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WEF President Highlights Saudi Arabia's Development, Economic Ambition

President of the World Economic Forum Borge Brende speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. (Reuters)
President of the World Economic Forum Borge Brende speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. (Reuters)
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WEF President Highlights Saudi Arabia's Development, Economic Ambition

President of the World Economic Forum Borge Brende speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. (Reuters)
President of the World Economic Forum Borge Brende speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. (Reuters)

President of the World Economic Forum (WEF) Borge Brende expressed on Sunday his appreciation to the government of Saudi Arabia for hosting the WEF's special meeting under the theme "Global Collaboration, Growth and Energy for Development."

During a speech at the special WEF meeting in Riyadh, Brende highlighted the developments witnessed by Saudi Arabia in recent years, which reflect its global economic ambition, reported the Saudi Press Agency.

He stressed the importance of finding solutions to address economic challenges that boost international cooperation and discussed challenges, including energy shortages in some countries.

He stressed the importance of finding cooperative solutions to reshape the future of energy worldwide,

The forum has attracted participants from 92 countries and more than 500 companies, institutions, and non-profit organizations for discussions on achieving a sustainable future.

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Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
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Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo

The Spanish government has given the green light to Saudi Arabia's largest telecoms operator, STC Group, to raise its stake in Telefonica beyond 5% and reach 9.97%, Economy Minister Carlos Cuerpo said on Thursday.

Cuerpo confirmed an earlier report by El Pais newspaper during a news conference following the cabinet's weekly meeting in which the stake increase was approved, Reuters reported.

"Measures and conditions have been set and accepted voluntarily by the Saudi company to ensure that (the operation) takes place," Cuerpo told reporters.

He said the government's decision followed an "exhaustive analysis based not only on compliance with current legislation but also to guarantee the national interest in defense and ensure the strategic element in telecommunications".

Last year, STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder.

The Saudi group said at the time it owned a 4.9% stake in Telefonica and financial instruments giving it another 5% in what it called economic exposure to the company.

The Spanish government had to authorize the deal as Telefonica is considered a defence service provider and therefore a strategic company.

The Saudi company has said it does not intend to gain control of or a majority stake in Telefonica.