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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)
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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.

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Business

Novak Says Oil Demand to Gradually Rise in March, April

FILED - 13 April 2015, Berlin: Then Russian Energy Minister Alexander Novak attends an event in Berlin. Photo: Britta Pedersen/dpa-Zentralbild/dpa
FILED - 13 April 2015, Berlin: Then Russian Energy Minister Alexander Novak attends an event in Berlin. Photo: Britta Pedersen/dpa-Zentralbild/dpa
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Novak Says Oil Demand to Gradually Rise in March, April

FILED - 13 April 2015, Berlin: Then Russian Energy Minister Alexander Novak attends an event in Berlin. Photo: Britta Pedersen/dpa-Zentralbild/dpa
FILED - 13 April 2015, Berlin: Then Russian Energy Minister Alexander Novak attends an event in Berlin. Photo: Britta Pedersen/dpa-Zentralbild/dpa

Russia’s Deputy Prime Minister Alexander Novak said on Tuesday there is currently a balance on the global oil market, while demand will be gradually rising in March and April.

Novak’s comments came when asked about the OPEC+ group’s plans for its production policy.

OPEC expects oil demand to rise by 1.34 million barrels per day in 2027, close to the 1.38 million bpd growth expected this year, it said in a monthly report on its website.

The outlook is OPEC's first 2027 projection in its monthly report.

The report forecast demand for OPEC+ crude will average 43 million bpd in 2026, unchanged from last month and close to what OPEC+ produced in December. The organization projected that demand for OPEC+ crude will average 43.6 million barrels per day (bpd) in 2027.

The main growth drivers are expected to be the US, Brazil, Canada, and Argentina.

Novak did not indicate possible decisions for the months following April.

“As shipping and travel intensify, demand will gradually increase starting in March and April. This will be an additional factor to ensure balance,” he noted.

Eight OPEC+ countries on Sunday agreed to maintain a planned pause in their oil output hikes for March.

The eight countries—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—reaffirmed their commitment to oil market stability, based on a stable global economic outlook and healthy market fundamentals reflected in declining inventory levels.

The OPEC+ countries reiterated that the 1.65 million barrels per day (bpd) reduction may be returned in part or in full subject to evolving market conditions and in a gradual manner. The countries will continue to closely monitor and assess market conditions.

Those countries raised output quotas by about 2.9 million barrels per day (bpd) from April through the end of December 2025, equivalent to nearly 3% of global demand.

India and Russian Oil

Separately, the Kremlin said on Tuesday it had heard no statements from India about halting purchases of Russian oil after US President Donald Trump said New Delhi had agreed to stop such purchases as part of a trade accord with Washington.

Kremlin spokesman Dmitry Peskov said Russia was carefully analyzing Trump's remarks on relations with India.

Asked directly if India had decided to stop buying Russian oil, Peskov said: “So far, we have not heard any statements from Delhi on this issue.”

US President Donald Trump announced a trade deal on Monday with India that slashes US tariffs on Indian goods to 18% from 50% in exchange for India halting Russian oil purchases and lowering trade barriers.

Trump announced the deal on social media following a call with Indian Prime Minister Narendra Modi, noting that India would now buy oil from the US and potentially Venezuela.

Business

Oil Extends Climb on Fears of Escalating Iran Tensions

This image shows oil rigs in Cabimas, south of Lake Maracaibo, Zulia State, Venezuela, on January 31, 2026. (AFP)
This image shows oil rigs in Cabimas, south of Lake Maracaibo, Zulia State, Venezuela, on January 31, 2026. (AFP)
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Oil Extends Climb on Fears of Escalating Iran Tensions

This image shows oil rigs in Cabimas, south of Lake Maracaibo, Zulia State, Venezuela, on January 31, 2026. (AFP)
This image shows oil rigs in Cabimas, south of Lake Maracaibo, Zulia State, Venezuela, on January 31, 2026. (AFP)

Oil prices extended gains on Wednesday after the US shot down ​an Iranian drone and armed Iranian boats approached a US-flagged vessel in the Strait of Hormuz, rekindling fears of an escalation in tensions between Washington and Tehran.

Brent crude futures were up 56 cents, or 0.8%, at $67.89 per barrel at 0400 GMT. US West Texas Intermediate crude was up 63 cents, or 1.0%, at $63.84 per barrel.

Both benchmarks rose nearly 2% on Tuesday, as investors monitored developments between the US and Iran.

"Uncertainty about how these talks will play out ‌means the market will ‌likely continue to price in some risk ‌premium," said ⁠ING ​commodity strategists ‌on Wednesday.

The US military on Tuesday shot down an Iranian drone that "aggressively" approached the Abraham Lincoln aircraft carrier in the Arabian Sea, the US military said, in an incident first reported by Reuters.

Separately, in the Strait of Hormuz between the Arabian Gulf and the Gulf of Oman, a group of Iranian gunboats approached a US-flagged tanker north of Oman, maritime sources and a security consultancy said on Tuesday.

Meanwhile, Tehran ⁠is demanding that its talks with the US this week be held in Oman not Türkiye, and ‌that the scope be narrowed to two-way negotiations on ‍nuclear issues only, casting doubt on ‍whether the meeting will proceed as planned.

"Heightened tensions in the Middle East ‍provided support to the oil market," said Satoru Yoshida, a commodity analyst with Rakuten Securities.

OPEC members Saudi Arabia, Iran, the United Arab Emirates, Kuwait and Iraq export most of their crude via the Strait of Hormuz, mainly to Asia. Iran was the third-biggest OPEC ​crude producer in 2025, according to US Energy Information Administration data.

Oil prices also found support from industry data showing a sharp drop in US ⁠crude stockpiles. Inventories in the top producing and consuming nation fell over 11 million barrels last week, sources said, citing American Petroleum Institute figures.

Official data from the US Energy Information Administration is due on Wednesday at 10:30 a.m. EST (1530 GMT). Analysts polled by Reuters were expecting a rise in crude inventories.

On Tuesday, oil prices were also buoyed by a trade agreement between the US and India that raised hopes of stronger global energy demand, while continued Russian attacks on Ukraine added to concerns that Moscow's oil would remain sanctioned for longer.

"India's trade agreement with the US to halt purchases of Russian crude, along with the ongoing Russia-Ukraine war, is also providing support," ‌Yoshida said, projecting that WTI would likely continue to trade around $65 a barrel for now.

Business

Al-Falih: Turkish Investment in Saudi Arabia Tops $2 Bln, Trade up 14%

Saudi Investment Minister Khalid Al-Falih speaks at the Saudi-Turkish Investment Forum in Riyadh (Asharq Al-Awsat)
Saudi Investment Minister Khalid Al-Falih speaks at the Saudi-Turkish Investment Forum in Riyadh (Asharq Al-Awsat)
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Al-Falih: Turkish Investment in Saudi Arabia Tops $2 Bln, Trade up 14%

Saudi Investment Minister Khalid Al-Falih speaks at the Saudi-Turkish Investment Forum in Riyadh (Asharq Al-Awsat)
Saudi Investment Minister Khalid Al-Falih speaks at the Saudi-Turkish Investment Forum in Riyadh (Asharq Al-Awsat)

Saudi Arabia’s Minister of Investment Khalid Al-Falih said Turkish direct investment in the Kingdom has exceeded $2 billion. In comparison, bilateral trade has reached about $8 billion, marking 14% growth in a single year.

He said the Saudi-Turkish economic partnership has moved from a phase of dialogue and exploration to one of active execution, underpinned by mutual trust and a central role for the private sector.

Al-Falih was speaking at the Saudi-Turkish Investment Forum, held alongside a meeting in Riyadh on Tuesday between Saudi Crown Prince Mohammed bin Salman and Turkish President Recep Tayyip Erdogan to discuss economic ties and the latest regional developments.

Al-Falih welcomed the presence of a large Turkish business delegation comprising more than 200 companies interested in developing trade, economic, and investment relations with the Kingdom, as well as several regional offices of Turkish firms.

He said Saudi Arabia is looking to attract more Turkish investment.

“This confirms that economic cooperation, particularly the role of the private sector, represents a core pillar of this strategic partnership between the Kingdom and Türkiye,” he said.

“This forum reflects the unprecedented level reached by Saudi-Turkish trade relations, the enthusiasm and confidence on both sides, and our determination to move from dialogue and exploration to an execution phase that has already begun.”

Turkish investments

Regarding economic relations between the two countries, Al-Falih said Turkish direct investment in Saudi Arabia has exceeded $2 billion, concentrated in manufacturing, real estate, construction, agriculture, and trade, among other sectors.

He added that total bilateral trade has reached about $8 billion, up 14% over the past year.

Active companies

Al-Falih said 1,473 investment licenses have been issued to active Turkish companies in the Kingdom up to last year, noting that “all these elements reflect the growth of trade relations between the two countries and the shift from identifying opportunities to implementing declared ambitions.”

Global shifts

He said the current phase of cooperation is critical given its timing, as the world experiences greater caution and selectivity in capital flows and a restructuring of global value and supply chains.

“Investors are now prioritizing high-quality investments of an appropriate scale and flexibility, in countries that enjoy a clear and stable investment environment over the long term,” he said.

Two economic pillars

In this context, Al-Falih said Saudi Arabia and Türkiye stand out as two economic pillars in the Middle East, as the only two countries in the region that are members of the G20, together accounting for around 50% of the region’s total gross domestic product.

He said the two countries account for a large share of global trade between the region and the world, as well as of foreign direct investment inflows.

Saudi Arabia is the largest economy and investment destination in the Arab world, he said, while Türkiye is a leading manufacturing and export hub in the region.

“The advantages sought by investors and enjoyed by our two countries confirm that their economies are more complementary than competitive,” he added.

Competitive advantages

Al-Falih said Saudi Arabia is a global energy hub, based on its entrenched position in oil and gas and its growing role in renewable energy, hydrogen, power generation, and electricity exports.

He said the Kingdom is also a significant investment power steadily moving toward a leading global position in artificial intelligence, digitalization, and data, as well as tourism, transport, and logistics services.

He added that Saudi Arabia has an enabling regulatory environment, supportive cities and economic zones, and one of the most advanced and integrated logistics and digital infrastructures in the region.

Turkish expertise

By contrast, Al-Falih said Türkiye has distinctive expertise and capabilities across several sectors, including manufacturing, tourism, and services, alongside a strong private sector, a highly skilled workforce, and deep integration with European markets through a free trade agreement.