WEF in Saudi Arabia Seeks to Redraw Paths of Development

The Saudi capital is hosting on Sunday the first global meeting of the World Economic Forum. (WEF)
The Saudi capital is hosting on Sunday the first global meeting of the World Economic Forum. (WEF)
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WEF in Saudi Arabia Seeks to Redraw Paths of Development

The Saudi capital is hosting on Sunday the first global meeting of the World Economic Forum. (WEF)
The Saudi capital is hosting on Sunday the first global meeting of the World Economic Forum. (WEF)

The Saudi capital is hosting on Sunday the first global meeting of the World Economic Forum, under the patronage of Prince Mohammed bin Salman, Crown Prince and Prime Minister.

“It is the strongest summit outside of Davos to date,” according to Saudi Minister of Economy and Planning Faisal Al-Ibrahim, who was speaking on the eve of the meeting, which is held under the slogan “Global Cooperation, Growth and Energy for Development.”

The event brings together more than a thousand world officials from 92 countries with the aim of supporting dialogue and finding practical, collaborative and sustainable solutions to common global challenges.

Building on the inaugural Growth Summit in Switzerland last year, the meeting will promote a forward-looking approach to interconnected crises. It will also bridge the growing gap between North and South on issues such as emerging economic policies, energy transition, and geopolitical shocks.

This event comes three days after the issuance of the annual report of the Kingdom’s Vision 2030 in its eighth year, which highlighted the progress achieved by Saudi Arabia at various levels.

“Eight years after the launch of Saudi Vision 2030, we have demonstrated our readiness to lead the path towards an advanced model of growth based on transformation, characterized by innovation and sustainability. Our vision is to chart the path towards a prosperous economy based on knowledge and innovation, a path that unleashes the enormous potential of our human capital,” Al-Ibrahim told a group of journalists on Saturday.

He explained that most of the growth achieved by Saudi Arabia over the past years came from new economic sectors that the country started from scratch in accordance with Vision 2030, such as sports, entertainment and tourism, in addition to industrial sectors.

“The Kingdom is reviewing all of its priorities and adjusting them to suit its needs, and all projects are progressing according to plan and without delay,” he underlined.

In a joint press conference with the President of the World Economic Forum, Borge Brende, earlier on Saturday, the minister said the Kingdom has proven its ability to lead a sustainable model globally, noting that it has achieved a 20 percent economic growth since 2016, while the non-oil economy now represents 50 percent of GDP in 2023.

He continued: “At the global turning point we are living in today, strengthening international cooperation has become more important than ever. In cooperation with the Kingdom of Saudi Arabia as a partner for this meeting, the Forum has chosen a well-established and dynamic global platform for leadership of thought, solutions and business, to be the best host for this special meeting, in light of the exceptional circumstances.”

Al-Ibrahim noted that the special WEF meeting in Riyadh represents a unique opportunity to redraw development paths in all countries and adopt a new model of international cooperation that aims to overcome divisions and achieve common prosperity.

Brende, for his part, underlined the importance of the special meeting of the World Economic Forum, which is taking place at a crucial moment.

He said that in light of the geopolitical tensions and social and economic disparities that exacerbate divisions at the global level, international cooperation and meaningful dialogue have become more urgent than ever before.

He added that the Riyadh meeting provides an opportunity for leaders from various sectors and geographical regions to transform ideas into actions on the ground, and launch scalable solutions to many challenges.

Brende also said Palestinian President Mahmoud Abbas and a number of international officials will visit the Saudi capital this current week to hold talks aimed at pushing towards a peace agreement in Gaza.

He pointed to “some new momentum now in the talks around the hostages, and also for... a possible way out of the impasse we are faced with in Gaza.”

“This is more an opportunity to have structured discussions” with “the key players”, he said, adding: “There will be discussions, of course, on the ongoing humanitarian situation in Gaza.”

The meeting agenda focuses on three main topics, including international cooperation, comprehensive growth and energy for development.

According to a statement issued by the World Economic Forum, more than 220 public figures from more than 60 countries are participating in the meeting.

The WEF, in collaboration with the Saudi Ministry of Economy and Planning, is also organizing the Open Forum on April 28-29, concurrently with the Special Meeting on Global Collaboration, Growth and Energy for Development.

In a statement, the WEF said the forum aims to encourage dialogue and increase awareness on critical issues by providing a platform for ideas, thoughts, and questions to be expressed and tackled in an open environment. It welcomes students, entrepreneurs, young professionals and the general public to the discussion.



Oil Falls on Signs of Progress in US-Iran Talks amid More Market Stress

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant/File Photo
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant/File Photo
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Oil Falls on Signs of Progress in US-Iran Talks amid More Market Stress

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant/File Photo
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant/File Photo

Oil prices fell more than 2% on Monday on signs of progress in talks between the US and Iran while investors remained concerned about economic headwinds from tariffs which could curb demand for fuel.

Brent crude futures slipped $1.51, or 2.2%, to $66.45 a barrel by 1115 GMT after closing up 3.2% on Thursday. US West Texas Intermediate crude was at $63.11 a barrel, down $1.57, or 2.4%, after settling up 3.54% in the previous session. Thursday was the last settlement day last week because of the Good Friday holiday, Reuters reported.

"The US-Iran talks seem relatively positive, which allows for people to start thinking about the possibility of a solution," said Harry Tchilinguirian, group head of research at Onyx Capital Group. "The immediate implication would be that Iranian crude would not be off the market."

Markets also have lower liquidity due to the Easter holiday, which can exacerbate price moves, he added. In the talks, the US and Iran agreed to begin drawing up a framework for a potential nuclear deal, Iran's foreign minister said, after discussions that a US official described as yielding "very good progress." The progress follows further sanctions by the US last week against a Chinese independent oil refinery that it alleges processed Iranian crude, ramping up pressure on Tehran.

Markets also came under stress on Monday, after US President Donald Trump last week made criticisms about the Federal Reserve. Gold prices rose to another record, with jitters rippling into energy markets due to concerns about demand, according to analysts.

"The broader trend remains tilted to the downside, as investors may struggle to find conviction in an improving supply-demand outlook, especially amid the drag from tariffs on global growth and rising supplies from OPEC+," said IG Market Strategist Yeap Jun Rong. OPEC+, the group of major producers including the Organization of the Petroleum Exporting Countries and allies such as Russia, is still expected to increase output by 411,000 barrels per day starting in May, though some of that increase may be offset by cuts from countries that have been exceeding their quotas. A Reuters poll on April 17 showed investors believe the tariff policy will trigger a significant slowdown in the US economy this year and next, with the median probability of recession in the next 12 months approaching 50%. The US is the world's biggest oil consumer.

Investors are watching for several US data releases this week, including April flash manufacturing and services PMI, for direction on the economy.

"This week's series of PMI releases could further underscore the economic impact of tariffs, with both manufacturing and services conditions across major economies expected to soften," IG's Yeap said, adding oil prices face resistance at the $70 level.