Saudi Candidate Sets 6-Axis-Framework to Head WTO

Saudi Candidate Sets 6-Axis-Framework to Head WTO
TT

Saudi Candidate Sets 6-Axis-Framework to Head WTO

Saudi Candidate Sets 6-Axis-Framework to Head WTO

With the end of the second phase of the nomination process, Saudi Arabia’s candidate for the presidency of the World Trade Organization (WTO), Muhammad bin Mazyad Al-Tuwaijri, has put in place an international framework of six strategic axes that will be the basis for his work if he gains the members’ confidence and succeeds in assuming the position of Director General.

The second phase of the process, in which the candidates “made themselves known to the members”, will end on Monday. On that day, the third phase will begin, extending over a period of two months, during which the Chair of the General Council, together with the chairs of the Dispute Settlement Body and the Trade Policy Review Body, will start to consult with all WTO members to assess their preferences and seek to determine which candidate is best placed to attract consensus support.

The first round of consultations between the members will be held between Sept. 7 and 16, to be followed by two additional rounds, during which the field of candidates will be reduced from eight to five to two candidates in the final round.

Tuwaijri, recently launched a website in four languages, in which he explained the features of a major action plan aimed at comprehensive reform within the corridors of the trade organization, taking into account the changes in the balance of powers, the acceleration of global technological advances, and international developments.

Challenges: The Benefits of Globalization

The official portal recently launched by Tuwaijri revealed that the most prominent challenges facing the World Trade Organization are recent developments, stating that the map of the great powers in the past decades has changed at an accelerated pace, as is the case for the geopolitical forces that link the world’s major economies.

The Saudi candidate added that the Covid-19 pandemic exposed the gaps that states face internally and among each other, raising questions about the benefits and fate of globalization, which has somehow revived nationalist tendencies.

As on the global level, Tuwaijri noted that recent developments have affected the framework of the intra-trade movement, warning of the existing trends that he said were a cause for concern. He underlined, in this regard, the need to commit to supporting the international system in order to promote sustainable development.

An Impartial Mediator

In light of the current circumstances, Tuwaijri said that the Kingdom of Saudi Arabia was an impartial mediator, with a role that works to bridge the rift and resolve the divisions between Africa, China, Europe, and the United States. He also noted that the World Trade Organization (WTO) has an opportunity to create a global framework commensurate with the requirements of the 21st century.

The Six Strategies

An Evaluation

The Saudi candidate focused on promoting joint action within six strategic areas, the first of which is the assessment of needs, where he is committed to understanding the experiences of all WTO members and their views during the first 100 days of his term. He would then conduct an in-depth assessment of the global economic landscape and its vulnerability to the consequences of the Covid-19 pandemic, to improve the organization’s approach to managing the multilateral trade system.

Data Acquisition: An Analysis

In the second strategy, Tuwaijri highlights the role of data in enhancing management and improving performance, based on his high-ranking positions in the public and private sectors. He said that he intended to give priority to analyzing the operations of the WTO, enhancing its efficiency, and improving its impact around the world.

Building Trust: A Principle

According to Tuwaijri, the principle of inclusiveness is one of the most important pillars of international trade, as it is intended to listen to all the opinions expressed by all members of the WTO and to enhance the spirit of openness and transparency at the internal and external levels.

In the fourth strategy, Tuwaijri added that disputes were a possibility in multilateral scenarios. “But the mechanisms available for resolving these disputes must be effective and adaptable to the growing and dynamic commercial relations,” he said on his website.

Stimulating Innovation: Collaboration

In the fifth strategy for reforming the organization, Tuwaijri said: “Given that intergovernmental institutions face more scrutiny, the cooperation among these institutions has become necessary to maximize their impact.”

In order for the organization to deepen its relations with its counterparts and with member states, the Saudi candidate intends to launch a roadmap that provides a clear vision of the organization’s work and contributes to improving awareness about international trade issues and their importance in people’s lives.

Commitment and Impartiality

The sixth principle of the organization’s reform approach, according to Tuwaijri’s vision, is achieving progress by abandoning preconceived ideologies and focusing instead on facts.

Therefore, he stressed his commitment to effective communication with various stakeholders, internally and externally, to understand their concerns and requirements, which contributes to enhancing the efficiency of the World Trade Organization in the interest of all.

The Saudi candidate intends to spend 50% of his time interacting with stakeholders, 40% of his time focusing on innovation, and 10% focusing on management, stressing that inclusiveness was required to enhance trade cooperation between countries.



UK Runs Much Bigger Than Expected Budget Deficit in May

Skyscrapers and office buildings in the City of London are pictured from Hampstead Heath in north London on June 18, 2026. (Photo by Toby Shepheard / AFP)
Skyscrapers and office buildings in the City of London are pictured from Hampstead Heath in north London on June 18, 2026. (Photo by Toby Shepheard / AFP)
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UK Runs Much Bigger Than Expected Budget Deficit in May

Skyscrapers and office buildings in the City of London are pictured from Hampstead Heath in north London on June 18, 2026. (Photo by Toby Shepheard / AFP)
Skyscrapers and office buildings in the City of London are pictured from Hampstead Heath in north London on June 18, 2026. (Photo by Toby Shepheard / AFP)

Britain's government ran a budget deficit of £23.3 billion pounds ($30.7 billion) in May, the Office for National Statistics said on Friday, up 30% on a year earlier and above all economists' expectations in a Reuters poll.

Economists polled by Reuters had a median forecast of £18.5 billion ⁠for the month.

In ⁠March, before the impact of the US-Iran war was clear, the government's budget watchdog forecast Britain would run a £115.5 billion ⁠deficit in the 2026/27 financial year, equivalent to 3.6% of national income and down from 4.3% in 2025/26.

Since then, the outlook for growth has weakened and borrowing costs have risen.

Last week Britain offered investors the highest yield since at least ⁠1998 ⁠when it sold £9 billion of 15-year debt.

The government is also struggling to finance extra defense spending within existing budget rules and previous promises to other departments, prompting defense minister John Healey to resign in protest last week.


Saudi Aramco Weighs Global Oil Storage Facilities to Boost Energy Security

The Public Investment Fund governor addresses attendees at the summit in Rome, Italy. (Asharq Al-Awsat)
The Public Investment Fund governor addresses attendees at the summit in Rome, Italy. (Asharq Al-Awsat)
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Saudi Aramco Weighs Global Oil Storage Facilities to Boost Energy Security

The Public Investment Fund governor addresses attendees at the summit in Rome, Italy. (Asharq Al-Awsat)
The Public Investment Fund governor addresses attendees at the summit in Rome, Italy. (Asharq Al-Awsat)

Saudi Arabia laid out a new strategy in Rome to strengthen global supply chains and build a broader partnership model with Europe, seeking to move beyond current geopolitical pressures and deepen economic ties across regions.

Public Investment Fund Governor and Saudi Aramco Chairman Yasir Al-Rumayyan said Aramco was studying plans to establish additional oil storage facilities in strategic locations worldwide to strengthen energy security.

At the same time, he said the PIF was preparing about 140 new investment opportunities for European partners worth 10.4 billion euros by 2030, after its investments helped support European GDP by $80.6 billion and create 160,000 jobs.

The targets came as Riyadh activated 41 contingency and business continuity plans to address the fallout from the closure of the Strait of Hormuz and Bab al-Mandab and secure shipping and air traffic.

Italian Prime Minister Giorgia Meloni called for European-Gulf relations to move toward an untapped strategic integration linking three continents, while Saudi Arabia’s tourism sector continued to show resilience, supported by domestic and religious tourism despite regional pressures.

The remarks came during al-Rumayyan’s participation in a high-level panel at the FII PRIORITY Europe 2026 summit, affiliated with the Future Investment Initiative Institute, held in the Italian capital.

Al-Rumayyan said Saudi Aramco already owns vital oil storage facilities in several major global markets, particularly in Asia, South Korea and Japan. He said the company was now seriously studying additional storage facilities in different regions to help stabilize markets and protect supply lines from sudden shocks.

The Aramco chairman said recent crises had underscored the importance of long-term planning. The company, he said, maintained continuity in more than 99% of its operations during recent periods of tension and restarted facilities previously hit by missile attacks in record time, reflecting the efficiency of its infrastructure and the resilience of its supply chains.

On partnership with Europe, al-Rumayyan said the PIF planned to offer about 140 new investment opportunities to expand cooperation with European partners. The opportunities linked to joint projects are worth a total of 10.4 billion euros ($11.97 billion) and extend through 2030, he said.

He also pointed to regulatory and legal challenges that have slowed the expansion of Saudi investments in Europe and affected major companies such as Aramco, SABIC and the sovereign wealth fund.

Some rules, he said, not only limit new capital flows but also threaten the sustainability of existing projects. Still, he said European policymakers and regulators were aware of the obstacles, raising hopes for better solutions in the coming period.

On the wider energy transition, al-Rumayyan called for “energy realism,” saying new and renewable energy sources were an important strategic addition but not a full replacement for oil and gas.

Vital industries such as petrochemicals, fertilizers and food production still depend on fossil fuels, he said, while global energy demand is rising with the rapid expansion of artificial intelligence applications and data centers.

Europe and the Gulf

Meloni said the next phase required Europe and Gulf states to move toward a deeper relationship based on strategic partnership and economic integration. The two sides, she said, have major potential to link three continents and expand trade, energy flows and investment.

Speaking at the FII PRIORITY Europe 2026 summit in Rome on Thursday, Meloni said Europe needed to strengthen its independence and industrial and technological capabilities, while cooperation with the Gulf offered an opportunity to build a shared path that supports global stability and growth.

She said strengthening cooperation between Europe and Gulf states was a priority for the next phase, adding that the partnership had significant untapped potential and could become a decisive bridge between West and East, and between Africa and Asia.

Meloni said Italy intended to play a leading role in that effort as a gateway to Europe and a natural hub for energy, logistics and trade in the Mediterranean.

Europe and the Gulf, she said, could together offer a strategic cooperation model that can be replicated and expanded, turning energy, trade, infrastructure and connectivity networks into sources of stability rather than vulnerability.

Treaties of Rome

Meloni said the choice of Rome for the summit carried special significance. The city hosted the signing of the Treaties of Rome in 1957, which laid the foundations of today’s European Union. As the 70th anniversary of those treaties approaches, she said Europeans should reflect on the Europe they want and need to build.

She said that vision was aligned with the Future Investment Initiative’s role as a global agenda bringing together ideas, capital, technology and practical projects to build the future. She voiced hope that Rome would become the initiative’s permanent European stop, where results are measured, progress is reviewed and new priorities are set jointly.

Hormuz crisis

Saudi Transport and Logistics Services Minister Saleh al-Jasser said the current Strait of Hormuz crisis had required countermeasures, prompting Riyadh to activate 41 business continuity and emergency plans that had already been prepared and tested. That readiness, he said, allowed the kingdom to respond quickly from the earliest days of the crisis.

Speaking at the summit, al-Jasser said the region was facing difficult conditions, but Saudi Arabia was ready to address the developments. He cited a 2013 experience when the kingdom faced challenges in the Red Sea and had to redirect its trade eastward toward the Arabian Gulf, while protecting trade flows and preserving supply chain resilience.

Al-Jasser said the kingdom helped manage disrupted flights and evacuate passengers who had landed at different airports. It also rerouted ships bound for ports in the Eastern Province to ports in the western region.

The minister said the challenges were not limited to the closure of the Strait of Hormuz but also included ongoing difficulties in Bab al-Mandeb.

Some international shipping companies, he said, were hesitant to cross, requiring coordination, information sharing and a greater role for the private sector. Since the start of the current crisis, more than 23 new shipping services have been launched in coordination with the private sector, he said.

Saudi tourism developments

Saudi Tourism Minister Ahmed al-Khateeb said domestic tourism represents between 60% and 65% of total tourism activity in the kingdom, making it a key source of balance and stability during periods of disruption to international travel.

Strong local demand, he said, helped keep Saudi Arabia’s tourism sector moving, particularly during seasons and holidays when domestic destinations reach full bookings. That demand strengthened the sector’s ability to withstand external shocks.

Al-Khateeb said the global and Saudi tourism sectors had faced pressure in recent months from geopolitical tensions, higher travel costs and fluctuations in air traffic. Even so, he said the system had shown an ability to recover and maintain relative stability.

Global tourism has fully recovered from the fallout of the coronavirus pandemic, he said, with the number of travelers worldwide reaching about 1.5 billion last year and total spending hitting about $2.2 trillion. Yet travelers still represent only about 20% of the world’s population, he said, pointing to significant room for growth.

In Saudi Arabia, he said, the kingdom received about 123 million visitors in the previous year. Tourism now accounts for 5.2% of GDP, with a strategic target to raise that share to 10%.

Al-Khateeb said the sector has created about 1 million jobs since the launch of tourism transformation programs, driven by expanding investment in destinations, infrastructure and related services.

“The start of this year was strong for Saudi Arabia and Gulf states, before tourism movement was affected by regional tensions, higher fuel costs and the cancellation of a number of flights, which affected demand levels and travel costs,” he said.

Despite those pressures, he said the kingdom ended the first five months of the year with positive performance and only a slight decline of about 5% to 6% compared with the same period last year. He described that as a “resilient” performance under global conditions.

Al-Khateeb said religious tourism remains a core pillar of stability, as Saudi Arabia hosts the Two Holy Mosques, ensuring a steady flow of visitors throughout the year for Hajj and Umrah.

Former president of the Future Investment Initiative Institute Richard Attias said Europe was at a turning point as the world undergoes rapid and unprecedented change.

According to Attias, artificial intelligence is reshaping industries, capital flows are shifting, energy systems are being redrawn, supply chains are being restructured, geopolitical balances are changing and new global centers are emerging at an exceptional pace.


Kuwait Says All Force Majeure Issued During War Lifted

This photograph shows the conjunction of Jupiter and Venus over the skyline of Kuwait City on June 9, 2026. (Photo by YASSER AL-ZAYYAT / AFP)
This photograph shows the conjunction of Jupiter and Venus over the skyline of Kuwait City on June 9, 2026. (Photo by YASSER AL-ZAYYAT / AFP)
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Kuwait Says All Force Majeure Issued During War Lifted

This photograph shows the conjunction of Jupiter and Venus over the skyline of Kuwait City on June 9, 2026. (Photo by YASSER AL-ZAYYAT / AFP)
This photograph shows the conjunction of Jupiter and Venus over the skyline of Kuwait City on June 9, 2026. (Photo by YASSER AL-ZAYYAT / AFP)

Kuwait's Petroleum Corporation said on Thursday that all force majeure notices issued during the war have been lifted ⁠with immediate effect, ⁠government communication center reported on X.

Kuwait's oil ⁠production would increase to 2 million barrels per day within a week coinciding with the opening of Strait ⁠of Hormuz ⁠and resumption of commercial shipping, KPC added.