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Saudi Arabia to Host Energy Convention in May 2024

The Saudi Energy Convention will feature over 250 international speakers and decision-makers. (Asharq Al-Awsat)
The Saudi Energy Convention will feature over 250 international speakers and decision-makers. (Asharq Al-Awsat)
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Saudi Arabia to Host Energy Convention in May 2024

The Saudi Energy Convention will feature over 250 international speakers and decision-makers. (Asharq Al-Awsat)
The Saudi Energy Convention will feature over 250 international speakers and decision-makers. (Asharq Al-Awsat)

Saudi Arabia will be at the forefront of renewable energy, hydrogen, and water advancements as it gears to host the Saudi Energy Convention in May 2024.

The Convention will feature over 250 international speakers leading over 50 conference sessions, providing visitors with essential insights into the latest energy trends and strategies.

The event, organized by dmg events, will be held at the Riyadh International Convention and Exhibition Centre (RICEC) as the Kingdom's first event designed to focus on energy, hydrogen, and water.

Vision 2030 aims to see the Kingdom become one of the most competitive in the world by the end of the decade, with an economy powered by renewable energy, a burgeoning private sector, and thriving small and medium enterprises.

The Kingdom's ongoing socioeconomic reforms have already enabled it to become the fastest-growing G20 economy in 2022, according to the International Monetary Fund (IMF), with overall economic growth reaching 8.7 percent.

The Convention will convene leaders and experts across the energy value chain to accelerate and scale the energy transition.

The event will gather the people and solutions required to build a more resilient, efficient, and eco-conscious energy landscape, covering both the conventional and renewable energy sectors.

Furthermore, the conference will address solutions needed for a more flexible, efficient energy landscape that prioritizes environmental preservation.

Specialized sub-conferences will be dedicated to each energy, water, and hydrogen theme, gathering sector leaders to deliberate on vital opportunities and challenges.

President of dmg events Christopher Hudson said the Saudi Energy Convention will be a new focal point for the global energy industry.

The new event is designed to respond to the great investment and collaboration opportunities as the Kingdom leverages its passion, ambition, and resources to provide the world with a new economic and social strength model, he added.

"We look forward to having the Saudi Energy Convention play a key role in facilitating the partnerships, innovation, and investment in energy, hydrogen, and water that can fast-track Saudi Arabia's ongoing transformation and growth," said Hudson.

The Saudi Energy Convention also includes the Saudi Water Convention and the Saudi Hydrogen Convention, providing a 360-degree view of Saudi Arabia's forward-looking energy diversification and economic development efforts.

All these events will create an integrated platform for Saudi Arabia that addresses the challenges facing the entire energy value chain and the pivotal role of hydrogen and water in the energy transition.

The three conventions will jointly showcase the latest innovative solutions accelerating the global energy transition and support Saudi Arabia's goals of seeing renewable energy meet 50 percent of its energy mix and becoming net zero for carbon emissions by 2060.

The conventions will offer direct access to financiers from key infrastructure and utilities projects within the Kingdom, alongside international investors and decision-makers, facilitating new growth opportunities and commercial partnerships.

Saudi Arabia is among the world's fastest-growing economies, with national development plans paving the way for investment opportunities worth hundreds of billions of dollars.

The Kingdom is witnessing unprecedented growth, aligned with the national strategy anticipated to draw in $90 billion in energy investments and $53 billion in water sector investments to cater to domestic demand.

Additionally, the Kingdom is eyeing investments exceeding $36 billion as part of its national hydrogen strategy, aiming to position Saudi Arabia as the world's premier hydrogen supplier.

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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.