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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

Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
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Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat

Saudi Minister of Finance Mohammed Aljadaan stressed Sunday that the world economy is going through a “profound transition,” saying emerging markets and developing economies now account for nearly 60 percent of the global Gross Domestic Product (GDP) in purchasing power terms and over 70 percent of global growth.

In his opening remarks at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla, the minister said these economies have become an increasingly important driver of global growth with their share of global economy more than doubling since 2010.

“Today, the 10 emerging economies in the G20 alone account for more than half of the world growth. Yet, they face a more complex and fragmented environment, elevated debt levels, slower trade growth and increasing exposure to geopolitical shocks.”

“Unfortunately, more than half of low income countries are either in or at the risk of debt distress. At the same time global trade growth has slowed at around half of what it was pre the pandemic,” Aljadaan added.

The Finance Minister stressed that the Saudi experience over the past decade has reinforced three lessons that may be relevant to the discussions at the two-day conference, which brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics.

“First, macroeconomic stability is not the enemy of growth. It is actually the foundation,” he said.

“Structural reforms deliver results only when institutions deliver. So there is no point of reforming ... if the institutions are unable to deliver,” he stated.

Finally, he said that “international cooperation matters more, not less, in a fragmented world.”

Business

Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
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Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said Sunday that world growth still lacks pre-pandemic levels, expressing concern as she expected more shocks amid high spending and rising debt levels in many countries.

Georgieva spoke at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla.

The two-day conference brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics to deliberate on policies to global stability, prosperity, and multilateral collaboration.

Georgieva said that the conference was launched last year in recognition of the growing role of emerging market economies in a world of sweeping transformations.

“I came out of this gathering .... With a sense of hope for the pragmatic attitude and determination to pursue good policies and build strong institutions,” she said.

Georgieva stressed that “good policies pay off,” and said that growth rates across emerging economies reached four percent this year, exceeding by a large margin those of advanced economies that are around 1.5 percent.

Business

Saudi Arabia’s flynas, Syrian Civil Aviation Authority Partner to Launch 'flynas Syria'

The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
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Saudi Arabia’s flynas, Syrian Civil Aviation Authority Partner to Launch 'flynas Syria'

The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)

Saudi budget carrier flynas has signed an agreement with the Syrian General Authority of Civil Aviation and Air Transport to establish a new commercial airline under the name "flynas Syria," with operations scheduled to begin in the fourth quarter of 2026.

Saturday’s agreement comes within the framework of bilateral cooperation between Saudi Arabia and Syria, as well as the strategic investment agreements between the two countries, coordinated with the Saudi Ministry of Investment and the Syrian General Authority of Civil Aviation and Air Transport.

The new airline will operate commercial air transport services in accordance with approved regulations and standards, meeting the highest safety and aviation security requirements. All licensing and operational procedures will be completed in coordination with the relevant authorities.

The carrier will be established as a joint venture, with 51% ownership held by the Syrian General Authority of Civil Aviation and Air Transport and 49% by flynas.

The new airline will operate flights to several destinations across the Middle East, Africa, and Europe. This expansion aims to bolster air traffic to and from Syria, enhance regional and international connectivity, and meet growing demand for air travel.

"This step is part of our commitment to supporting high-quality cross-border investments. The aviation sector is a key enabler of economic development, and the establishment of 'flynas Syria' serves as a model for constructive investment cooperation,” said Saudi Minister of Investment Khalid Al-Falih.

“This partnership enhances economic integration and market connectivity and supports development goals by advancing air transport infrastructure, ultimately serving the mutual interests of both nations and promoting regional economic stability,” he added.

President of the Syrian General Authority of Civil Aviation and Air Transport Omar Hosari also stated that the establishment of flynas Syria represents a strategic step within a comprehensive national vision aimed at rebuilding and developing Syria's civil aviation sector on modern economic and regulatory foundations.

“This will be achieved while balancing safety requirements, operational sustainability, investment stimulation, and passenger services. The partnership reflects the state's orientation toward smart cooperation models with trusted regional partners, ensuring the transfer of expertise, the development of national capabilities, and the enhancement of Syria's air connectivity with regional and international destinations, in line with global best practices in the air transport industry."

flynas Chairman Ayed Al-Jeaid stated that the company continues to pursue strategies aimed at growth and international expansion, describing the agreement as a historic milestone in the company's journey and a promising investment model in partnership with Syria.

flynas CEO Bander Al-mohanna said the step represents a qualitative leap in the company's strategy and financial performance, highlighting the transfer of the company's low-cost aviation experience to the Syrian market to support regional and international air connectivity.

flynas currently operates 23 weekly flights from Riyadh, Jeddah, and Dammam to Damascus, including two daily direct flights from Riyadh, one daily flight from Jeddah, and two weekly flights from Dammam.

The airline made history on June 5, 2025, by adding the Syrian capital to its network, becoming the first Saudi carrier to resume scheduled flights to Damascus.