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World Economic Forum Includes Yanbu Refinery into Industrial Lighthouses Network

One of the refinery companies affiliated with “Saudi Aramco” (SAMREF)
One of the refinery companies affiliated with “Saudi Aramco” (SAMREF)
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World Economic Forum Includes Yanbu Refinery into Industrial Lighthouses Network

One of the refinery companies affiliated with “Saudi Aramco” (SAMREF)
One of the refinery companies affiliated with “Saudi Aramco” (SAMREF)

 The World Economic Forum (WEF) announced, on Monday, the inclusion of Saudi Aramco’s Yanbu Refinery within the “Industrial Lighthouses” network, in appreciation of its efforts in the effective application of advanced technologies, which seek to provide many operational, commercial and environmental benefits.

According to a statement by Aramco, Yanbu Refinery is the fourth Aramco facility to be included in this global network, along with other major facilities, such as the Abqaiq oil processing plant, the Uthmaniyah Gas Plant, and the Khurais oil production facilities.

The statement added that the Yanbu Refinery is one of 21 new facilities added to the prestigious network, which now includes a total of 153 manufacturing facilities around the globe. Aramco is the only international energy company to be represented by more than two facilities.

“This new recognition by WEF reflects Aramco’s sustained focus on the development and deployment of state-of-the-art 4IR (Fourth Industrial Revolution) technologies, which enhance our operations and contribute to our sustainability objectives,” said Ibrahim Al-Buainain, Aramco Executive Vice President of Global Manufacturing.

He continued: “At Yanbu Refinery, we have successfully harnessed 4IR use cases to improve profits, increase production and expand processing capacity, while simultaneously reducing energy consumption, waste generation and gas emissions. Such achievements reinforce our position as a technology leader in our industry and highlight the benefits for our industry of adopting cutting-edge solutions.”

The Yanbu Refinery is part of the Saudi Aramco refining, chemicals and marketing portfolio, and one of the largest refining businesses in the world. It processes crude oil to produce refined products such as liquid petroleum gas, gasoline, diesel, jet fuel, kerosene, fuel oil and asphalt.

The refinery was operated on the western coast of the Kingdom in 1983, to meet local demand for refined products. Its initial design capacity of 170,000 barrels per day of Arab Light crude was later expanded to process 235,000 barrels per day of Arab Light.

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World Bank Warns that US Tariffs Could Reduce Global Growth Outlook

WASHINGTON, DC - JANUARY 16: Workers build risers in Freedom Plaza ahead of the Inauguration on January 16, 2025 in Washington, DC. US President-elect Donald Trump and Vice President-elect former Sen. JD Vance (R-OH) will be sworn in on January 20. Kayla Bartkowski/Getty Images/AFP
WASHINGTON, DC - JANUARY 16: Workers build risers in Freedom Plaza ahead of the Inauguration on January 16, 2025 in Washington, DC. US President-elect Donald Trump and Vice President-elect former Sen. JD Vance (R-OH) will be sworn in on January 20. Kayla Bartkowski/Getty Images/AFP
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World Bank Warns that US Tariffs Could Reduce Global Growth Outlook

WASHINGTON, DC - JANUARY 16: Workers build risers in Freedom Plaza ahead of the Inauguration on January 16, 2025 in Washington, DC. US President-elect Donald Trump and Vice President-elect former Sen. JD Vance (R-OH) will be sworn in on January 20. Kayla Bartkowski/Getty Images/AFP
WASHINGTON, DC - JANUARY 16: Workers build risers in Freedom Plaza ahead of the Inauguration on January 16, 2025 in Washington, DC. US President-elect Donald Trump and Vice President-elect former Sen. JD Vance (R-OH) will be sworn in on January 20. Kayla Bartkowski/Getty Images/AFP

The World Bank on Thursday warned that US across-the-board tariffs of 10% could reduce already lackluster global economic growth of 2.7% in 2025 by 0.3 percentage point if America's trading partners retaliate with tariffs of their own.
Such tariffs, promised by US President-elect Donald Trump, could cut US growth - forecast to reach 2.3% in 2025 - by 0.9% if retaliatory measures are imposed, the bank said, citing economic simulations. But it noted that US growth could also increase by 0.4 percentage point in 2026 if US tax cuts were extended, it said, with only small global spillovers.
Trump, who takes office Monday, has proposed a 10% tariff on global imports, a 25% punitive duty on imports from Canada and Mexico until they clamp down on drugs and migrants crossing borders into the US, and a 60% tariff on Chinese goods.
The World Bank's latest Global Economic Prospect report, issued twice yearly, forecast flat global economic growth of 2.7% in 2025 and 2026, the same as in 2024, and warned that developing economies now faced their weakest long-term growth outlook since 2000, Reuters said.
The multilateral development bank said foreign direct investment into developing economies was now about half the level seen in the early 2000s and global trade restrictions were five times higher than the 2010-2019 average.
It said growth in developing countries is expected to reach 4% in 2025 and 2026, well below pre-pandemic estimates due to high debt burdens, weak investment and sluggish productivity growth, along with rising costs of climate change.
Overall output in emerging markets and development economies was expected to remain more than 5% below its pre-pandemic trend by 2026, due to the pandemic and subsequent shocks, it said.
"The next 25 years will be a tougher slog for developing economies than the last 25," World Bank chief economist Indermit Gil said in a statement, urging countries to adopt domestic reforms to encourage investment and deepen trade relations.
Economic growth in developing countries dropped from nearly 6% in the 2000s to 5.1% in the 2010s and was averaging about 3.5% in the 2020s, the bank said.
It said the gap between rich and poor countries was also widening, with average per capita growth rates in developing countries, excluding China and India, averaging half a percentage point below those in wealth economies since 2014.
The somber outlook echoed comments made last week by the managing director of the International Monetary Fund, Kristalina Georgieva, ahead of the global lender's own new forecast, to be released on Friday.
"Over the next two years, developing economies could face serious headwinds," the World Bank report said.
"High global policy uncertainty could undercut investor confidence and constrain financing flows. Rising trade tensions could reduce global growth. Persistent inflation could delay expected cuts in interest rates."
The World Bank said it saw more downside risks for the global economy, citing a surge in trade-distorting measures implemented mainly by advanced economies and uncertainty about future policies that was dampening investment and growth.
Global trade in goods and services, which expanded by 2.7% in 2024, is expected to reach an average of about 3.1% in 2025-2026, but to remain below pre-pandemic averages.