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High-Ranking Saudi Delegation to Attend World Economic Forum Meeting in Davos

FILED - 23 January 2020, Switzerland, Davos: The World Economic Forum logo is displayed on a board during a plenary session. Photo: Ciaran McCrickard/World Economic Forum/dpa
FILED - 23 January 2020, Switzerland, Davos: The World Economic Forum logo is displayed on a board during a plenary session. Photo: Ciaran McCrickard/World Economic Forum/dpa
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High-Ranking Saudi Delegation to Attend World Economic Forum Meeting in Davos

FILED - 23 January 2020, Switzerland, Davos: The World Economic Forum logo is displayed on a board during a plenary session. Photo: Ciaran McCrickard/World Economic Forum/dpa
FILED - 23 January 2020, Switzerland, Davos: The World Economic Forum logo is displayed on a board during a plenary session. Photo: Ciaran McCrickard/World Economic Forum/dpa

A high-ranking Saudi delegation led by Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah will participate in the World Economic Forum (WEF) Annual Meeting 2026 in Davos, Switzerland, from January 19 to 23.

Alongside Prince Saisal, the delegation includes Saudi Ambassador to the US Princess Reema bint Bandar bin Sultan bin Abdulaziz, Minister of Commerce Majid Al-Kassabi, Minister of Tourism Ahmed Al-Khateeb, Minister of Investment Khalid Al-Falih, Minister of Finance Mohammed Aljadaan, Minister of Communications and Information Technology Abdullah Alswaha, Minister of Industry and Mineral Resources Bandar Alkhorayef, and Minister of Economy and Planning Faisal Alibrahim.

Prince Faisal affirmed that the Kingdom’s participation in the World Economic Forum 2026, themed "A Spirit of Dialogue," demonstrates its commitment to international cooperation in addressing economic challenges.

He stressed the importance of maintaining regional peace, supporting sustainable development, and enhancing global economic partnerships.

In a statement to the Saudi Press Agency (SPA), Prince Faisal also highlighted the importance of public-private collaboration to achieve prosperity and security.

He noted that the Kingdom is broadening cooperation with international partners to better confront economic and environmental challenges while focusing on building institutional and human capacities to adapt to rapid transformations.

Prince Faisal stated that the Kingdom views the Davos 2026 forum as a vital opportunity to strengthen cooperation in building institutional and human capacities, essential pillars for adapting to rapid global economic shifts.

Saudi Arabia is focused on developing innovative solutions in technology and scientific research, he said.

As for Aljadaan, he affirmed that Saudi Arabia's participation in the 56th World Economic Forum stems from its commitment to strengthening international cooperation and addressing global economic challenges.

In a statement to SPA, Aljadaan pointed to the Kingdom's growing influence in shaping global economic trends, driven by its robust economy and regional and international standing.

He emphasized that the Kingdom will use this platform, which brings together government, business, and academic leaders, to explore ways to promote global stability and growth.

The minister stated that this year's forum focuses on five key global challenges: building trust and cooperation, identifying new drivers for sustainable growth, investing in human capital, ensuring the responsible use of technology and innovation, and integrating environmental sustainability into economic models. Discussions will also cover the impacts of artificial intelligence, digital transformation, and cybersecurity on global industries.

Alibrahim said the Kingdom's participation reinforces Saudi Arabia's position as an active partner in advancing comprehensive development and innovative solutions to global challenges, ensuring sustainable growth and prosperity at the local, regional, and international levels.

He told SPA that the forum will spotlight key themes aimed at institutionalizing international cooperation through participatory economic models that sustain transformative growth. He highlighted the Kingdom's success in creating new growth engines and building a robust, productive base driven by investment in strategic sectors and activities with high-quality economic returns.

Alibrahim noted that over the past five years, 74 out of 81 non-oil economic activities recorded annual growth exceeding 5%, with 38 achieving growth of more than 10%, reflecting a genuine expansion of the Kingdom's productive base.

The minister emphasized that the Kingdom's participation goes beyond mere representation, involving active contribution to advancing cooperation and strengthening the resilience of the global economy, particularly by balancing development expansion with responsible innovation policies.

Al-Khateeb also affirmed that Saudi Arabia's participation in the 2026 World Economic Forum aligns with its leadership in strengthening international cooperation and building partnerships that translate dialogue into tangible results.

Al-Khateeb told SPA that this participation extends the Kingdom's approach to opening joint investment opportunities in vital sectors, particularly tourism. He noted that Saudi Arabia has become a new global tourism powerhouse and a rapidly developing model for creating competitive destinations, reflecting its growing prominence on the international map.

Participation in Davos will highlight the importance of developing tourism experiences and service quality to ensure sustainable growth that balances high demand with added value, while preserving cultural identity and natural resources, the minister added.

As for Alswaha, he said the Kingdom’s participation is supported and enabled by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister, and embodies the Kingdom's leadership in fostering shared solutions and strengthening global dialogue on technological innovation and sustainable growth, in alignment with the objectives of Saudi Vision 2030.

In a statement to SPA, the minister explained that the Kingdom's participation aims to convey its national experience in transitioning to the smart era and showcase its notable achievements in building a competitive, technology- and AI-driven economy. It also seeks to broaden international cooperation and open new pathways for partnerships and investments with leading global technology companies and private-sector leaders.

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Business

Saudi Arabia's Industrial and Mining Sectors Record Strong Growth in 2025

The Ministry of Industry and Mineral Resources logo
The Ministry of Industry and Mineral Resources logo
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Saudi Arabia's Industrial and Mining Sectors Record Strong Growth in 2025

The Ministry of Industry and Mineral Resources logo
The Ministry of Industry and Mineral Resources logo

The Ministry of Industry and Mineral Resources announced the 2025 performance indicators for the Kingdom’s industrial and mining sectors, highlighting continued growth and increased investment.

According to the ministry, 1,660 new industrial licenses were issued in 2025, with investments exceeding SAR76 billion and the potential to create approximately 34,847 jobs.

During the same year, 1,201 factories began production, representing investments of more than SAR31 billion and employing around 45,454 workers, reflecting the sector’s growing appeal to both local and international investors.

In the mining sector, the ministry issued 736 new mining licenses. By the end of the year, the total number of active mining licenses reached 2,925, covering various license types across the sector.

These indicators underscore the ministry’s ongoing efforts to develop the mining industry, strengthen its global competitiveness, and position it as the third pillar of Saudi industry.

Business

US Consumer Prices Likely Increased in February Ahead of Iran Conflict

09 December 2025, Saxony, Dresden: A woman walks into a supermarket. (dpa)
09 December 2025, Saxony, Dresden: A woman walks into a supermarket. (dpa)
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US Consumer Prices Likely Increased in February Ahead of Iran Conflict

09 December 2025, Saxony, Dresden: A woman walks into a supermarket. (dpa)
09 December 2025, Saxony, Dresden: A woman walks into a supermarket. (dpa)

US consumer prices likely picked up in February as the cost of gasoline increased in anticipation of an escalating war in the Middle East, and with the conflict driving up oil prices, a further rise in inflation is expected in March.

The anticipated increase in the Consumer Price Index last month would also reflect the continued, but staggered pass-through from President Donald Trump's sweeping tariffs, which he pursued under a law meant for use in national emergencies, that have since been struck down by the US Supreme Court.

The Labor Department's consumer inflation report on Wednesday is, however, expected to show underlying price pressures rising moderately last month, thanks to relatively cheaper used motor vehicles and airline fares. It is unlikely to have any impact on near-term monetary policy, with the Federal Reserve expected to keep interest rates unchanged next week.

"The February CPI is likely to show that progress on lowering inflation is stalling out again," said Sarah House, ‌a senior economist at Wells ‌Fargo.

"Although the conflict in the Middle East started at the end of February, oil ‌and ⁠gasoline prices were ⁠already rising last month in anticipation of an escalation," House said.

The CPI likely increased 0.3% last month after climbing 0.2% in January, a Reuters survey of economists predicted. Estimates ranged from a 0.1% rise to a 0.3% increase. In the 12 months through February, the CPI was estimated to have advanced 2.4%, which would match January's increase, and reflect last year's high readings dropping out of the calculation.

The US central bank tracks the Personal Consumption Expenditures price indexes for its 2% inflation target.

Economists estimated that gasoline prices rose by about 0.8% in the CPI report after declining for two straight months.

Prices at the pump have jumped by more than ⁠18% to $3.54 per gallon since the US-Israeli war on Iran started at the end of February, ‌data from motorist advocacy group AAA showed. Oil prices shot up well ‌above $100 per barrel, before pulling back on Tuesday after Trump stated the war could end soon.

UPSIDE RISK TO FOOD PRICES FROM WAR

"The ‌recent 15% move alone suggests a 0.15-0.30 percentage point lift to headline inflation depending on how the conflict evolves," said ‌Andy Schneider, a senior US economist at BNP Paribas Securities.

Food prices likely maintained a moderate pace of increase, though Schneider added "a sustained oil price shock would raise fertilizer and transportation costs that could push food inflation higher later in the year."

Excluding the volatile food and energy components, the CPI was forecast to have gained 0.2% after rising 0.3% in January. The so-called core CPI inflation was likely curbed by a ‌decline in used motor vehicle prices, as well as smaller increases in rents and airline fares.

But prices for goods like apparel and household furnishings likely increased solidly as businesses passed ⁠on tariffs. January's Producer Price Index ⁠report showed a widening in margins, including for apparel, footwear and accessories retailing.

Though businesses have absorbed much of the import duties, economists said they were unlikely to continue doing so, citing among others persistently higher readings of input costs in the Institute for Supply Management surveys.

Trump has responded to the Supreme Court ruling by imposing a 10% global tariff, which he said would rise to 15%.

"The trouble is that there is evidence that input costs continue to escalate, even as the level of tariffs has mostly stabilized," said Stephen Stanley, chief US economist at Santander US Capital Markets. "The pass-through dynamic could persist for a while."

In the 12 months through February, the core CPI inflation is forecast to have increased 2.5% after rising by the same margin in January, also reflecting favorable base effects.

Economists said the tame core CPI readings were unlikely to translate into moderate core PCE inflation gains in February. January's delayed PCE price index data due on Friday is expected to show a solid increase in core inflation.

"Weighting differences and unexpected strength in PPI service prices are likely to produce a significantly larger increase in the broader consumption index," said Lou Crandall, chief economist at Wrightson ICAP. "Similar effects are likely to give the core PCE price index an upward bias in the February data due out on April 9."

Business

Asian Shares Advance as Markets Await Signals on When the War with Iran May End

South Korean dealers work in front of monitors at the Hana Bank in Seoul, South Korea, 09 March 2026. (EPA)
South Korean dealers work in front of monitors at the Hana Bank in Seoul, South Korea, 09 March 2026. (EPA)
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Asian Shares Advance as Markets Await Signals on When the War with Iran May End

South Korean dealers work in front of monitors at the Hana Bank in Seoul, South Korea, 09 March 2026. (EPA)
South Korean dealers work in front of monitors at the Hana Bank in Seoul, South Korea, 09 March 2026. (EPA)

Asian shares were mostly higher Wednesday with several benchmarks giving up much of their early gains as investors awaited signals on when the war with Iran may end.

US futures rose and oil prices were mixed.

Tokyo's Nikkei 225 gained 1.3% to 54,926.50 and South Korea's Kospi picked up 0.6% to 5,562.40 after gaining more than 3% earlier in the day.

In Hong Kong, the Hang Seng fell back, slipping 0.2% to 25,921.02, while the Shanghai Composite index edged 0.2% higher to 4,131.39.

Australia's S&P/ASX 200 rose 0.6% to $8,743.50.

Taiwan's benchmark climbed 4.1% and the Sensex in India fell 1.1%. In Bangkok, the SET gained 1.3%.

Oil prices have remained sharply below their peaks hit on Monday. Such spikes have been rocking financial markets worldwide because of worries that the war could block the global flow of oil and natural gas for a long time.

“Asian equities and global futures managed to steady the ship today, helped by crude holding just below the psychologically charged $90 line. In the current regime, that single number functions less like a price and more like a pressure valve,” Stephen Innes of SPI Asset Management said in a commentary.

Early Wednesday, the price for a barrel of Brent crude, the international standard, was down 2 cents at $87.78. That’s about 10% below its settlement price the day before.

US benchmark crude oil gained 53 cents to $83.98 per barrel.

Oil prices plunged Monday afternoon from a high of nearly $120 per barrel, its most expensive level since 2022, after President Donald Trump told CBS News he thinks “the war is very complete, pretty much.” That raised hopes that the war may end relatively soon, which could allow oil to flow freely again from the Middle East to customers around the world.

However, both sides have sharpened their rhetoric as the war enters its 11th day. US Defense Secretary Pete Hegseth promised the most intense strikes yet while the Pentagon detailed the broader toll of injuries sustained by US troops.

The US said it took out more than a dozen minelaying Iranian vessels Tuesday, and Tehran vowed to block the region’s oil exports, saying it would not allow “even a single liter” to be shipped to its enemies.

One point where Trump has remained clear was his desire to keep the Strait of Hormuz open. The war has effectively blocked the waterway off Iran’s coast, where a fifth of the world’s oil sails on a typical day.

“If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far,” Trump said in a posting on his social media network late Monday.

On Tuesday, the S&P 500 dipped 0.2% to 6,781.48, a day after its latest wild swings caused by extreme moves in the oil market. The Dow Jones Industrial Average fell 34 points, or 0.1% to 47,706.51 and the Nasdaq composite edged higher by less than 0.1% to 22,697.10.

Oracle's shares on the Nasdaq surged 12% in premarket trading early Wednesday after the company reported its earnings and revenue jumped 20% in the last quarter, much better than analysts had forecast.

Stock markets have a history of bouncing back relatively quickly from military conflicts, as long as oil prices don’t stay too high for too long. Uncertainty about whether that may happen this time around has led to stunning swings up and down for markets worldwide, often hour-to-hour.

If oil prices do stay high for long, household budgets already stretched by high inflation could snap under the pressure. Companies would see their own bills jump for fuel and to stock items on their store shelves or in their data warehouses. It all raises the possibility of a worst-case scenario for the global economy, “stagflation,” where growth stagnates and inflation remains high.

In other dealings early Wednesday, the dollar rose to 158.08 Japanese yen from 158.05 yen. The euro rose to $1.1638 from $1.1610.