Saudi FM Leads High-Ranking Delegation to WEF Annual Meeting in Davos

The Saudi flag. Asharq A-Awsat
The Saudi flag. Asharq A-Awsat
TT

Saudi FM Leads High-Ranking Delegation to WEF Annual Meeting in Davos

The Saudi flag. Asharq A-Awsat
The Saudi flag. Asharq A-Awsat

A high-level Saudi delegation led by Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah will participate in the World Economic Forum (WEF) Annual Meeting in Davos on January 20-24.

The Kingdom’s delegation includes Minister of Commerce Majid Al-Kassabi; Minister of Tourism Ahmed Al Khateeb; Minister of State for Foreign Affairs, Cabinet Member, and Climate Envoy Adel Al-Jubeir; Minister of Investment Khalid Al-Falih; Minister of Finance Mohammed Al-Jadaan; Minister of Communications and Information Technology Abdullah Alswaha; Minister of Industry and Mineral Resources Bandar Alkhorayef, and Minister of Economy and Planning Faisal Alibrahim.

Taking place under the theme of “Collaboration for the Intelligent Age”, the 55th World Economic Forum Annual Meeting arrives at a time of growing geopolitical, economic and humanitarian challenges — from ongoing conflicts to a tepid global growth trajectory, and from the seismic impact of advanced technologies on labor markets and human capital to the increasingly urgent need for a practical and inclusive energy transition.

During its participation, the Saudi delegation will collaborate with leaders from government, the private sector, civil society and academia to address these pressing global challenges and shape a prosperous future. The delegation will also explore opportunities to drive disruptive innovation, unlock human potential, steer sustainable transitions and foster global dialogue.

The delegation will also share experiences and insights from its transformation journey and wide-ranging reform agenda under Saudi Vision 2030, which is building a more resilient, productive and integrated economy.

The Ministry of Economy and Planning (MEP) leads the Kingdom’s long-standing partnership with the WEF and has delivered impactful initiatives that have addressed pressing global challenges.
The 55th annual meeting of the World Economic Forum brings together representatives from more than 100 governments, major international organizations, and more than 1,000 major private sector players, in addition to young changemakers and representatives of civil society and academic institutions.



Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
TT

Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose for a second straight session on Tuesday, but traded below the recent all-time highs, as uncertainty around US President Donald Trump's tariff plans continued to fuel economic growth concerns and safe haven flows into bullion.

Spot gold gained 0.6% at $2,913.79 an ounce as of 0714 GMT. It hit a record high of $2,942.70 last week.

US gold futures added 0.9% to $2,925.50.

"Trump's disruptive modus operandi, aggressive rhetoric and tariffs - whether actual or threatened - could unravel global trade and intricate supply chains," said Nikos Tzabouras, senior financial writer at trading platform Tradu, Reuters reported.

"With uncertainty surrounding the global economy and the broader geopolitical landscape in the Trump 2.0 era, gold is set to remain a natural beneficiary of risk-off flows and central bank buying."

Since taking office last month, Trump has swiftly redrawn the global trade battlefield with a series of tariffs, while plans are already in motion for sweeping reciprocal tariffs, aimed squarely at any nation that taxes US products.

"Gold continues to benefit from the uncertainty surrounding the US. government's tariff policy. Central bank buying should also continue to provide support, even if there is no new data on this," Commerzbank analysts said in a note.

The market's focus has now shifted to the US Federal Reserve's January meeting minutes due on Wednesday for clues into the central bank's interest rate trajectory.

"Price gains are also supported by growing expectations that the Fed will cut rates in 2025 - a sentiment that gained further traction among traders after last week's disappointing US retail sales figures," Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said.

Bullion benefits from geopolitical and economic uncertainties, as well as rising price pressures, but higher interest rates diminish the asset's allure.

Spot silver fell 0.9% to $32.50 an ounce. Platinum jumped 0.9% to $985.20 and palladium climbed 1.6% to $978.00.