عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Greece Stresses Saudi Role in Balancing Oil Markets, Respects OPEC+ Decision

Greek Minister of Development and Investment Adonis Georgiadis. (Asharq Al-Awsat)
Greek Minister of Development and Investment Adonis Georgiadis. (Asharq Al-Awsat)
TT
TT

Greece Stresses Saudi Role in Balancing Oil Markets, Respects OPEC+ Decision

Greek Minister of Development and Investment Adonis Georgiadis. (Asharq Al-Awsat)
Greek Minister of Development and Investment Adonis Georgiadis. (Asharq Al-Awsat)

Greek Minister of Development and Investment Adonis Georgiadis said the diversification of energy sources was the European Union’s most important priority.

He noted that the world would never return to the previous situation, even if the Russian-Ukrainian war ended.

In this regard, Georgiadis stressed that all European countries would try to find many other sources of energy, to stop depending on Russian gas, revealing a plan to launch natural gas carriers to Europe through his country, in addition to the Azerbaijan pipeline.

In an interview with Asharq Al-Awsat on the sidelines of the Future Investment Initiative forum in Riyadh, the Greek minister said that Saudi Arabia, as part of the Group of Twenty, could play a major role in stabilizing the global economy.

He added that Greece respected the recent OPEC+ decision, saying it was imperative to work towards maintaining market balance.

“We have to find a way to avoid recession… A good partnership will achieve possible solutions to curb the recession, which will be very bad for Western societies, because it will hamper investments, reduce consumption and harm the economy,” he remarked.

Saudi-Greek cooperation

Georgiadis noted that trade exchange between Riyadh and Athens was close to 1.4 billion euros annually, excluding oil.

“Our main ambition is to reach at least 2 billion euros over the next three years, and we are working hard in this direction. This year, we established the Greek-Saudi Business Council, the first meeting of which will be held in Athens on Nov. 7-8,” he told Asharq Al-Awsat.

The Greek minister pointed to a number of bilateral agreements that were signed during the visit of Saudi Crown Prince Mohammed bin Salman to Greece in July, asserting that the two countries would reach their desired goals through these partnerships.

With regards to investments, Georgiadis said his country would present many investment opportunities, stressing that the Saudi-Greek Business Council has focused its efforts on diverse investments.

“We are certain that our cooperation with the Kingdom will serve Vision 2030,” he said. “It is a great vision for the Kingdom, and we want to participate in some of its vital achievements.”

The minister revealed that Greece would witness a record value of exports and tourism income, noting that the country was open for business and enjoyed many opportunities.

Future Investment Initiative

Regarding his participation in the Future Investment Initiative (FII) forum, he said: “First, I would like to say that I was very pleased to be in Saudi Arabia and to be among the participants in the main sessions of the conference… I believe that the Future Investment Initiative conference was a great success for Saudi Arabia, as it brought together people from all over the world… to exchange views on all important international and domestic issues.”

He continued: “Most importantly, it has set a great ground for promoting the new vision of Saudi Arabia, which has something to offer the world, so I would like to congratulate all the people who contributed to making this event a success.”

Georgiadis emphasized that Saudi Arabia was turning into a renewable energy producer at a very high speed, in the same way that Greece was becoming a major regional hub for energy and purification of environmental pollution, in addition to renewable energy and the distribution of liquefied and natural gas.

He pointed to the building of a data cable between Saudi Arabia and Greece, noting that negotiations were underway to sign a memorandum of understanding on energy and electricity cables between the two countries.

Energy scarcity challenges

Georgiadis touched on the ability of Europe in general and Greece in particular to overcome the challenges of energy and gas scarcity, saying: “Diversification of energy sources is now the most important priority in the European Union.”

“Even if the war stops tomorrow, we will never go back to the world we were in before the Russian-Ukrainian war,” he remarked.

He added: “All EU countries will try to find many other sources of energy, so that they do not have to depend on Russian sources. This will not happen again.”

Most Viewed

 
 
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).
TT
TT

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.

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
TT
TT

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)
TT
TT

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.