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Saudi Energy Minister Calls for Stable Oil Market to Witness Global Economic Growth

Saudi Arabia’s Energy Minister Prince Abdulaziz speaking at the Future Investment Initiative forum in the Kingdom (Asharq Al-Awsat)
Saudi Arabia’s Energy Minister Prince Abdulaziz speaking at the Future Investment Initiative forum in the Kingdom (Asharq Al-Awsat)
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Saudi Energy Minister Calls for Stable Oil Market to Witness Global Economic Growth

Saudi Arabia’s Energy Minister Prince Abdulaziz speaking at the Future Investment Initiative forum in the Kingdom (Asharq Al-Awsat)
Saudi Arabia’s Energy Minister Prince Abdulaziz speaking at the Future Investment Initiative forum in the Kingdom (Asharq Al-Awsat)

Saudi Energy Minister Prince Abdulaziz bin Salman has confirmed that the total value of global oil trading is worth $2 trillion. He underscored the importance of maintaining a stable and less volatile oil market, highlighting its potential to foster global economic growth and prosperity.

Prince Abdulaziz said on Tuesday at Riyadh's flagship FII annual investment conference that recent acquisitions by major oil firms showed hydrocarbons were here to stay.

The minister emphasized that Saudi Arabia has a record it should highlight, and it is not only striving for energy transition but also aspires to serve as a model for how a hydrocarbon-based economy can be developed sustainably for many years to come.

He stressed the significance of enhancing progress in addressing a three-pronged challenge that garners universal aspirations. This challenge encompasses the domains of energy security, economic growth and prosperity through cost-efficiency, and the third facet, sustainability, with a specific focus on its relation to climate change.

Prince Abdulaziz pointed out that the Kingdom supports the new concept of a circular carbon economy.

He reminded that the idea was introduced at the Future Investment Initiative forum in 2019 and that Crown Prince Mohammed bin Salman had announced the green Saudi and Middle East initiatives.

Moreover, the minister affirmed that everyone is looking forward to the United Nations Framework Convention on Climate Change (COP 28) conference.

He noted that preparations are in full swing.

“We are collaborating with our friends in the United Arab Emirates to ensure that we are putting our best efforts forward, and they are doing the same, to ensure that COP 28 will be a successful conference,” said Prince Abdulaziz.

“I must remind people that three conferences have been held in the Middle East, starting in Marrakech, then last year in Sharm El Sheikh, Egypt, and this year in Dubai,” he further highlighted.

This, he explained, holds significant implications for the region’s commitment to addressing climate change.

“I need to remind and inform our friends of what we accomplished two weeks ago when we hosted the Middle East and North Africa Climate Week,” Prince Abdulaziz added.

“We can share the numbers we achieved; we had 9,000 participants, and the activities exceeded 145 different events.”

The minister also revealed that the recent climate week in Saudi Arabia was a helpful precursor to the UAE to gather people’s opinions and expectations in preparation for the COP 28 conference.

Regarding the global climate issue, the Saudi Energy Minister said: “Success is relative because it all depends on the perspective.”

“The climate change issue is driven by two opposing sides - the environmental enthusiasts on one side and the climate change deniers on the other,” he explained.

Around “2.2 million people do not have a clean cooking source,” reminded Prince Abdulaziz.

The minister added that the issue of energy poverty must be addressed progressively from top to bottom.

He questioned who has the capacity to gradually transition away from traditional energy sources and stated: “Those with the capability, we will give them the opportunity to explain how they can do it.”

"We hope that there will be some consideration and empathy that can surface at COP 28, or else we will return to the same old issue we discussed in Sharm El Sheikh and at every COP conference, which is an attempt to evade responsibility without fairness, trust, or sincerity,” warned the minister.

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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
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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.