Saudi Arabia’s AlUla Conference: A Global Platform for Shaping Future of Emerging Markets

The closing session with Georgieva and Aljadaan last year (AlUla Conference)
The closing session with Georgieva and Aljadaan last year (AlUla Conference)
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Saudi Arabia’s AlUla Conference: A Global Platform for Shaping Future of Emerging Markets

The closing session with Georgieva and Aljadaan last year (AlUla Conference)
The closing session with Georgieva and Aljadaan last year (AlUla Conference)

Saudi Arabia is preparing to host the second annual AlUla Conference for Emerging Market Economies, to be held on February 8 and 9 in AlUla Governorate.

The conference is organized in partnership between the Ministry of Finance and the International Monetary Fund (IMF), with broad participation from finance ministers, central bank governors, policymakers, leaders of international financial institutions, and economic experts from around the world.

The conference will take place amid rapid transformations in the global economy, requiring emerging-market economies to strengthen their resilience and seize new opportunities to ensure sustainable growth and improve living standards, contributing positively to global economic stability.

The conference underscores the strength of the strategic partnership between the Ministry of Finance and the IMF, and it reflects the Kingdom’s growing role in supporting international economic dialogue and enhancing global cooperation.

Minister of Finance Mohammed Aljadaan stressed that hosting the conference reflects the Kingdom’s continued commitment to supporting international efforts aimed at strengthening global financial and economic stability.

He noted that emerging-market economies are a pivotal component of the global economic system due to their direct impact on global growth and stability.

“AlUla Conference for Emerging Market Economies provides a unique platform for exchanging views on global economic developments and discussing policies and reforms that support inclusive growth and enhance economic resilience, through broader international cooperation to address shared challenges,” Aljadaan said.

IMF Managing Director Kristalina Georgieva noted that the conference offers a vital platform for emerging economies to discuss how to navigate risks and seize opportunities ahead.

She highlighted that sweeping global transformations — driven by technology, demographic shifts, and geopolitics — created a more complex and uncertain policy environment, underscoring the need for sound macroeconomic and financial policies to strengthen resilience.

Conference participants will exchange expertise, coordinate policies, and support economic reform pathways, enabling emerging-market economies to benefit from global economic transformations and achieve more inclusive and sustainable growth.

The conference also aims to raise international awareness of the challenges facing emerging-market economies, highlight successful experiences in developing innovative solutions, strengthen international cooperation, support investment attraction, and help improve living standards and achieve economic prosperity.



Barclays Says Brent Crude Oil Could Reach $100 a Barrel

FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
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Barclays Says Brent Crude Oil Could Reach $100 a Barrel

FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

Barclays boosted its Brent crude oil futures price forecast to around $100 per barrel on Saturday, up from $80 on Friday, after the United States and Israel bombed several sites in Iran.

"Oil markets might have to face their worst fears on Monday. As things stand right now, we think Brent could hit $100 (per barrel), as the market grapples with the threat of a ⁠potential supply disruption amid ⁠a spiraling security situation in the Middle East," the bank said in a report.

The United States and Israel attacked Iran on Saturday, targeting its top leaders and calling for the overthrow ⁠of its government, while Iran responded with missiles fired at Israel and neighboring Gulf countries.

Oil prices rose about 2% on Friday, with traders bracing for supply disruptions as nuclear talks between the US and Iran had yet to reach an agreement.

Brent settled at $72.48 a barrel.

About a fifth of the oil consumed globally passes through the Strait of ⁠Hormuz between ⁠Oman and Iran, making any disruptions in the area a major risk to global oil supplies.


Oil Prices Set for Swings Next Week as US-Israel Strikes Raise Supply Uncertainty

Markets are anticipating movements in oil prices after the American-Israeli attack on Iran (Reuters)
Markets are anticipating movements in oil prices after the American-Israeli attack on Iran (Reuters)
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Oil Prices Set for Swings Next Week as US-Israel Strikes Raise Supply Uncertainty

Markets are anticipating movements in oil prices after the American-Israeli attack on Iran (Reuters)
Markets are anticipating movements in oil prices after the American-Israeli attack on Iran (Reuters)

Oil markets currently closed for the weekend are set to see price swings next week as the impact from the US and Israeli strikes on oil supplies from the Middle East remains unclear.

Scenarios before the latest conflict with Iran foresaw a quick price spike that fades if the attacks didn't affect oil shipping and infrastructure such as Iranian pipelines and its Kharg island terminal. However, there would be a bigger price spike and longer-lasting impact if oil infrastructure or supplies were interrupted, for instance because of disruption of tanker traffic through the Strait of Hormuz.

Oil prices have already risen on war fears. International benchmark Brent crude closed at a seven-month high of $72.87 on Friday, Reuters reported.

Iran exports some 1.6 million barrels of oil a day, most of it going to China, where privately owned refineries are less concerned about the US sanctions that prevent Iran from selling its oil elsewhere. If that supply is disrupted, Chinese customers would look elsewhere for oil on the global market, potentially driving up prices.

Another question is around the Strait of Hormuz, through which 20% of global oil supply pass through each day. Middle East exporters Saudi Arabia, Iraq and the United Arab Emirates send most of their exports through the strait. However analysts say Iran has no incentive to try to close the strait because it would cut off its own exports and hurt its only big customer, China.

Limited strikes on Iran’s nuclear program and the Revolutionary Guard that avoid regime change or all-out war could see prices jump $5-$10 based on fear alone, according to Rystad Energy in a prewar scenario.

A wider war involving Iranian disruption of tanker traffic could see crude push past $90 per barrel and US gas prices “well above” $3 per gallon, according to another prewar scenario from Clayton Seigle at the Center for Strategic & International Studies. US gas prices averaged $2.98 per gallon last week according to US motoring club AAA.


Israel Shuts Down Gas Fields After US-Israel Strikes on Iran

The gas platform for Leviathan, Israel's largest gas field is seen from a helicopter near Haifa bay, northern Israel, August 1, 2023. REUTERS/Ari Rabinovitch
The gas platform for Leviathan, Israel's largest gas field is seen from a helicopter near Haifa bay, northern Israel, August 1, 2023. REUTERS/Ari Rabinovitch
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Israel Shuts Down Gas Fields After US-Israel Strikes on Iran

The gas platform for Leviathan, Israel's largest gas field is seen from a helicopter near Haifa bay, northern Israel, August 1, 2023. REUTERS/Ari Rabinovitch
The gas platform for Leviathan, Israel's largest gas field is seen from a helicopter near Haifa bay, northern Israel, August 1, 2023. REUTERS/Ari Rabinovitch

The Israeli Energy Ministry has ordered the temporary shutdown of parts of the country's natural gas reservoirs after Israel and the United States launched strikes on Iran on Saturday.

The Leviathan gas field offshore Israel, operated by Chevron has been shut down, three sources told Reuters. Energean’s production vessel that serves several Israeli fields has also been shut down, the company said in a statement.

Israel’s ministry said the decision was based on “the current situation and in accordance with security assessments”, Reuters reported.

It said country’s energy needs would be met through alternative sources and that the electricity sector was prepared to operate power stations using alternative fuels if necessary.