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Saudi Arabia Establishes 1st Council for Sustainable Economies Transformation

Officials sign a tripartite agreement to form an advisory council for sustainable economic transformations, during the LEAP conference on Tuesday. (SPA)
Officials sign a tripartite agreement to form an advisory council for sustainable economic transformations, during the LEAP conference on Tuesday. (SPA)
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Saudi Arabia Establishes 1st Council for Sustainable Economies Transformation

Officials sign a tripartite agreement to form an advisory council for sustainable economic transformations, during the LEAP conference on Tuesday. (SPA)
Officials sign a tripartite agreement to form an advisory council for sustainable economic transformations, during the LEAP conference on Tuesday. (SPA)

The King Abdulaziz City for Science and Technology (KACST), the Saudi Research, Development and Innovation Development Authority, and Microsoft Corporation have announced the formation of the Sustainability Council to respond to the transformations of sustainable economies.

Dr. Munir El-Desouki, the president of KACST, said that the establishment of the council came in line with the Saudi Arabia Green initiative and the Green Middle East to reach zero neutrality by 2060 and to lead a new wave of green Saudi investments of a sustainable economic nature.

Al-Desouki stressed that the new council would seek to promote innovation and build partnerships by motivating stakeholders to ensure the achievement of the Kingdom’s goals and aspirations at the level of the global competitiveness map.

Eng. Thamer Alharbi, the head of Microsoft Arabia, said the council would help organizations transform their business, increase productivity, drive innovation, and manage more sustainable operations, by providing roundtable discussions for leaders, and stimulating scientific research.

The Sustainability Council, which was announced on the sidelines of the LEAP 2023 conference, is an advisory platform that brings together key stakeholders from industry, academia, government agencies and international experts to facilitate regular meetings and knowledge exchange between leaders.

The LEAP 2023 conference kicked off in Riyadh on Monday, in the presence of more than 700 experts, scientists and specialized companies from around the world, who are discussing the latest developments in virtual reality, creative economy, edutech, retail, Fourth Industrial Revolution, future energy, smart cities, fintech, and healthtech.

Sibi Gurnani, CEO of Tech Mahindra - a world leader in information technology solutions – stressed that Saudi Arabia had promising technical investments in a number of fields, especially energy and environment.

In remarks during a session on the second day of LEAP 2023, Gurnani said that Prince Mohammed bin Salman had a clear plan to face challenges and build broad partnerships in the field of automation, innovations and human engineering.

For his part, CEO of Natanix Rajeev Ramaswamy said that Saudi Arabia launched an inspiring and bold vision that would lead to major social and economic transformations and employ technology to serve humanity.

Phalgun Kompalli, CEO of UpGrad, praised the Kingdom’s endeavor to adopt new technologies, pointing to the great opportunities available for investment in technology to cover the needs of industry, education, health, and other service and logistical sectors.

CEO of 2U Inc. Chip Paucek said that around a billion jobs would be available in the Arab Gulf region thanks to technology changes and the expansion of the uses of artificial intelligence.

He added that partnerships between the public and private sectors contributed to a greater chance of success in the fields of education and provided appropriate platforms to help people access advanced technology services and capabilities, and localize technology.

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Qatar Central Bank Says AI Operational Risks Need Prudential Focus

A boat makes its way past the Doha skyline in Doha, Qatar on Sunday, Jan. 18, 2026. (Sean Kilpatrick/The Canadian Press via AP)
A boat makes its way past the Doha skyline in Doha, Qatar on Sunday, Jan. 18, 2026. (Sean Kilpatrick/The Canadian Press via AP)
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Qatar Central Bank Says AI Operational Risks Need Prudential Focus

A boat makes its way past the Doha skyline in Doha, Qatar on Sunday, Jan. 18, 2026. (Sean Kilpatrick/The Canadian Press via AP)
A boat makes its way past the Doha skyline in Doha, Qatar on Sunday, Jan. 18, 2026. (Sean Kilpatrick/The Canadian Press via AP)

The governor of Qatar's central bank said on Tuesday that operational risks emerging from technologies like Artificial Intelligence should ‌be treated as ‌a ‌prudential ⁠risk and ‌as important as capital and liquidity-related regulation.

"I do believe that operation resilience should ⁠be also treated as ‌core prudential risk ‍and ‍should it ‍should not be treated as less important than capital and liquidity," Sheikh Bandar Bin Mohammed Bin ⁠Saoud Al-Thani, Governor of the Qatar Central Bank, told an event at the World Economic Forum in Davos.

Business

Croatia's Vujcic Nominated as ECB's Next Vice President

Croatian Central Bank Governor Boris Vujcic pictured during an interview with Reuters in Zagreb (Reuters file photo)
Croatian Central Bank Governor Boris Vujcic pictured during an interview with Reuters in Zagreb (Reuters file photo)
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Croatia's Vujcic Nominated as ECB's Next Vice President

Croatian Central Bank Governor Boris Vujcic pictured during an interview with Reuters in Zagreb (Reuters file photo)
Croatian Central Bank Governor Boris Vujcic pictured during an interview with Reuters in Zagreb (Reuters file photo)

Croatia's Boris Vujcic was formally nominated on Monday as the European Central Bank's next vice president, putting him on track to become the first person from the former communist east to win a seat on the board of the bloc's most important financial institution.

Having secured the support of the euro zone's 21 finance ministers, Vujcic is now expected to take over from Spain's Luis de Guindos on June 1, becoming the ECB's number two behind Christine Lagarde at a relatively ‌tranquil moment, with inflation ‌at target and interest rate changes not ‌even ⁠on the agenda.

The decision ‌also gives one of Europe's smallest economies the chance to take on a top ECB job, a relative rarity for an institution that has been dominated by the bloc's four biggest nations since its inception more than a quarter of a century ago, Reuters reported.

COVETED JOBS COMING IN 2027

But ECB watchers say the vice presidency is not among the most coveted jobs and Europe's biggest nations did not even enter ⁠the contest as they focus their attention on the bigger roles coming up next year.

The jobs ‌of the president, the chief economist and the head ‍of market operations all become vacant ‍next year, and Germany, Spain and France are all expected to be ‍in the race, continuing their dominance of the ECB.

THIRD-TERM GOVERNOR

Now serving his third term as Croatia's central bank chief, Vujcic, 61, is a trained monetary economist who oversaw his own country's accession to the euro zone as its 20th nation in 2023, making it the second-newest member after Bulgaria.

A former university professor, Vujcic is considered a moderate hawk who has consistently warned against lingering inflation ⁠risks and argued for only gradual policy easing to make sure price pressures are fully extinguished.

A governor or deputy governor for more than 25 years now, he was also instrumental in negotiating Croatia's accession into the European Union in 2013.

While the nomination is still subject to a confirmation process, that is largely a formality as the heads of governments make the final call and normally confirm their finance ministers' pick.

The European Parliament is likely to raise objections, particularly about gender, since men make up 25 of the ECB's 27-member Governing Council. But its lawmakers cannot actually stop the selection process.

The vice president is responsible for financial stability analysis ‌and fills in for the president whenever necessary.

Other candidates for the job included Latvia's Martins Kazaks, Finland's Olli Rehn Portugal's Mario Centeno, Estonia's Madis Muller and Lithuania's Rimantas Sadzius.

Business

In His Second Year, Trump Imposes a New Global Economic Reality

16 January 2026, US, Washington: US President Donald Trump attends a rural health investment roundtable in the East Room of the White House. Photo: Andrew Leyden/ZUMA Press Wire/dpa
16 January 2026, US, Washington: US President Donald Trump attends a rural health investment roundtable in the East Room of the White House. Photo: Andrew Leyden/ZUMA Press Wire/dpa
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In His Second Year, Trump Imposes a New Global Economic Reality

16 January 2026, US, Washington: US President Donald Trump attends a rural health investment roundtable in the East Room of the White House. Photo: Andrew Leyden/ZUMA Press Wire/dpa
16 January 2026, US, Washington: US President Donald Trump attends a rural health investment roundtable in the East Room of the White House. Photo: Andrew Leyden/ZUMA Press Wire/dpa

On Tuesday, US President Donald Trump completes his first year in the White House - a year marked by the adoption of a strict protectionist approach and accelerated financial policies that caused shocks in global markets and reshaped international trade balances. As the administration moves into its second year, structural liberation from institutional constraints is emerging, with a trend towards enhancing the expansion of presidential powers through unilateral decisions, which raises the intensity of geopolitical risks and deepens the division in the political and economic landscape of the United States.

Radical Change

Upon his triumphant return to power on January 20, 2025, Trump pledged to reshape the economy, the federal bureaucracy, and immigration policies. Indeed, he implemented a large part of this agenda, becoming one of the most powerful presidents in modern American history. His radical economic measures included downsizing the federal administration, abolishing government agencies, reducing foreign aid, and imposing comprehensive tariffs that sparked global trade tensions. He also passed a massive tax package and sought to restrict some vaccines, while continuing to pressure academic, legal, and media institutions, focusing on his domestic economic priorities.

Centralization of Power and Challenging Monetary Independence

In recent weeks, Trump revived his controversial plan to acquire Greenland and threatened military force against Iran, ignoring concerns about the criminal investigation into Federal Reserve Chairman Jerome Powell. In an interview with Reuters last week, Trump showed no concern about the potential economic repercussions of pressuring Powell, stating, "I don't care." In remarks to the New York Times, he said the only constraint he has as commander-in-chief is "his personal ethics," reflecting his philosophy of governance that prioritizes personal judgment over institutional constraints.

Inflation and Popularity Test

Despite his insistence that the current economy is the "strongest" in history, Trump faces increasing popular pressure due to inflationary pressures and persistent price increases, which is the biggest challenge before the midterm elections in November. His efforts to reduce the cost of living are complicated by conflicting messages about inflation, which he sometimes described as a "Democratic hoax." Analysts believe that excessive focus on foreign affairs may weaken the effectiveness of his domestic economic policies even as Trump plans to conduct field tours to promote his plan to address high prices.

Shift in Economic Decision-Making

From an executive standpoint, Trump has invested executive orders and emergency declarations to shift the weight of economic decision-making from Congress to the White House. These policies are based on the support of the conservative majority in the Supreme Court, Republican control of the House of Representatives, and the loyalty of his ministerial team, which gives him exceptional ability to implement without much obstruction. Economic historians describe this influence as unprecedented since the era of Franklin Roosevelt (1933-1945), who enjoyed broad popular and legislative support to confront the Great Depression, while Trump exercises his current authority amid sharp division in public opinion.

Political Indicators and November Risks

According to a Reuters/Ipsos poll, Trump's approval rating was 41 percent, compared to 58 percent disapproval, which is a relatively low number for American presidents. Democratic strategist Alex Floyd warned that "ignoring the controls of the rule of law" could cost Republicans in the ballot box. For his part, Trump acknowledged to Reuters the risk of losing control of Congress in the November election, warning his party that a Democratic majority could mean facing impeachment for the third time.

First Year Assessment

During his first year, Trump reduced the size of the federal civilian workforce, shut agencies, reduced humanitarian aid, issued orders for widespread immigration raids, and even sent the National Guard to cities run by Democratic authorities. Economically, he ignited trade wars by imposing tariffs on goods from most countries, passed a law to cut taxes and spending, continued to prosecute his political opponents, and canceled or restricted access to some vaccines, and attacked universities, law firms, and media.

Despite promising to end Russia's war in Ukraine from day one of taking office, Trump has made little progress towards a peace agreement, while claiming to have ended eight wars, a claim widely disputed, given the continuing conflicts in several parts of the world.

Expectations for the Next Stage

Presidential historian Timothy Naftali said that Trump exercised his executive powers during his second term with fewer restrictions than any president since Roosevelt. In the early years of Roosevelt's presidency, the Democratic president enjoyed a large majority in Congress, which allowed him to pass most of his domestic agenda to expand the scope of government without significant resistance. He also enjoyed broad popular support for his efforts to deal with the Great Depression, while the Republican opposition was fragmented and weak.

Analysts from the Republican Party point out that Trump's difficulty in convincing voters that he is aware of their living challenges, especially with the high cost of living, may push some Republican representatives to distance themselves from him to ensure they maintain their seats in the midterm elections.

An analysis of the trajectory of Trump's current policies shows that he has increased the power of the executive presidency at a rare rate, transforming most of the economic and political decision-making process to the Oval Office, while limiting the influence of Congress and institutional controls. However, erratic economic policies and his perceived "distracted" speeches have worried some Republican strategists, who fear that his focus on foreign issues will cost him voters.