Major Int’l Companies Confirm their Participation in ‘Davos in the Desert’

Saudi Crown Prince Mohammed bin Salman and incoming president of the European Central Bank at the opening ceremony of Future Investment Initiative Conference in Riyadh (File photo: AP)

Washington: Elie Youssef

10:59-2 October 2019 AD ـ 02 Safar 1441 AH

Washington: Elie Youssef

10:59-2 October 2019 AD ـ 02 Safar 1441 AH

Major Int’l Companies Confirm their Participation in ‘Davos in the Desert’

Saudi Crown Prince Mohammed bin Salman and incoming president of the European Central Bank at the opening ceremony of Future Investment Initiative Conference in Riyadh (File photo: AP)

Leading financial institutions, from the US, Russia, China and India, as well as other European and Arab countries, will participate in the international conference called “Davos in the Desert” in Saudi Arabia.

Senior executives from major US financial firms including Goldman Sachs, JPMorgan Chase, Citigroup and BlackRock will be returning to the Kingdom for the conference, with more than 150 executives, over 40 of them representing US companies, confirming their attendance, according to a list published by media outlets.

The head of Russia’s sovereign wealth fund also announced his attendance, along with other executives who represent major banks, tech companies, business conglomerates and defense contractors from China, India, UAE and several European countries.

Senior White House adviser and President Donald Trump’s son-in-law, Jared Kushner will lead a US delegation, according to Agence France Presse (AFP).

BlackRock chief executive Larry Fink said he will participate in this year’s conference as an effort to promote change in Saudi Arabia, where Crown Prince Mohammed bin Salman is trying to wean the country’s economy off its dependence on oil.

“I believe greater economic integration and diversification will help Saudi Arabia build a more modern and sustainable economy for all of its citizens,” Fink wrote on his LinkedIn page.

“I also believe that corporate engagement and public dialogue can help with that evolution.”

The Saudi government promoted high-profile entertainment events featuring Western artists, rolled back restrictions on women’s rights and recently announced that tourists from the US and other countries can obtain visas to visit attractions in Saudi Arabia for the first time.

Banking leaders also had a powerful incentive to keep cordial relations with Saudi Arabia, namely because of the anticipated initial public offering (IPO) by Aramco.

Analysts estimate Aramco to have a valuation between $1.5 trillion and $2 trillion, and the Crown Prince has said he would like to list as much as 5 percent of the company, the world’s most profitable company.

The Wall Street Journal (WSJ) reported earlier in September that Aramco had chosen nine banks to underwrite its listing, including JPMorgan Chase, Goldman Sachs and Citigroup, whose senior executives are expected to attend the investment conference.

Riyadh Implements More Than 8,000 Infrastructure Projects

An employee at the Riyadh Infrastructure Projects Center (SPA)

Riyadh: Asharq Al Awsat

08:50-12 February 2026 AD ـ 24 Sha’ban 1447 AH

Riyadh: Asharq Al Awsat

08:50-12 February 2026 AD ـ 24 Sha’ban 1447 AH

Riyadh Implements More Than 8,000 Infrastructure Projects

An employee at the Riyadh Infrastructure Projects Center (SPA)

The Riyadh Infrastructure Projects Center said it coordinated and delivered more than 8,000 infrastructure projects across the Saudi capital in 2025 under a comprehensive master plan launched last year.

The center explained that the plan is built on an integrated spatial and scheduling methodology designed to unify efforts, improve planning and execution efficiency, and reduce conflicts between projects.

The approach helped cut infrastructure project delivery times by 24 percent and generated cost savings through stronger governance, reduced unnecessary road resurfacing, and fewer service disruptions.

The methodology allows projects to be managed within a single regulatory framework that links spatial planning with implementation timelines and provides a centralized source of data.

This framework supports informed decision-making and improves coordination among the energy, water, telecommunications and road sectors.

According to the center, implementation of the master plan led to the resolution of 9,550 spatial conflicts and the management of 82,627 scheduling overlaps, in addition to addressing 436 conflicts related to major public events. These measures reduced project clashes, accelerated delivery, improved operational stability, and minimized the impact of construction on traffic flow and surrounding activities.

The center said the comprehensive master plan is one of its core strategic mandates and has become a unified regulatory reference that strengthens integration among government entities and raises the level of institutional coordination.

Working with more than 22 relevant stakeholders, the center exceeded its first-year targets by 108 percent.

It added that the achievements reflect a commitment to sound regulatory practices that support the sustainability of infrastructure projects, enhance service quality, and maximize developmental impact across the Riyadh region.

Business

Syria Opens its Energy Sector to Global Oil Majors

A man walks past oil pumps in the oil-rich city of Rmelan in Syria (Reuters)

Damascus: Asharq Al Awsat

07:57-12 February 2026 AD ـ 24 Sha’ban 1447 AH

Damascus: Asharq Al Awsat

07:57-12 February 2026 AD ـ 24 Sha’ban 1447 AH

Syria Opens its Energy Sector to Global Oil Majors

A man walks past oil pumps in the oil-rich city of Rmelan in Syria (Reuters)

Syria is moving swiftly to reclaim its role as a regional energy player, as the head of the Syrian Petroleum Company, Youssef Qiblawi, outlined ambitious plans to open the country’s oil and gas sector to major international firms, including Chevron, ConocoPhillips, TotalEnergies and Eni.

In comments to The Financial Times, Qiblawi said Syria has explored less than a third of its hydrocarbon potential. He noted that trillions of cubic meters of gas remain untapped in largely untouched areas, awaiting international expertise and technology to be brought into production.

Strategic alliances and offshore exploration

Signs of a new energy map are already emerging. Chevron has signed an agreement with Qatar’s Power International Holding to begin exploration in an offshore block, with field operations expected to start within two months.

Plans extend beyond that first project. QatarEnergy and TotalEnergies are considering participation in a second offshore block, while talks are under way with Italy’s Eni over a third.

ConocoPhillips has also strengthened its presence through a previously signed memorandum of understanding, reflecting what Qiblawi described as growing confidence among global energy companies in the commercial potential of Syria’s energy sector.

The production challenge

After years of conflict, the Syrian government has reasserted control by force over oilfields in the northeast that were previously held by Kurdish forces. Qiblawi described the condition of these fields as poor, saying production has fallen from about 500,000 barrels a day to roughly 100,000.

He attributed the decline to sabotage and the use of explosives to boost short-term output at the expense of long-term reservoir health.

Qiblawi said he would offer international companies existing fields to rehabilitate, allowing them to use the revenues to fund exploration elsewhere. “That would be costly, but I will give them some pieces of cake to generate money,” he said.

Closing the technology gap

Syria is seeking to bridge a significant technical gap, particularly in deep-water exploration. While seismic surveys and preliminary mapping of potential fields have been completed, advanced technology is lacking. Talks are planned with BP in London, while the government says it remains open to cooperation with Russian and Chinese firms.

Industry estimates suggest Syria holds proven reserves of around 1.3 billion barrels of oil, alongside vast unexplored areas, especially offshore.

Separately, Reuters reported that a large consortium is preparing to launch extensive exploration and production operations in northeastern Syria.

The group includes Saudi Arabia’s TAQA alongside US energy and oilfield services companies Baker Hughes, Hunt Energy and Argent LNG.

The consortium aims to develop four to five exploration blocks in areas previously under Kurdish control, with executives framing the effort as a step toward unifying the country’s resources and delivering tangible economic gains.

Toward energy stability

With around 2,000 engineers currently assessing damage in the northeast, the Syrian government hopes to publish a full recovery timetable by the end of February.

Officials at the Syrian Petroleum Company say they are optimistic that gas production can be doubled to 14 million cubic meters a day by the end of 2026, supported by renewed regional investment led by Saudi and US firms in energy and infrastructure projects.

Business

TotalEnergies Tells Trump ‘Too Expensive’ to Reinvest in Venezuela

FILE PHOTO: A logo of French oil and gas company TotalEnergies is seen on the eve of the opening of the 2025 Paris International Agriculture Fair (Salon International de l'Agriculture) at the Porte de Versailles exhibition center in Paris, France, February 21, 2025. REUTERS/Sarah Meyssonnier/File Photo

Asharq Al Awsat

07:24-12 February 2026 AD ـ 24 Sha’ban 1447 AH

07:23-12 February 2026 AD ـ 24 Sha’ban 1447 AH

Asharq Al Awsat

07:24-12 February 2026 AD ـ 24 Sha’ban 1447 AH

07:23-12 February 2026 AD ـ 24 Sha’ban 1447 AH

TotalEnergies Tells Trump ‘Too Expensive’ to Reinvest in Venezuela

The CEO of French oil major TotalEnergies said it was “too expensive and too polluting” to return to Venezuela, despite calls from US President Donald Trump for oil giants to invest billions in the country.

The company quit Venezuela in 2022 but the Trump administration has urged oil majors to return since the US military operation to capture the country’s president, Nicolás Maduro, on Jan. 3.

Speaking on Wednesday, TotalEnergies CEO Patrick Pouyanné told reporters the company quit the country “because it clashed with our strategy. It was too expensive and too polluting and that is still the case,” according to Reuters.

The Trump administration has called on US energy giants to invest $100 billion to rebuild Venezuela’s oil industry.

Trump has pledged to support American oil companies that invest in Venezuela with government security assistance, saying last month that energy firms previously had problems “because they didn’t have Trump as a president.”

Venezuela boasts the world’s largest oil reserves but some US oil firms have expressed caution about rushing to re-enter — including Exxon Mobil.

Exxon CEO Darren Woods recently made headlines for saying at a White House meeting with Trump that the Venezuelan market is “uninvestable” in its current state.
Trump subsequently lashed out at Woods, threatening to sideline the oil giant and accusing the company of “playing too cute.”

Infrastructure Constraints
TotalEnergies started operating in Venezuela in the 1990s. Its departure followed a strategic shift away from heavy and high-sulfur crude and amid safety concerns.

Pouyanné has previously said that Venezuela is not high on the firm’s agenda.

TotalEnergies on Wednesday reported a slight drop in fourth-quarter profit and reduced share buybacks amid a weaker crude price environment.

Shares of the Paris-listed company rose nearly 2% during morning deals, notching a new 52-week high.

Major Int’l Companies Confirm their Participation in ‘Davos in the Desert’

Major Int’l Companies Confirm their Participation in ‘Davos in the Desert’

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