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Preparatory Day for WGS Kicks Off Monday with Four Forums

Gatherers at a previous edition of the World Government Summit. (Asharq Al-Awsat)
Gatherers at a previous edition of the World Government Summit. (Asharq Al-Awsat)
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Preparatory Day for WGS Kicks Off Monday with Four Forums

Gatherers at a previous edition of the World Government Summit. (Asharq Al-Awsat)
Gatherers at a previous edition of the World Government Summit. (Asharq Al-Awsat)

The proceedings of the World Government Summit (WGS) 2022’s preparatory day will kick off through four diverse forums in Dubai on Monday.

Senior officials, experts, private sector leaders, decision-makers, idea pioneers, specialists in financial, economic and social affairs and various international organizations and global technological institutions will explore the prospects for the future of the economy, youth, energy, and women’s role in governments.

The WGS will organize the first edition of the Investopia Investment Summit, as part of the efforts to launch creative ideas that would boost global investments.

More than 50 idea pioneers and change-makers in the world, 300 decision-makers in governments, investors, entrepreneurs in the private sector, experts, specialists and academics will gather to launch 100 innovative ideas and new business opportunities in the world, the region, and the United Arab Emirates.

UAE Minister of Economy Abdullah Abdulla al-Marri, his Saudi counterpart Faisal al-Ibrahim, Greek Minister of Development and Investments Adonis Georgiadis, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD) Rebeca Greenspan will participate in the event to explore the prospects for the 2022 global economy.

The WGS sessions will also discuss the metaverse sector, investment in the innovation sector, sustainability of finance, cryptocurrencies and digital assets.

Other sessions will tackle detailed issues, mainly investment opportunities in the Emirate of Sharjah and exploring the role of women in consumer and investment spending.

The Women in Government Forum will also be held and discuss the importance of international cooperation to boost women’s role in leading government work, and the role of women leaders in motivating and inspiring the new generation of girls and women to actively participate in advancing government work.

The forum will hold 14 sessions to discuss the responsibility of governments in bolstering women’s roles in the technology sector and in achieving global economic growth, developing integrated social policies, enhancing international cooperation and attaining sustainable development goals.

The Global Energy Forum, organized in partnership with the Atlantic Council, focuses on reducing carbon dioxide emissions to reach zero and the future of global energy.

It will tackle the effects of energy security on the transformation of the energy sector, address energy challenges in Europe and discuss energy sector visions for 2022.

The forum touches on the importance of substituting traditional energy sources by clean and renewable energy sources.

This global goal tops government priorities as they seek to implement it by developing a set of future plans and strategies that contribute to accelerating the global energy transition.

The Arab Youth Center, in partnership with the WGS 2022, will hold the Arab Meeting for Young Leaders to promote Arab youth work and various initiatives related to youth empowerment and engagement.

It aims at developing their capabilities and bolstering their opportunities to participate in building, developing and shaping the future.

The two-day World Government Summit’s (WGS) eighth edition will be held at the Expo 2020 Dubai at the Dubai Exhibition Center on March 29.

It will bring together the world’s most prominent talents to discuss vital sectors and develop ideas and visions for a new future.

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Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.

Business

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.