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Egypt Calls for Unified African Vision on Issues of Financing, Climate Change

Part of the meeting between Egypt’s Finance Minister Mohamed Maait and the Undersecretary-General of the UN and Executive Secretary of the UN Economic Commission for Africa, Vera Songwe, on Monday, April 11, 2022. (Asharq Al-Awsat)
Part of the meeting between Egypt’s Finance Minister Mohamed Maait and the Undersecretary-General of the UN and Executive Secretary of the UN Economic Commission for Africa, Vera Songwe, on Monday, April 11, 2022. (Asharq Al-Awsat)
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Egypt Calls for Unified African Vision on Issues of Financing, Climate Change

Part of the meeting between Egypt’s Finance Minister Mohamed Maait and the Undersecretary-General of the UN and Executive Secretary of the UN Economic Commission for Africa, Vera Songwe, on Monday, April 11, 2022. (Asharq Al-Awsat)
Part of the meeting between Egypt’s Finance Minister Mohamed Maait and the Undersecretary-General of the UN and Executive Secretary of the UN Economic Commission for Africa, Vera Songwe, on Monday, April 11, 2022. (Asharq Al-Awsat)

Egypt’s Minister of Finance Mohamed Maait called on his African counterparts to adopt a unified African vision on issues of financing and climate change.

He proposed holding several joint preparatory meetings in light of Cairo’s preparations for the COP27 Climate Summit, which will be held in Sharm el-Sheikh Red Sea Resort in late 2022.

This came during his meeting on Monday with Vera Songwe, the Undersecretary-General of the UN and Executive Secretary of the UN Economic Commission for Africa.

He underlined Egypt’s keenness to enhance cooperation between the two sides in a way that helps make the event a success.

Maait said he discussed with Songwe various initiatives that will be presented at the summit to achieve the aspirations of African countries, which seek to provide the necessary funding sources to address climate change.

He also reviewed the negative impact of the coronavirus pandemic and the Russian-Ukrainian conflict on African economies, including the surge in oil prices and food commodities, especially wheat, the Ministry said in a statement.

He also underlined the importance of reaching mechanisms to protect African countries and economies from such global challenges, including discussing the establishment of joint hedge funds.

Both sides further discussed the project submitted by the Economic Commission for Africa to establish a liquidity and sustainability facility, which would contribute to alleviating the burdens of African countries borrowing from international financial markets.

In addition, talks touched on African preparations for the upcoming meetings of the World Bank and the International Monetary Fund, while underscoring the importance of African coordination to defend the continent’s interests.

Songwe invited Maait to participate in the meetings of African finance ministers in Dakar in May.

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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.

Al-Khateeb 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.

Business

Fitch Affirms Saudi Arabia’s Credit Rating at ‘A+’ with Stable Outlook

FILE PHOTO: The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo
FILE PHOTO: The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo
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Fitch Affirms Saudi Arabia’s Credit Rating at ‘A+’ with Stable Outlook

FILE PHOTO: The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo
FILE PHOTO: The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo

Fitch Ratings has affirmed Saudi Arabia’s sovereign credit rating at A+ with a stable outlook, according to a report issued by the agency on Friday.

The agency said the Kingdom’s credit profile reflects the strength of its fiscal position, noting that its government debt-to-GDP ratio and net sovereign foreign assets are significantly stronger than the medians for both the “A” and “AA” rating categories.

Fitch also highlighted Saudi Arabia’s substantial financial buffers, including deposits and other public sector assets.

The ratings agency projected real GDP growth of 4.8% in 2026 and expects the fiscal deficit to narrow to 3.6% of GDP by the end of 2027.

Fitch also said non-oil revenues are expected to continue benefiting from strong economic activity and improved revenue efficiency.

The agency praised the momentum of economic reforms, including the updated investment system and the continued opening of the real estate and equity markets to foreign investors.

Business

Oil Prices Rise 1% as Supply Risks Remain in Focus

The Nave Photon, carrying crude oil from Venezuela, is docked at Port Freeport in Freeport, Texas, US, January 15, 2026. REUTERS/Antranik Tavitian
The Nave Photon, carrying crude oil from Venezuela, is docked at Port Freeport in Freeport, Texas, US, January 15, 2026. REUTERS/Antranik Tavitian
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Oil Prices Rise 1% as Supply Risks Remain in Focus

The Nave Photon, carrying crude oil from Venezuela, is docked at Port Freeport in Freeport, Texas, US, January 15, 2026. REUTERS/Antranik Tavitian
The Nave Photon, carrying crude oil from Venezuela, is docked at Port Freeport in Freeport, Texas, US, January 15, 2026. REUTERS/Antranik Tavitian

Oil prices rose over 1% on Friday as supply risks remained in focus despite the receding likelihood of a US military strike against Iran.

Brent crude was up 84 cents, or 1.3%, to $64.60 a barrel at 1413 GMT, on course for a fourth consecutive weekly gain. US West Texas Intermediate was up 80 cents, or 1.4%, to $59.99.

At those levels, Brent was on course for a 2% weekly gain and WTI for a 1.4% gain. Brent ⁠was up a little more than $1 at its intraday peak as investors continue to weigh the potential for supply outages should tensions in the Middle East escalate, Reuters reported.

"While geopolitical tensions in the Middle East have eased, they have not disappeared, and market participants remain concerned about potential supply disruptions," said UBS analyst Giovanni Staunovo.

Both benchmarks hit multi-month highs this week ⁠after protests flared up in Iran and US President Donald Trump signaled the potential for military strikes, but lost over 4% on Thursday as Trump said that Tehran's crackdown on the protesters was easing, allaying concerns of possible military action that could disrupt oil supplies.

"Above all, there are worries about a possible blockade of the Strait of Hormuz by Iran in the event of an escalation, through which around a quarter of seaborne oil supplies flow," Commerzbank analysts said in a note.

"Should there be signs of a sustained easing on ⁠this front, developments in Venezuela are likely to return to the spotlight, with oil that was recently sanctioned or blocked gradually flowing onto the world market."

Meanwhile, analysts expect higher supply this year, potentially creating a ceiling for the geopolitical risk premium on prices.

"Despite the steady drumbeat of geopolitical risks and macro speculation, the underlying balance still points to ample supply," said Phillip Nova analyst Priyanka Sachdeva.

"Unless we see a genuine revival in Chinese demand or a meaningful bottleneck in physical barrel flows, oil looks range-bound, with Brent broadly hovering between $57 and $67."