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Riyadh to Host First Gathering of Energy Economies in the Middle East  

A night view of Riyadh, Saudi Arabia. (AFP)
A night view of Riyadh, Saudi Arabia. (AFP)
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Riyadh to Host First Gathering of Energy Economies in the Middle East  

A night view of Riyadh, Saudi Arabia. (AFP)
A night view of Riyadh, Saudi Arabia. (AFP)

Preparations are underway in Riyadh to host the Energy Economics Conference, which is being organized by the International Association for Energy Economics (IAEE), for the first time in the Middle East and North Africa region. 

Under the slogan, “Pathways to a Clean, Stable and Sustainable Energy Future”, the conference will be held at the King Abdullah Petroleum Studies and Research Center (KAPSARC) from February 4 to 9, 2023. It will bring together policy makers, academic and corporate and non-government organizations, to present, discuss and debate critical challenges and solutions surrounding the unfolding energy trilemma. 

An official statement on Sunday pointed to the importance of the conference “in light of rising energy costs and increasing pressures to transition from fossil fuel reliance to clean and renewable alternatives.” 

The statement added: “Individuals, businesses, industries, and nations require a long-term balance between energy reliability, affordability, and sustainability.”

“The foundations for successful post-conference outcomes have already been laid with Egypt’s recent hosting of COP27. The event also has the potential to consolidate the wider region’s climate change leadership credentials ahead of COP28 in the UAE in 2023.”

Fahad Alajlan, President of KAPSARC, said: “As accelerating the energy transition becomes ever more imperative for achieving net zero and definitively overcoming the evolving climate crisis in due course, the global community has a unique opportunity to work together to realize mutual aspirations.” 

He continued: “The 44th IAEE Conference represents another key chapter in facilitating dialogue and exchanging knowledge and innovation on the local, regional, and international levels and we are proud to be hosting an event of such profile and influence.” 

Dr. Majid Al Moneef, chairman of the Saudi Association for Energy Economic (SAEE), said: “This timely conference will address the energy and environmental issues facing the region and the world.” 

The event program will feature over 11 plenary sessions and three workshops, beginning with an inaugural speech by Prince Abdulaziz bin Salman Al Saud, Saudi Minister of Energy and KAPSARC’s Chairman of the Board of Trustees.

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World Bank Warns of Long-Term Fallout from Regional Conflict

 A man walks carrying shopping bags in a local market in downtown Riyadh (AFP). 
 A man walks carrying shopping bags in a local market in downtown Riyadh (AFP). 
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World Bank Warns of Long-Term Fallout from Regional Conflict

 A man walks carrying shopping bags in a local market in downtown Riyadh (AFP). 
 A man walks carrying shopping bags in a local market in downtown Riyadh (AFP). 

Amid mounting geopolitical tensions and growing economic uncertainty, the World Bank has warned that any conflict in the Middle East, particularly between Israel and Iran, could have far-reaching and negative consequences for the region and beyond.

Speaking to Asharq Al-Awsat on the sidelines of the launch of the World Bank’s latest economic update for the Gulf Cooperation Council (GCC), Safaa El Tayeb El-Kogali, the Bank’s Regional Director for the GCC, stated: “Any conflict, especially in this region, can have long-lasting and adverse effects.” She noted that the fallout is not limited to energy markets alone, but also includes rising shipping costs, heightened inflationary pressures, and increased investor uncertainty.

While the World Bank’s latest report, which was released on June 1, does not reflect the most recent escalation in the region, El-Kogali emphasized that it is “still too early to fully assess the impact of the ongoing conflict.” She warned, however, that in such volatile conditions, investors tend to adopt a “wait-and-see” approach, delaying decisions until clarity and stability return.

Despite challenges in the energy market, El-Kogali highlighted the resilience of the Gulf economies, thanks to sustained efforts toward economic diversification. In 2024, while the oil sector contracted by 3% due to OPEC+ production cuts, non-oil sectors grew by 3.7%, helping drive overall GDP growth to 1.8% — a notable recovery from 0.3% in 2023.

The World Bank projects the GCC economies will grow by 3.2% in 2025 and 4.5% in 2026, supported by easing oil production cuts and continued strength in non-oil sectors. However, El-Kogali stressed that these projections remain vulnerable to global trade volatility, oil price swings, and the evolving regional security landscape.

To mitigate risks, she urged Gulf countries to accelerate structural reforms, reduce dependency on oil, and boost intra-regional trade. Growth, she added, will also benefit from steady contributions from exports, investment, and domestic consumption.

El-Kogali emphasized that short-term risks include reduced export demand, oil market fluctuations, and regional instability affecting tourism and investor sentiment. Over the long term, threats such as low productivity growth, slow economic transformation, and over-reliance on fossil fuels could hinder progress.

She concluded by recommending fiscal diversification, tax reforms, and stronger regional trade links to create more resilient and adaptive Gulf economies.