عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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
TT
TT

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.

Most Viewed

 
 
Business

Mawani Adds Hapag-Lloyd’s SE4 Service to Jeddah Islamic Port

Mawani Adds Hapag-Lloyd’s SE4 Service to Jeddah Islamic Port
TT
TT

Mawani Adds Hapag-Lloyd’s SE4 Service to Jeddah Islamic Port

Mawani Adds Hapag-Lloyd’s SE4 Service to Jeddah Islamic Port

The Saudi Ports Authority (Mawani) announced the addition of Hapag-Lloyd’s SE4 shipping service to Jeddah Islamic Port, a move designed to bolster the Kingdom's maritime competitiveness and global trade connectivity, reported the Saudi Press Agency on Saturday.

This new route links Jeddah to major international hubs, including Tianjin Xingang, Qingdao, Ningbo, and Shanghai in China, as well as Busan in Korea and Tanjung Pelepas in Malaysia.

Boasting a capacity of up to 17,000 TEUs, the service aligns with the National Transport and Logistics Strategy to establish Saudi Arabia as a leading global logistics hub connecting three continents.

Jeddah Islamic Port continues to expand its operational footprint, utilizing its 62 multi-purpose berths and specialized terminals to support a total handling capacity of 130 million tons.

Business

Shipper MSC to Introduce Emergency Fuel Surcharge

A drone image shows an aerial view of MSC Ela registered in Panama (IMO 9282259) leaving Antwerp harbor, near Hansweert, the Netherlands, 04 March 2026. (EPA)
A drone image shows an aerial view of MSC Ela registered in Panama (IMO 9282259) leaving Antwerp harbor, near Hansweert, the Netherlands, 04 March 2026. (EPA)
TT
TT

Shipper MSC to Introduce Emergency Fuel Surcharge

A drone image shows an aerial view of MSC Ela registered in Panama (IMO 9282259) leaving Antwerp harbor, near Hansweert, the Netherlands, 04 March 2026. (EPA)
A drone image shows an aerial view of MSC Ela registered in Panama (IMO 9282259) leaving Antwerp harbor, near Hansweert, the Netherlands, 04 March 2026. (EPA)

Shipping ‌company MSC said on Saturday it would implement an emergency fuel surcharge to all cargo from the Mediterranean (including West Mediterranean, Adriatic, East Mediterranean, Greece and Türkiye) and Black Sea to the Indian ‌sub-continent, Red ‌Sea and ‌East ⁠Africa, effective March 16.

It said ⁠the surcharge would be $30 per twenty-foot equivalent unit (TEU) from the Mediterranean and Black Sea to the Red Sea ⁠for dry containers, ‌and $50 ‌per TEU for refrigerated containers.

Dry containers ‌from the Mediterranean ‌and Black Sea to East Africa will be charged $60 per TEU, while refrigerated containers will ‌be charged $90 per TEU, the world's largest carrier ⁠of ⁠ocean container cargo said.

MSC will also impose a surcharge of $40 per TEU from the Mediterranean and Black Sea to the Indian sub-continent for dry containers, and $60 per TEU for refrigerated containers.

Business

Oil and Gas Prices Rapidly Rise as Iran War Shows No Signs of Letting Up

Petrol prices are displayed at a filling station, as the price of oil and gas has surged amid the conflict in the Middle East, in London, Britain, March 5, 2026 REUTERS/Jack Taylor
Petrol prices are displayed at a filling station, as the price of oil and gas has surged amid the conflict in the Middle East, in London, Britain, March 5, 2026 REUTERS/Jack Taylor
TT
TT

Oil and Gas Prices Rapidly Rise as Iran War Shows No Signs of Letting Up

Petrol prices are displayed at a filling station, as the price of oil and gas has surged amid the conflict in the Middle East, in London, Britain, March 5, 2026 REUTERS/Jack Taylor
Petrol prices are displayed at a filling station, as the price of oil and gas has surged amid the conflict in the Middle East, in London, Britain, March 5, 2026 REUTERS/Jack Taylor

The price of oil surged higher and showed no signs of halting its rapid climb a week after the US and Israel launched major attacks on Iran that escalated into a war in the Middle East.

The conflict, in which nearly every country in the Middle East has sustained damage from missiles or drone strikes, has left ships that carry roughly 20 million barrels of oil a day stranded in the Arabian Gulf, unable to safely pass through the Strait of Hormuz, the narrow mouth of the Gulf that is bordered on its north side by Iran.

The disruption and damage to key oil and gas facilities in the Middle East has led to an interruption in the supply of oil and gas.

Oil prices surpassed $90 a barrel Friday, with American crude settling at $90.90, up 36% from a week ago, and Brent, the international standard, climbing 27% over the course of the week to land at $92.69.

The fallout is ratcheting up what consumers and business will pay for gasoline, diesel and jet fuel, with some drivers already feeling it at the pump.

“It’s crazy. It’s not needed, especially at a time when people are already struggling, but not unexpected from all this turmoil that’s going on,” said Mark Doran, who was pumping gas in Middlebury, Vermont Friday.

“I don’t think there’s been an end in sight to any Middle East conflict that’s been started by us, so the fact that they say that there’s going to be an end that quickly is not believable, and the Middle East is, you know, a place that the US is not going to solve.”

On Monday, President Donald Trump said that the US expected its military operations against Iran to last four to five weeks but has “the capability to go far longer.” And on Friday, Trump appeared to rule out talks with Iran absent its “unconditional surrender.”

“The more news we get, the more it seems like this is going to last a really long time,” said Al Salazar, head of macro oil and gas research at Enverus.

In the US, a gallon of regular gasoline rose to $3.32 on Friday, up 11% from a week ago, according to AAA motor club. Diesel was selling for $4.33 a gallon Friday, up 15% from a week ago.

The price shocks were felt even more heavily in Europe and Asia, markets that rely more heavily on energy supplies from the Middle East. Diesel prices doubled in Europe, and jet fuel prices rose by close to 200% in Asia, according to Claudio Galimberti, chief economist at Rystad Energy.

Energy prices climbed throughout the week as Iran launched a series of retaliatory attacks, including a drone strike on the US Embassy in Saudi Arabia, and the conflict widened. Iran also hit a major refinery in Saudi Arabia and a liquefied natural gas (LNG) facility in Qatar, halting flows of refined products and taking about 20% of the world’s LNG supply offline.

“We keep seeing news of vessels being hit or refineries or pipelines, so the list is very long,” Galimberti said. As a result, roughly 9 million barrels of oil per day are off the market because of facilities being hit or producers taking precautionary measures, he said. “Right now, with all of this shut in, we are in a situation of extreme deficit.”

The US is a net exporter of oil, but that does not mean it is immune to increases in the price of oil or gasoline, or that its producers can just make up the difference.

Oil is traded on global markets, so even the oil produced in the US has risen in price based on what's happening in the Middle East. And for many American oil producers, "if you put more wells in the ground, there’s about a six-month lag before you get that production uplift," Salazar said.

In addition, the US can't simply turn all of its crude oil into gasoline. That's because most of the oil produced in the US is light, sweet crude, and refineries on the East and West coasts are primarily designed to process heavier, sour crude. As a result, the US exports some of its crude oil and imports some refined products such as gasoline.

Jerry Dalpiaz of Covington, Louisiana, said he started filling up his cars and gas cans on “the day that they announced that the United States has started military operations against Iran" because he assumed gas prices would climb.

“I can weather the storm because I’m in good financial position, but I feel sorry for my fellow citizens who are living paycheck to paycheck because they have to drive to get to work and they have to change their oil and all those things,” Dalpiaz said.

"And they need some relief and it doesn’t seem to be coming anytime soon.”

Trump issued a plan Friday to insure losses up to approximately $20 billion in the Gulf region, aiming to restore confidence in maritime trade, help stabilize international commerce and support American and allied businesses operating in the Middle East.

But some energy experts said extra insurance won't solve the problem.

“The problem is that in the oil trading, oil shipping world, people are worried about counterterrorism,” said Amy Jaffe, director of the Energy, Climate Justice and Sustainability Lab at New York University, adding that they're worried about automated drone speedboats, weapon-carrying, flying drones and mines or other devices. "In order for the United States to create the atmosphere that undoes the current bottleneck at the Strait of Hormuz, there has to be some credible demonstration of solutions to the counter-terrorism problem.”

Salazar wondered what the “new normal” would look like if the Strait of Hormuz was effectively re-opened, and what effective security would look like.

“All it takes is one individual with a RPG (rocket-propelled grenade) to stand on the shore and take out a tanker, right?” Salazar said. “And this is forever, do you know what I mean?”