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Saudi Economy Minister: Riyadh WEF Special Meeting is a ‘Unique Opportunity’ to Reshape Development

Saudi Minister of Economy and Planning Faisal bin Fadhil Alibrahim and WEF President Borge Brende. SPA
Saudi Minister of Economy and Planning Faisal bin Fadhil Alibrahim and WEF President Borge Brende. SPA
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Saudi Economy Minister: Riyadh WEF Special Meeting is a ‘Unique Opportunity’ to Reshape Development

Saudi Minister of Economy and Planning Faisal bin Fadhil Alibrahim and WEF President Borge Brende. SPA
Saudi Minister of Economy and Planning Faisal bin Fadhil Alibrahim and WEF President Borge Brende. SPA

Saudi Minister of Economy and Planning Faisal bin Fadhil Alibrahim has said the World Economic Forum's (WEF) special meeting in Riyadh presents a vital chance to reshape development strategies globally.

This opportunity allows for a new approach to international cooperation, prioritizing overcoming differences and fostering mutual prosperity.

Alibrahim made this statement during the meeting's initial press conference, joined by WEF President Borge Brende. The conference took place at the King Abdulaziz International Conference Center, leading up to the special meeting on April 28-29.

This year's theme is "Global Collaboration, Growth and Energy for Development.”

Heads of state and government representatives from 92 nations will gather to discuss the challenges of worldwide economic instability, climate change, and technological disruption. Their objective is to discover fresh avenues for sustainable development while fostering greater collaboration among nations.

The meeting will serve as an opportunity for Saudi Arabia to present Vision 2030 as a strategic plan for fostering innovation-led development and ensuring long-term sustainability.
Alibrahim stated that Saudi Arabia is ready to spearhead a progressive growth model centered on transformation, innovation, and sustainability. “Our vision is to cultivate a flourishing economy driven by knowledge and innovation, fully harnessing the immense potential of our people.”

The primary focus will be on crafting forward-thinking strategies to tackle climate change, economic volatility, and natural disasters.

The WEF's upcoming special meeting is expected to generate new recommendations and guide nations towards increased collaboration in addressing global challenges. Its objective is to forge a more sustainable and prosperous future for all stakeholders involved.

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Business

Oil Falls on Demand Growth Concerns, Robust Dollar

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Falls on Demand Growth Concerns, Robust Dollar

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices fell on Friday on worries about demand growth in 2025, especially in top crude importer China, putting global oil benchmarks on track to end the week down nearly 3%.
Brent crude futures fell by 33 cents, or 0.45%, to $72.55 a barrel by 0730 GMT. US West Texas Intermediate crude futures eased 32 cents, or 0.46%, to $69.06 per barrel, Reuters said.
Chinese state-owned refiner Sinopec said in its annual energy outlook released on Thursday that China's crude imports could peak as soon as 2025 and the country's oil consumption would peak by 2027 as diesel and gasoline demand weaken.
"Benchmark crude prices are in a prolonged consolidation phase as the market heads towards the year-end weighed by uncertainty in oil demand growth," said Emril Jamil, senior research specialist at LSEG.
He added that OPEC+ would require supply discipline to perk up prices and soothe jittery market nerves over continuous revisions of its demand growth outlook. The Organization of the Petroleum Exporting Countries and allies, together called OPEC+, recently cut its growth forecast for 2024 global oil demand for a fifth straight month.
Meanwhile, the dollar's climb to a two-year high also weighed on oil prices, after the Federal Reserve flagged it would be cautious about cutting interest rates in 2025.
A stronger dollar makes oil more expensive for holders of other currencies, while a slower pace of rate cuts could dampen economic growth and trim oil demand.
JPMorgan sees the oil market moving from balance in 2024 to a surplus of 1.2 million barrels per day (bpd) in 2025, as the bank forecasts non-OPEC+ supply increasing by 1.8 million bpd in 2025 and OPEC output remaining at current levels.
In a move that could pare supply, G7 countries are considering ways to tighten the price cap on Russian oil, such as with an outright ban or by lowering the price threshold, Bloomberg reported on Thursday.
Russia has circumvented the $60 per barrel cap imposed in 2022 using its "shadow fleet" of ships, which the EU and Britain have targeted with further sanctions in recent days.