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.



Gold Hits Three-week Peak on Softer Dollar and Safe Haven Inflows

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Hits Three-week Peak on Softer Dollar and Safe Haven Inflows

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices touched their highest level in three weeks on Friday supported by a softer dollar and safe-haven buying, while markets braced for potential economic and interest rate changes from US President-elect Donald Trump's proposed policies.

Spot gold was little changed at $2,658.11 per ounce, as of 1115 GMT, hitting its highest level since Dec. 13. Bullion is up about 1.5% for the week so far.

US gold futures were steady at $2,672.20.

The dollar index fell 0.3% from over a two-year high hit in the previous session, making dollar-priced bullion more affordable for holders of other currencies, Reuters reported.

"Gold bulls are setting the tone early doors this year, enjoying the lift from safe haven bids while riskier equities struggle to hold on to nascent gains," said Exinity Group Chief Market Analyst Han Tan.

On the geopolitical front, in Gaza Israeli airstrikes killed at least 68 Palestinians, Gaza authorities said. While, Russia launched a drone strike on the Ukrainian capital Kyiv on Wednesday, city officials said.

Trump's inauguration on Jan. 20 has heightened uncertainty, with his proposed tariffs and protectionist policies expected by many economists to be inflationary and potentially spark trade wars.

"Markets are aware that Trump's policies risk reawakening US inflationary impulses, which should be a boon for gold so long as markets adhere to the precious metal’s role as an inflation hedge," Tan added.

Bullion, which is considered a hedge against economic and geopolitical uncertainties, tends to thrive in lower interest rate environment.

After delivering three consecutive interest rate cuts in 2024, the US central bank now projects only two reductions in 2025 due to due to stubbornly high inflation.

Spot silver rose 0.6% to $29.75 per ounce.

"Lower real US yields and stronger global industrial production should favor the metal in 2025," UBS said in a note, adding that they see silver to trade between $36-38/oz in 2025.

Platinum added 0.8% to $930.09, and palladium gained 1.2% to $922.58. Both metals were on track for weekly gains.