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Saudi Delegation to WEF Meets with Forum Founder and President

The Saudi delegation to the World Economic Forum (WEF) meets with the Forum's Founder and Executive Chairman, Professor Klaus Schwab, and President Borge Brende on Monday. (SPA)
The Saudi delegation to the World Economic Forum (WEF) meets with the Forum's Founder and Executive Chairman, Professor Klaus Schwab, and President Borge Brende on Monday. (SPA)
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Saudi Delegation to WEF Meets with Forum Founder and President

The Saudi delegation to the World Economic Forum (WEF) meets with the Forum's Founder and Executive Chairman, Professor Klaus Schwab, and President Borge Brende on Monday. (SPA)
The Saudi delegation to the World Economic Forum (WEF) meets with the Forum's Founder and Executive Chairman, Professor Klaus Schwab, and President Borge Brende on Monday. (SPA)

Saudi Arabia's delegation to the World Economic Forum (WEF) Annual Meeting 2025 held talks on Monday with the Forum's Founder and Executive Chairman, Professor Klaus Schwab, and President Borge Brende, on the first day of the global event in Davos.

Discussions focused on bolstering the existing cooperation between Saudi Arabia and the Forum while exploring key global economic developments of common interest.

Saudi Minister of Economy and Planning Faisal Alibrahim met on Monday with Chairman of HSBC Holdings, Mark Tucker, on the sidelines of the WEF.

The meeting focused on global financial developments and investment opportunities in Saudi Arabia.

He also me wet with Romania's Minister of Economy, Digitalization, Entrepreneurship, and Tourism, Bogdan Ivan to discuss means to boost Saudi-Romanian economic collaboration.

They exchanged views on global economic developments of mutual concern.

Alibrahim also held talks with Chair of the Berlin Global Dialogue Professor Lars-Hendrik Röller on multilateral international cooperation and global economic development.

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Kuwait's KPC CEO Says Oil Production Capacity Exceeds 3 Million Bpd 

A general view of Kuwait City buildings, Kuwait, December 23, 2024. (Reuters)
A general view of Kuwait City buildings, Kuwait, December 23, 2024. (Reuters)
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Kuwait's KPC CEO Says Oil Production Capacity Exceeds 3 Million Bpd 

A general view of Kuwait City buildings, Kuwait, December 23, 2024. (Reuters)
A general view of Kuwait City buildings, Kuwait, December 23, 2024. (Reuters)

Kuwait's oil production capacity now exceeds 3 million barrels per day, Kuwait Petroleum Corporation (KPC) CEO Sheikh Nawaf Saud al-Sabah told reporters on Tuesday.

The country's oil production capacity was at more than 2.8 million bpd in June last year, Ahmad Jaber Al-Eidan, the CEO of KPC subsidiary Kuwait Oil Company (KOC), said at the time.

Kuwait aims to boost its oil output to 4 million bpd by 2035, having previously missed a goal of reaching that level by 2020.

Commenting on US President Donald Trump's views on fossil fuels, Sheikh Nawaf said there is no alternative to oil as a primary source of energy, "neither now nor in the future".

"Perhaps this is what President Trump and officials in the United States have realized, that there must be continued exploration and production of oil, and this is what we reflect here in Kuwait. We know that demand for Kuwaiti oil will increase in the future."

Trump signed a flurry of orders within hours of his inauguration on Monday intended to boost the United States' already record-high oil and gas production.

Al-Eidan said KOC aims to reach "full production" from discovered offshore fields within eight to 10 years.

Of the 4 million bpd of oil production capacity Kuwait is targeting by 2035, 350,000 bpd of capacity is expected to come from an area called the Neutral Zone, jointly operated with Saudi Arabia.

Kuwait last year said it had made a "giant" oil discovery with estimated reserves of 3.2 billion barrels. It said on Monday it had found 800 million medium-density oil barrels and 600 billion standard cubic feet of associated gas offshore.

Sheikh Nawaf said Kuwait has completed engineering studies for the Durra gas field and is proceeding according to a plan agreed with Saudi Arabia.