Riyadh WEF Special Meeting Calls for Tech Use in Global Economic Growth

Saudi Arabia's Minister of Economy and Planning Faisal Alibrahim speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed
Saudi Arabia's Minister of Economy and Planning Faisal Alibrahim speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed
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Riyadh WEF Special Meeting Calls for Tech Use in Global Economic Growth

Saudi Arabia's Minister of Economy and Planning Faisal Alibrahim speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed
Saudi Arabia's Minister of Economy and Planning Faisal Alibrahim speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed

Leaders from around the world are stressing the importance of boosting global growth and tackling economic challenges, calling for urgent action to chart a sustainable future.

Riyadh had hosted global leaders for a two-day World Economic Forum (WEF) special meeting in Riyadh.

The Special Meeting on Global Collaboration, Growth and Energy for Development 2024 - held under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia - brought together key leaders to exchange perspectives, consider new data, and advance high-impact partnerships.

Attendees at the meeting stressed the importance of working together to boost sustainable economic growth and tackle obstacles.

They highlighted the need to use technology wisely amid global changes, aiming not just for economic growth but also to fix systemic issues.

They urged unified efforts to address economic slowdowns and build resilience by pooling expertise and resources to create new strategies for growth, job creation, and fair opportunities in building stronger economies.

Wide-ranging discussions at the WEF meeting delved into geopolitical and technological developments, with a focus on artificial intelligence, cybersecurity, renewable energy, logistics sectors, and other economic issues confronting the world.

Saudi Economy Minister Faisal Alibrahim stated that the global economy is still facing slow growth. He stressed the need for fair technology distribution, saying it could boost growth in less developed countries.

During the final plenary session, Alibrahim announced that the Kingdom joined the AI Governance Alliance, and will co-launch the ‘Inclusive AI Initiative for Growth and Development’, to develop solutions for AI access and adoption.

Alibrahim also highlighted Saudi Arabia’s fast-growing non-oil sectors since Vision 2030, aiming for a diverse economy led by productivity. He mentioned Saudi Arabia’s adaptability to AI technologies.

Additionally, Alibrahim discussed the recent conflicts in the Middle East, suggesting that peace in the region would help economic progress.

“We may end up with this decade being remembered as the Turbulent Twenties or the Tepid Twenties, and what we actually want is Transformational Twenties,” said Kristalina Georgieva, Managing Director of the International Monetary Fund.

“Over the next 100 years leaders must aim for the same degree of wealth as that created over the past 100 years, but with a much better distribution of the benefits of growth,” she added.



Iraq, BP Agree to Develop Four Kirkuk Fields

The logo of British multinational oil and gas company BP is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. (Reuters)
The logo of British multinational oil and gas company BP is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. (Reuters)
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Iraq, BP Agree to Develop Four Kirkuk Fields

The logo of British multinational oil and gas company BP is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. (Reuters)
The logo of British multinational oil and gas company BP is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. (Reuters)

Iraq and oil major BP have signed a deal to redevelop four Kirkuk oil and gas fields, BP said on Tuesday, a breakthrough for Iraq, where output has been constrained by years of war, corruption and sectarian tensions.

The signing comes a day before BP plans to update investors on its strategy and is widely expected to reduce investments in renewable energy and shift back to invest more in oil and gas.

BP is expected to spend up to $25 billion over the lifetime of the project, a senior Iraqi oil official told Reuters in early February.

Under the terms of the agreement, which is subject to final ratification by Iraq's government, BP will work with North Oil Co.(NOC), North Gas Co. (NGC) and the new operator to stabilize and grow production, BP said.

Work will include a drilling program, the rehabilitation of existing wells and facilities, and the construction of new infrastructure, including gas expansion projects, it added.

BP said its remuneration will be linked to incremental production volumes, price and costs and will be able to book a share of production and reserves proportionate to the fees it earns for helping to increase production.

BP would boost crude production capacity from the four oilfields in Kirkuk by 150,000 barrels per day (bpd) to raise total capacity to at least 450,000 bpd in 2-3 years, according to a senior Iraqi oil official.

Tuesday's signing came after the two parties agreed on "technical issues and contractual terms, including the economic model of the project," according to a statement from the Iraqi prime minister office.

The BP deal is focused on rehabilitating facilities in four oilfields and developing natural gas to support Iraq's domestic energy needs.

BP was a member of the consortium of oil companies that discovered oil in Kirkuk in the 1920s. BP has estimated that the Kirkuk field holds about 9 billion barrels of recoverable oil.

The company holds a 50% stake in a joint venture operating the giant Rumaila oilfield in the south of the country, where it has been operating for a century.