Paris Hosts Summit for a New Global Financing Pact

Paris, the capital of France, is hosting a global summit on Thursday and Friday under the theme “New Global Financing Pact” (Reuters)
Paris, the capital of France, is hosting a global summit on Thursday and Friday under the theme “New Global Financing Pact” (Reuters)
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Paris Hosts Summit for a New Global Financing Pact

Paris, the capital of France, is hosting a global summit on Thursday and Friday under the theme “New Global Financing Pact” (Reuters)
Paris, the capital of France, is hosting a global summit on Thursday and Friday under the theme “New Global Financing Pact” (Reuters)

The summit for a New Global Financing Pact, held in Paris for two days starting on June 22, gathers 50 heads of state and government, along with numerous ministers, high-ranking officials from international organizations, global financial institutions, and civil society organizations.

It is considered one of the largest forums worldwide, second only to the United Nations.

The international summit was launched by French President Emmanuel Macron in 2022.

It represents an expansion of a similar initiative proposed by Mia Mottley, the Prime Minister of the Caribbean island of Barbados, known as the “Bridgetown Initiative.”

The purpose of this initiative was to facilitate access to international financing sources for the countries most affected by climate change, enabling them to confront the environmental challenges faced by nations and islands primarily.

On the sidelines of the G20 Summit, Macron announced the organization of the current summit for a New Global Financing Pact, initially aimed at “exploring all means and methods to enhance international solidarity.”

However, the primary objective later expanded to encompass addressing the consequences of climate change, global crises, and discussing key issues related to the reform of multi-party development banks, debt crisis, poverty, health, innovative financing, international taxation, and Special Drawing Rights (SDRs).

As the gap widens between countries in the North and the South, this summit comes into play.

Its presumed objective is to provide the means to respond to the growing needs of most Southern countries in combating poverty and dealing with climate change, which leads to desertification, migration, wars, and environmental disasters.

The broader goal, which no one expects to be achieved in this summit, is to restructure a more just international financial system instead of the one established by the West following World War II.

According to the French presidency, the summit will examine the “restructuring” of financial institutions born out of “Bretton Woods” in the US, specifically referring to the International Monetary Fund (IMF) and the World Bank.

Saudi Arabia’s Crown Prince Mohammed bin Salman will participate in the summit. The presidents of Egypt, Tunisia, and Mauritania are also attending the summit.

Other Arab countries are represented at the ministerial level or through their diplomatic missions in Paris.

Among the notable attendees are the Secretary-General of the UN and the Presidents of Switzerland, South Korea, South Africa, Brazil, and several African countries.

Also present are the Prime Minister of China, the German Chancellor, the Italian Prime Minister, the President of the EU, and the President of the European Commission.

The US is represented by Treasury Secretary Janet Yellen. Notably absent from the summit is Russia, which was not invited to participate.



FII Institute Names Princess Maha bint Mishari Al Saud as CEO

Princess Maha bint Mishari bin Abdulaziz Al Saud (Asharq Al-Awsat file photo)
Princess Maha bint Mishari bin Abdulaziz Al Saud (Asharq Al-Awsat file photo)
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FII Institute Names Princess Maha bint Mishari Al Saud as CEO

Princess Maha bint Mishari bin Abdulaziz Al Saud (Asharq Al-Awsat file photo)
Princess Maha bint Mishari bin Abdulaziz Al Saud (Asharq Al-Awsat file photo)

The FII institute, run by a global nonprofit foundation of ⁠Saudi sovereign wealth ⁠fund PIF, has named ⁠Princess Maha bint Mishari bin Abdulaziz Al Saud as its CEO, according to ⁠the ⁠institute's website.

“With more than 25 years of leadership experience spanning healthcare, academia, strategic partnerships, and international engagement, Dr. Al Saud has built a distinguished career centered on creating impact through collaboration and institution-building. She has worked across the public, private, and nonprofit sectors to advance initiatives that strengthen organizations, expand opportunity, and improve lives,” the website said.

Before joining FII Institute, she served as Vice President of External Relations and Advancement at Alfaisal University.

She has helped expand strategic partnerships, deepen international engagement, and elevate the university’s global standing in education, research, and innovation.

“A recognized advocate for leadership, healthcare transformation, education, and human development, Dr. Al Saud has represented Saudi Arabia at major international forums, including the G20, and the fourth Eurasian Women’s Forum,” FII Institute said.

“Dr. Al Saud holds an MBBS degree and is certified by the American Board of Internal Medicine, having completed her residency training at George Washington University. Her executive credentials include the Senior Executive Leadership Program at Harvard Business School, IMD Business School and she holds the prestigious, peer-reviewed distinction of Master of the American College of Physicians (MACP),” it added.


Egypt Clears Arrears to Oil and Gas Companies

People walk past a shop selling football jerseys in Khan el-Khalily Bazar in Cairo on June 9, 2026. (AFP)
People walk past a shop selling football jerseys in Khan el-Khalily Bazar in Cairo on June 9, 2026. (AFP)
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Egypt Clears Arrears to Oil and Gas Companies

People walk past a shop selling football jerseys in Khan el-Khalily Bazar in Cairo on June 9, 2026. (AFP)
People walk past a shop selling football jerseys in Khan el-Khalily Bazar in Cairo on June 9, 2026. (AFP)

Egypt's Minister of Petroleum Karim Badawi said on Wednesday that the full settlement of arrears owed to oil and gas partners marked a turning point for the sector.

Badawi ‌said payment ‌of the arrears, "restores ‌investor confidence ⁠and paves the ⁠way for increased upstream activity and accelerated project development".

Egypt had accumulated about $6.1 billion in arrears to foreign oil companies by June ⁠30, 2024 due to ‌a ‌prolonged foreign currency shortage that delayed payments ‌and weighed on investment and ‌gas output. The shortage has since eased, though some companies have said that arrears kept ‌accumulating.

The minister said clearing the debt removed ⁠a ⁠key obstacle to new investment inflows and would support increased exploration, drilling and field development activity, including projects in the Mediterranean where development typically requires significant capital spending and years of work before production begins.


Saudi Economy Demonstrates Competitive Strength, Expands 3% in First Quarter

A view of the Saudi capital, Riyadh. (SPA)
A view of the Saudi capital, Riyadh. (SPA)
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Saudi Economy Demonstrates Competitive Strength, Expands 3% in First Quarter

A view of the Saudi capital, Riyadh. (SPA)
A view of the Saudi capital, Riyadh. (SPA)

Saudi Arabia’s economy has once again demonstrated the strength of its fundamentals and its ability to withstand regional shocks, posting real GDP growth of 3 percent year-on-year in the first quarter of 2026, despite escalating tensions across the Middle East that have disrupted supply chains and global trade flows.

The final official figures surpassed the earlier flash estimate of 2.8 percent. The upward revision reflected higher estimates from the General Authority for Statistics (GASTAT), which raised growth projections for both oil and non-oil activities to 2.9 percent. The Kingdom had recorded growth of 5.2 percent in the fourth quarter of 2025.

Saudi Arabia’s performance amid logistical challenges, including shipping disruptions through the Strait of Hormuz, recently received backing from an International Monetary Fund mission.

Following consultations in Riyadh, IMF experts said the Kingdom had successfully mitigated the effects of regional conflict and eased logistical bottlenecks through resilient infrastructure, the rapid deployment of the East-West pipeline and Red Sea ports, and strong financial buffers provided by the Public Investment Fund and a stable banking sector.

The IMF nevertheless revised its 2026 growth forecast for Saudi Arabia to 2 percent from a previous estimate of 3.1 percent, citing regional instability.

Broad-based expansion

According to GASTAT, first-quarter growth was driven by gains across all major sectors of the economy. Oil and non-oil activities each expanded 2.9 percent year-on-year, while government activities rose 1.5 percent.

On a seasonally adjusted basis, real GDP declined 1.2 percent from the fourth quarter of 2025, reflecting a 6.8 percent contraction in oil activities. Government and non-oil sectors, however, continued to post quarterly growth of 1.4 percent and 0.3 percent, respectively.

Financial services, insurance and business services recorded the strongest performance among detailed sectors, growing 5.4 percent year-on-year and 1.1 percent quarter-on-quarter.

Manufacturing activities, excluding oil refining, expanded 4 percent annually. Crude oil and natural gas activities grew 3.6 percent from a year earlier, despite a 7 percent quarterly decline linked to shipping disruptions.

Consumption and investment remain strong

Government final consumption expenditure rose 11.3 percent year-on-year and 8.5 percent quarter-on-quarter, while private consumption increased 5.3 percent annually.

Gross fixed capital formation climbed 3.9 percent year-on-year and 7.5 percent quarter-on-quarter, underscoring continued investment momentum. Exports increased 1.4 percent from a year earlier, while imports fell 5.5 percent.

Non-oil activities remained the primary driver of economic growth, contributing 1.7 percentage points to overall GDP expansion. Oil activities added 0.8 percentage points, while government activities and net taxes contributed 0.3 and 0.2 percentage points, respectively.

The IMF also praised the Saudi Central Bank (SAMA) for maintaining a countercyclical capital buffer of 100 basis points, noting that the Saudi riyal’s peg to the US dollar continues to bolster monetary-policy credibility and financial stability.

On structural reforms, the fund welcomed the recalibration of the Public Investment Fund’s 2026-2030 strategy, aimed at allocating capital more selectively and encouraging greater private sector participation.

It said continued progress toward the objectives of Vision 2030, including deeper capital markets, stronger alignment between education and labor market needs, and broader adoption of artificial intelligence and logistics technologies, remains essential to achieving sustainable economic diversification and safeguarding prosperity for future generations.