Insecure World"; "Frictionless Services"; "Gulf Economies: All In"; "Regulating Non-Banks"; "Bold Steps for a Sustainable MENA"; "Resilience: What It Means and What to Do About It"; "Supply Chains of the Future"; "Investors of First Resort: Government Inc."; "The Future of Banking and Technology in Saudi Arabia: What it Means for Investors"; "MENA’s Economic Dilemma: Reforms Amid Uncertainty"; and a special WEF panel session on "Saudi Arabia: The Course Ahead", which focused on the Kingdom’s leading role in promoting peace, security and prosperity in the Middle East.

The Kingdom’s delegation also launched the Saudi House: Bold Visions Series, which convened change-makers, policymakers, and innovators to engage in dialogues focused on the solutions needed across key areas of economic development including the blue economy, tourism and technology investments.

The WEF Special Meeting in Riyadh is part of a landmark agreement between Saudi Arabia and the Forum, set to convene more than 700 global leaders the public and private sector, international organizations, NGOs, academia and civil society to foster dialogues between countries towards reviving international cooperation.

On Thursday, the Kingdom signed two agreements with WEF’s innovation platform UpLink to catalyze innovative global solutions to today’s most pressing environmental and sustainability challenges. The agreements aim to foster innovation ecosystems around early-stage impact entrepreneurs to stimulate investments and support for breakthrough solutions that address critical sustainable development challenges including ocean degradation, biodiversity loss, and the circular carbon economy.

Another Memorandum of Understanding (MOU) was signed to enhance cooperation between Saudi Arabia and the Organization for Economic Cooperation and Development (OECD). The agreement focuses on a wide range of public policy initiatives in areas including the economy, corporate governance and sustainability.

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Business

Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)
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Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)

Saudi Arabia’s Public Investment Fund has fully allocated the proceeds of its green bond issuance, directing $9 billion to eligible projects, in a move that highlights the sovereign wealth fund’s growing role in shaping a more sustainable future and delivering lasting positive impact worldwide.

According to a recent report issued by the Public Investment Fund, reviewed by Asharq Al-Awsat, the expected impact of the fund’s eligible green projects includes generating 427 megawatts of renewable energy, avoiding emissions equivalent to 5.1 million tons of carbon dioxide, and treating 4 million cubic meters of wastewater.

The Public Investment Fund aims to establish itself as an active participant in global debt markets, while also fostering the development of a dynamic domestic market. This would enable the fund to access short- or long-term liquidity through a diverse range of financing instruments.

Financing strategy

The fund’s capital markets program aims to further strengthen its financing strategy and execution capabilities, both at the level of the Saudi sovereign wealth fund and across its portfolio companies, while enabling deeper engagement with global and local debt markets.

The program will also support expanding the fund’s capacity to raise debt and deploy it as a source of investment financing, in line with its overall funding strategy. This approach is designed to instill greater discipline in cash flow management and enhance returns on equity for the fund and its portfolio companies.

The green bond issuance will provide the fund with access to a broader pool of investors who prioritize environmental, social, and governance considerations in their investment decisions. It will also allow investors to diversify their portfolios through green assets, a step expected to help accelerate the pace of green investment globally.

Climate change

The fund has taken concrete steps to advance governance and policy, focusing on sustainability, and is a founding member of the One Planet Sovereign Wealth Funds initiative. This international platform aims to accelerate the integration of climate change considerations into asset management decisions and investment opportunities.

As an investment vehicle, the Public Investment Fund operates through acquiring stakes in companies aligned with its mandate, including ACWA Power and Lucid.

It has also established the Saudi Investment Recycling Company, a leader in waste management and recycling, manages the National Energy Services Company, Tarshid, and supports the creation of a voluntary carbon market in the Middle East and North Africa.

These efforts aim to strengthen Saudi Arabia’s position as one of the world’s most energy-efficient countries.

The green bond issuance will finance tangible projects on the ground, helping to accelerate the green transition and advance the Kingdom’s core targets of achieving net zero emissions by 2060 and generating 50 percent of electricity consumption from renewable energy sources by 2030.

This forms a key pillar of the renewable energy program implemented by the fund, which involves developing 70 percent of renewable power generation capacity.

Business

Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)
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Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)

E-commerce sales in Saudi Arabia via "mada" cards soared to an all-time monthly high in October 2025, surpassing SAR30.7 billion.

The surge in sales represents a 68% year-on-year increase, totaling about SAR12.4 billion more than the SAR18.3 billion recorded in October 2024, according to the Saudi Central Bank (SAMA) statistical bulletin on Wednesday.

E-commerce sales for the third quarter (Q3) of 2025 hit SAR88.3 billion, up 15.2% from the previous quarter, representing an increase of about SAR11.6 billion over the SAR76.6 billion recorded in Q2.

On a monthly basis, e-commerce sales in October rose 6%, gaining approximately SAR1.6 billion over September’s total of SAR29.1 billion.

From January to October, "mada" data showed e-commerce sales grew 47.3%, rising by around SAR9.9 billion over the SAR20.9 billion recorded in January.

These figures cover transactions made via "mada" cards on e-commerce websites, apps, and digital wallets, and do not include credit-card payments.

Business

Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
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Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)

Jeddah's King Abdulaziz International Airport (KAIA) celebrated the launch of its first direct flynas flight to Moscow, operating three weekly flights between Jeddah and Vnukovo International Airport.

This initiative, in partnership with the Saudi Tourism Authority and the Air Connectivity Program, boosts air links between Saudi Arabia and Russia.

It marks KAIA's third direct Russian destination, following Makhachkala and Mineralnye Vody, which were inaugurated earlier this month by Azimuth Airlines.

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location.