Saudi Arabia Presents before Davos G20 Summit Priorities

The World Economic Forum is holding its 50th annual meeting in Davos, Switzerland. (Reuters)
The World Economic Forum is holding its 50th annual meeting in Davos, Switzerland. (Reuters)
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Saudi Arabia Presents before Davos G20 Summit Priorities

The World Economic Forum is holding its 50th annual meeting in Davos, Switzerland. (Reuters)
The World Economic Forum is holding its 50th annual meeting in Davos, Switzerland. (Reuters)

The World Economic Forum hosted on Thursday a session on Saudi priorities in the G20 Summit, which will be held in Riyadh in November.

Saudi Energy Minister Prince Abdulaziz bin Salman underlined the Kingdom’s openness to share its economic progress experience, especially in the energy fields.

He noted that his country attached great importance to climate issues and the need to reduce emissions, giving as an example the city of Neom, which he said would be an urban eco-friendly model.

Saudi Finance Minister Mohammed al-Jadaan, for his part, said that Saudi Arabia assumed the chairmanship of the G20 this year, amid several challenges facing the world, including geopolitical issues, climate change, technology problems and the volatility of foreign debts in countries of the world.

“We have new ways to study and benefit from technology, and we will focus on investing in the opportunities of the 21st century,” he told the participants.

Al-Jadaan continued that the world was becoming more interconnected, so are the challenges facing the countries.

“That’s why we must work together to face these challenges through international cooperation,” he remarked.

He noted that the Kingdom’s G20 plan was based on three main goals, which are empowering people, preserving the environment and the planet, and shaping new horizons by taking advantage of technology to serve the people of the world. He explained that one of the Saudi priorities during the G20 meeting was comprehensive financing and sustainable development.

Saudi Assistant Minister of Commerce Iman al-Mutairi emphasized the role of women in Saudi Arabia, saying that her country has engaged in serious reforms in this regard.

Also on Thursday, officials announced the next Middle East summit of the World Economic Forum (WEF) will be held in April.

“The next Middle East summit will be held in Saudi Arabia on April 5 and 6 this year,” WEF President Borge Brende told delegates.



Turkish Manufacturing Sector Nears Stabilization in December

01 January 2025, Türkiye, Nisantasi: People celebrate the new year in Istanbul's prestigious district of Sisli, Nisantasi. Photo: Tolga Ildun/ZUMA Press Wire/dpa
01 January 2025, Türkiye, Nisantasi: People celebrate the new year in Istanbul's prestigious district of Sisli, Nisantasi. Photo: Tolga Ildun/ZUMA Press Wire/dpa
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Turkish Manufacturing Sector Nears Stabilization in December

01 January 2025, Türkiye, Nisantasi: People celebrate the new year in Istanbul's prestigious district of Sisli, Nisantasi. Photo: Tolga Ildun/ZUMA Press Wire/dpa
01 January 2025, Türkiye, Nisantasi: People celebrate the new year in Istanbul's prestigious district of Sisli, Nisantasi. Photo: Tolga Ildun/ZUMA Press Wire/dpa

Türkiye’s manufacturing sector contracted at the slowest rate in eight months in December, a business survey showed on Thursday, in a sign that the sector is nearing stabilization.

The Purchasing Managers' Index (PMI) rose to 49.1 last month from 48.3 in November, moving nearer to the 50 threshold denoting growth, according to the survey by the Istanbul Chamber of Industry and S&P Global.

“December PMI data provided plenty of hope for the sector in 2025. While business conditions continued to moderate, the latest slowdown was only marginal as signs of improvement were seen in a range of variables across the survey,” said Andrew Harker, Economics Director at S&P Global Market Intelligence, according to Reuters.

The survey highlighted a softer moderation in production, which declined at the slowest pace in nine months, suggesting some improvement in demand.

The rate of slowdown in new orders and purchasing eased, although demand remained subdued.

“If this momentum can be built on at the start of 2025, we could see the sector return to growth. The prospects for the sector should be helped by a much more benign inflationary environment than has been the case in recent years,” Harker said.

Despite the positive signs, employment in the manufacturing sector saw a renewed decline, reversing a rise in November, the survey showed.

Input costs increased sharply due to higher raw material prices, but the rate of output price inflation slowed to its weakest in over five years as some firms offered discounts to boost sales.