Leaders in Riyadh Forge Policies Safeguarding Global Economy from Shocks

Part of the launch of the World Economic Forum activities in Riyadh (SPA)
Part of the launch of the World Economic Forum activities in Riyadh (SPA)
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Leaders in Riyadh Forge Policies Safeguarding Global Economy from Shocks

Part of the launch of the World Economic Forum activities in Riyadh (SPA)
Part of the launch of the World Economic Forum activities in Riyadh (SPA)

The bustling scene in Saudi Arabia is echoing the triumph of its economic overhaul under the national transformation plan, “Vision 2030.”

As the world converges for the World Economic Forum’s special gathering on global collaboration, growth, and energy for development in Riyadh on April 28 and 29, all eyes are on the Kingdom’s strides towards prosperity and sustainability.

Bringing together more than 700 participants, including stakeholders from governments and international organizations, politicians and corporate leaders, the gathering is expected to address global challenges as geopolitical tensions increase.

Vision 2030 has turned the Kingdom into a global hub for discussions, according to Faisal Alibrahim, Saudi Arabia’s Minister of Economy and Planning.

Energy was a major focus at the forum’s start, with Saudi Energy Minister Prince Abdulaziz bin Salman highlighting the challenges of transitioning to green energy. Saudi Arabia aims to provide all types of energy to the world, he stressed.

Saudi Finance Minister Mohammed Al-Jadaan discussed how regional conflicts, like those in Gaza, affect economies by putting pressure on emotions. Stability is crucial for the region’s welfare and growth, he emphasized.

The success of Vision 2030 in Saudi Arabia is proof that nations can transform, said Kristalina Georgieva, the managing director of the International Monetary Fund (IMF). She stressed the need to share economic growth benefits among all countries.

Georgieva said that changes in interest rates can harm overall growth. She called for more cooperation, stabilizing finances, and lowering inflation.

Georgieva pointed out that the coronavirus pandemic cost the world about $3.3 trillion and stressed the immediate need to control inflation and rebuild financial safety nets. She warned against relying too much on one source for essential supplies, as it could hurt economic growth.

Al-Jadaan talked about how conflicts in the region put pressure on economies and people’s feelings, affecting economic stability. He urged a focus on people and economic growth over political issues.

Al-Jadaan highlighted Saudi Arabia’s goal of reducing tensions in the region in recent years and emphasized the need for economic plans to adapt to changing circumstances. He praised Vision 2030 for boosting investor confidence and driving positive economic progress in the country.

Moreover, the Minister mentioned the increased role of the private sector under Vision 2030, which focuses on quality rather than quantity of growth. He explained the importance of non-oil economic growth and strengthening the private sector for economic development.

Al-Jadaan also pointed out the global shocks of the past four years and the need for countries, including Saudi Arabia, to ensure their plans can withstand such challenges.

On his part, Alibrahim stressed using new technology for human welfare.

He highlighted how artificial intelligence will bring in billions economically over the next decade. Alibrahim noted Saudi Arabia’s role in creating opportunities under King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman’s guidance.

The Minister emphasized the importance of international cooperation, growth, and energy discussions during the forum in Riyadh, focusing on investing in people’s skills and well-being.

Alibrahim also mentioned Vision 2030’s aim to tackle various challenges, including social, economic, and humanitarian ones.

He stressed responsible energy production and consumption, advocating for new clean solutions for sustainability, and underlined energy’s crucial role in the economy.



Japan Sets $19 Billion Business Target in Central Asia

TOKYO, JAPAN - DECEMBER 20: Japan's Prime Minister Sanae Takaichi, Kazakhstan's President Kassym-Jomart Tokayev, Tajikistan's President Emomali Rahmon, Turkmenistan's President Serdar Berdimuhamedov,  Kyrgyzstan's President Sadyr Zhaparov, and Uzbekistan’s President Shavkat Mirziyoyev attend the leaders-level "Central Asia plus Japan" Dialogue (CA+JAD) summit, in Tokyo, Japan, on December 20, 2025.     David MAREUIL/Pool via REUTERS
TOKYO, JAPAN - DECEMBER 20: Japan's Prime Minister Sanae Takaichi, Kazakhstan's President Kassym-Jomart Tokayev, Tajikistan's President Emomali Rahmon, Turkmenistan's President Serdar Berdimuhamedov, Kyrgyzstan's President Sadyr Zhaparov, and Uzbekistan’s President Shavkat Mirziyoyev attend the leaders-level "Central Asia plus Japan" Dialogue (CA+JAD) summit, in Tokyo, Japan, on December 20, 2025. David MAREUIL/Pool via REUTERS
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Japan Sets $19 Billion Business Target in Central Asia

TOKYO, JAPAN - DECEMBER 20: Japan's Prime Minister Sanae Takaichi, Kazakhstan's President Kassym-Jomart Tokayev, Tajikistan's President Emomali Rahmon, Turkmenistan's President Serdar Berdimuhamedov,  Kyrgyzstan's President Sadyr Zhaparov, and Uzbekistan’s President Shavkat Mirziyoyev attend the leaders-level "Central Asia plus Japan" Dialogue (CA+JAD) summit, in Tokyo, Japan, on December 20, 2025.     David MAREUIL/Pool via REUTERS
TOKYO, JAPAN - DECEMBER 20: Japan's Prime Minister Sanae Takaichi, Kazakhstan's President Kassym-Jomart Tokayev, Tajikistan's President Emomali Rahmon, Turkmenistan's President Serdar Berdimuhamedov, Kyrgyzstan's President Sadyr Zhaparov, and Uzbekistan’s President Shavkat Mirziyoyev attend the leaders-level "Central Asia plus Japan" Dialogue (CA+JAD) summit, in Tokyo, Japan, on December 20, 2025. David MAREUIL/Pool via REUTERS

Japan unveiled a five-year goal on Saturday for business projects totalling $19 billion in Central Asia as Tokyo vies for influence in the resource-rich region.

The announcement came after Prime Minister Sanae Takaichi hosted an inaugural summit with the leaders of five Central Asia nations -- Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan -- in Tokyo.

Japan "set a new target of business projects at a total amount of 3 trillion yen in 5 years in Central Asia", a joint statement said after Takaichi wrapped up her meeting with the five leaders.

Like the United States and the European Union, Japan is drawn by the region's enormous, but still mostly unexploited, natural resources in a push to diversify rare earths supplies and reduce dependence on China, AFP reported.

"It is important for Central Asia, blessed with abundant resources and energy sources, to expand its access to international markets," the statement said.

The leaders agreed to promote cooperation that can help the "strengthening of critical minerals supply chains", while also pledging to achieve economic growth and decarbonisation.

They also held separate summits with Russia's Vladimir Putin, China's Xi Jinping and EU chief Ursula von der Leyen this year.

The summit was seen as important for Japan to increase its presence in the region, said Tomohiko Uyama, a professor at Hokkaido University specializing in Central Asian politics.

"Natural resources have become a strong focus, particularly in the past year, because of China's moves involving rare earths," Uyama told AFP on Friday, referring to tight export controls introduced by Beijing this year.

The leaders agreed on Saturday to expand cooperation regarding "Trans-Caspian International Transport Route", a logistics network connecting to Europe without passing through Russia.

Efforts towards "safe, secure, and trustworthy Artificial Intelligence" were also agreed.

Tokyo has long encouraged Japanese businesses to invest in the region, although they remain cautious.

Xi visited Astana in June, and China -- which shares borders with Kazakhstan, Kyrgyzstan and Tajikistan -- has presented itself as a main commercial partner, investing in huge infrastructure projects.

The former Soviet republics still see Moscow as a strategic partner but have been spooked by Russia's invasion of Ukraine.

Other than rare earths, Kazakhstan is the world's largest uranium producer, Uzbekistan has giant gold reserves and Turkmenistan is rich in gas.

Mountainous Kyrgyzstan and Tajikistan are also opening up new mineral deposits.

However, exploiting those reserves remains complicated in the harsh and remote terrains of the impoverished states.


World Bank Approves $700 Million for Pakistan's Economic Stability

A view of traffic circulating amid dense fog in Islamabad, Pakistan, 18 December 2025. EPA/SOHAIL SHAHZAD
A view of traffic circulating amid dense fog in Islamabad, Pakistan, 18 December 2025. EPA/SOHAIL SHAHZAD
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World Bank Approves $700 Million for Pakistan's Economic Stability

A view of traffic circulating amid dense fog in Islamabad, Pakistan, 18 December 2025. EPA/SOHAIL SHAHZAD
A view of traffic circulating amid dense fog in Islamabad, Pakistan, 18 December 2025. EPA/SOHAIL SHAHZAD

The World Bank said on Friday that it has approved $700 million in financing for Pakistan under a multi-year initiative aimed at supporting the country's macroeconomic stability and service delivery.

The funds will be released under the bank's Public Resources for Inclusive Development - Multiphase Programmatic ⁠Approach (PRID-MPA), which could provide up to $1.35 billion in total financing, the lender said. Of this amount, $600 million will go for federal programs and $100 million will ⁠support a provincial program in the southern Sindh province.

The approval follows a $47.9 million World Bank grant in August to improve primary education in Pakistan's most populous Punjab province.

In November, an IMF-World Bank report, uploaded by Pakistan's finance ministry, said Pakistan's fragmented ⁠regulation, opaque budgeting and political capture are curbing investment and weakening revenue. Regional tensions may surface over international financing for Pakistan.

In May, Reuters reported that India would oppose World Bank funding for Pakistan, citing a senior government source in New Delhi.


Oil Set for Second Straight Weekly Decline on Supply Outlook

A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol
A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol
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Oil Set for Second Straight Weekly Decline on Supply Outlook

A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol
A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol

Oil prices rose on Friday but were poised for a second straight weekly decline as a potential supply glut and prospects of a Russia-Ukraine peace deal limited gains driven by concerns over disruptions from a blockade of Venezuelan tankers.

Brent crude futures were up 52 cents, or 0.87%, at $60.34 a barrel by ‌1357 GMT ‌while US West Texas Intermediate crude ‌rose ⁠51 ​cents, ‌or 0.9%, to $56.66.

On a weekly basis, the Brent and WTI benchmarks were down 1.3% and 1.4% respectively, according to Reuters.

"That we're ⁠staying down at these levels indicates that the market is awash with ‌oil right now," said Ole Hansen, ‍head of commodity strategy at ‍Saxo Bank. "There's enough oil to mitigate any disruptions."

Uncertainty over ‍how the US would enforce President Donald Trump's intent to block sanctioned tankers from entering and leaving Venezuela tempered geopolitical risk premiums, IG analyst Tony Sycamore said.

Venezuela, which pumps about 1% ​of global oil supplies, on Thursday authorised two unsanctioned cargoes to set sail for China, said two ⁠sources familiar with Venezuela's oil export operations.

Optimism over a potential US-led Ukraine peace deal also eased supply risk concerns, Sycamore said.

However, Bank of America analysts said they expect lower oil prices to curb supply, which could stop prices from going into freefall.

Investors also watched developments in Russia's war in Ukraine after Kyiv ramped up attacks on Russia's energy infrastructure. Ukraine struck a "shadow fleet" oil tanker in the Mediterranean Sea with aerial drones for the first time, ‌a Ukrainian official said on Friday.