Saudi Arabia Sends High-Ranking Delegation to World Economic Forum Annual Meeting


The annual meeting of the World Economic Forum 2024 will be held in Davos (Asharq Al-Awsat)
The annual meeting of the World Economic Forum 2024 will be held in Davos (Asharq Al-Awsat)
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Saudi Arabia Sends High-Ranking Delegation to World Economic Forum Annual Meeting


The annual meeting of the World Economic Forum 2024 will be held in Davos (Asharq Al-Awsat)
The annual meeting of the World Economic Forum 2024 will be held in Davos (Asharq Al-Awsat)

Saudi Arabia announced that a high-ranking delegation will participate in the World Economic Forum (WEF) Annual Meeting 2024 in Davos, Switzerland, from January 15-19, under the theme of "Rebuilding Trust."

The delegation, chaired by Foreign Minister Prince Faisal bin Abdallah, includes Saudi Ambassador to the US Princess Reema bint Bandar, Minister of Commerce Majid al-Kassabi, Minister of State for Foreign Affairs and Envoy for Climate Adel al-Jubeir, Minister of Investment Khalid al-Falih, Minister of Finance Mohammed al-Jadaan, Minister of Communications and Information Technology Abdullah al-Swaha, Minister of Industry and Mineral Resources Bandar al-Khorayef, and Minister of Economy and Planning Faisal al-Ibrahim.

- Current challenges

The Saudi delegation will address these era-defining challenges by working with the international community to advance substantive global collaboration, drive economic resilience, build sustainable resource security, and harness human-centric innovation.

It would also explore the opportunities offered by emerging technologies and their impact on the policy and decision-making process.

The Saudi delegation will highlight the social and economic progress made within the framework of Vision 2030, the transformation, diversification, and development witnessed by the Kingdom in various fields, and the multiple investment opportunities available across the nation's thriving economy.

- Competitive capabilities

The Saudi delegation will share its expertise in enhancing the Kingdom's attractiveness as a private and foreign investment destination.

The delegation will also review the best practices and solutions developed by the Kingdom to enhance the economy's resilience and achieve financial sustainability, in line with its ambitions for economic diversification and sustainable growth under Vision 2030.

- Enhancing cooperation

The 54th annual meeting of the World Economic Forum will discuss ways to enhance cooperation between the public and private sectors to explore future opportunities, review solutions and developments within various economic and development sectors within the framework of international cooperation, and joint work between governments and various institutions.

The Forum brings together representatives from more than 100 governments, major international organizations, and more than 1,000 major private sector players, in addition to representatives of civil society and academic institutions.

The theme "Rebuilding Trust" highlights the importance of joint international action in confronting humanitarian, climate, social, and economic challenges.

- Global risks

In addition, the Global Risks Report 2024 issued by the World Economic Forum warned of a global risk landscape that will witness a decline in human development. It will weaken countries and individuals and expose them to new risks.

Given the systemic changes in global power mechanisms, climate, technology, and demographic distribution, global risks impose significant pressures that may exhaust the world's ability to adapt.

The report said that these matters are among its most prominent findings, which showed that cooperation on global issues is declining and that there is an urgent need to adopt approaches to address global risks.

The transnational risks will become harder to handle as global cooperation erodes.

In this year's Global Risks Perception Survey, two-thirds of respondents predict that a multipolar order will dominate in the next ten years as middle and great powers set and enforce – but also contest – current rules and norms.

WEF Managing Director Saadia Zahidi said underlying geopolitical tensions combined with the eruption of active hostilities in multiple regions contribute to an unstable global order characterized by polarizing narratives, eroding trust, and insecurity.

Zahidi warned that the situation leaves ample room for accelerating risks – like misinformation and disinformation – to propagate in societies that have already been politically and economically weakened in recent years.

- Misinformation and Conflict

Emerging as the most severe global risk anticipated over the next two years, foreign and domestic actors will leverage misinformation and disinformation to widen societal and political divides further.

Cost-of-living pressures continue to bite amidst persistently elevated inflation, interest rates, and economic uncertainty in much of the world.

Misinformation and disinformation have risen rapidly in rankings to first place for the two-year timeframe, and the risk is likely to become more acute as elections in several economies take place this year.

Interstate armed conflict is a new entrant into the top risk rankings over the two-year horizon as both a product and driver of state fragility.

With many conflicts currently ongoing in different parts of the world, the risks of geopolitical tensions and declining community resilience may lead to the spread of conflict contagion.

- Economic uncertainty and declining development

The continued state of economic uncertainty and the widening of the financial and technical gap are among the most prominent features of the coming years, and the lack of economic opportunities ranked sixth in risks over the next two years.

In the long term, obstacles to economic mobility are expected to increase, which will lead to the deprivation of large segments of the population of economic opportunities.

In addition, countries affected by conflict or climate risks may become isolated from investment, advanced technologies, and new employment opportunities.

In the absence of guaranteed and secure livelihoods, individuals may become more vulnerable to involvement in crime, militancy, and extremism.

- The planet is in danger

It is expected that environmental risks continue to dominate the risk landscape over all three timeframes, while the report called on business leaders to reconsider the steps that must be taken to confront global risks.

The report recommended focusing global cooperation efforts on accelerating the construction of protection barriers against the most urgent emerging risks, such as signing agreements to integrate artificial intelligence in the decision-making process.



Shell's Profit Beats Expectations at $6.9 Billion

(FILES) The Shell logo is pictured above a Shell petrol station in London on January 30, 2026. (Photo by HENRY NICHOLLS / AFP)
(FILES) The Shell logo is pictured above a Shell petrol station in London on January 30, 2026. (Photo by HENRY NICHOLLS / AFP)
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Shell's Profit Beats Expectations at $6.9 Billion

(FILES) The Shell logo is pictured above a Shell petrol station in London on January 30, 2026. (Photo by HENRY NICHOLLS / AFP)
(FILES) The Shell logo is pictured above a Shell petrol station in London on January 30, 2026. (Photo by HENRY NICHOLLS / AFP)

Shell's first-quarter profit beat estimates and hit its highest in two years at $6.9 billion on Thursday, boosted by gains linked to the Middle East war, leading the company to raise the dividend by 5%.

At the same time, it slowed its quarterly share buyback program to $3 billion from $3.5 billion to help divert cash to its balance sheet as a short-term liquidity squeeze after war-related energy supply disruption increased its debt.

"It really reflects that confidence we have in the long term cash ⁠flows of the ⁠company," Shell's Chief Financial Officer Sinead Gorman said on a call with reporters of the dividend hike. She added she still felt Shell shares were undervalued.

Turning to the buybacks, she said she had reduced them to allocate cash to the balance sheet.

Shell's shares were down 2.2% in early trading, broadly in line with other oil majors' shares as ⁠benchmark global oil prices have retreated from peaks well above $100 a barrel, Reuters reported.

First-quarter adjusted earnings, Shell's definition of net profit, rose to $6.92 billion, beating an analyst consensus of $6.36 billion in a company-provided poll and up from $5.58 billion a year earlier.

Profits at its chemicals and products unit, which includes refining and its oil trading desk, were $1.93 billion, beating expectations of $1.24 billion and up from $0.45 billion last year.

This echoes big oil trading profits at its European peers BP and TotalEnergies that also take speculative bets on moving prices in contrast with their more cautious US rivals.

Shell's oil and gas output fell 4% compared with the previous quarter, mainly due ⁠to outages in ⁠Qatar where part of its Pearl gas-to-liquids plant was damaged in the Middle Eastern conflict that began at the end of February. Full repairs might take about a year, Shell has said.

Shell's gearing, or debt to equity ratio including leases, rose to 23.2% from 20.7% at end-2025. Shell had flagged higher debt due to managing war-related price and supply disruptions and volatility.

Gorman told reporters she was very happy with Shell's balance sheet.

Its cash flow from operating activities at $6.1 billion was hit by large swings in inventory values, pushing working capital - a liquidity measure of current assets minus liabilities - to minus $11.2 billion.

Shell expects working capital movements to reverse over time provided oil and gas prices ease.


Gold Gains for 3rd Day on US-Iran Peace Deal Optimism

Gold bars after being removed from their molds at a refinery smelter in Sydney (AFP)
Gold bars after being removed from their molds at a refinery smelter in Sydney (AFP)
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Gold Gains for 3rd Day on US-Iran Peace Deal Optimism

Gold bars after being removed from their molds at a refinery smelter in Sydney (AFP)
Gold bars after being removed from their molds at a refinery smelter in Sydney (AFP)

Gold prices rose for a third consecutive session on Thursday, supported by a softer dollar as hopes of a US-Iran deal eased concerns over inflation and prolonged high interest rates.

Spot gold was up 1% at $4,738.86 per ounce, as of 0728 GMT, after rising about 3% on Wednesday to hit its highest point since April 27. US gold futures for June delivery rose 1.2% to $4,748.50, Reuters reported.

US President Donald Trump ⁠predicted a swift ⁠end to the war with Iran as Tehran considered a US peace proposal that sources said would formally end the conflict while leaving unresolved key US demands that Iran suspend its nuclear program and reopen the Strait of Hormuz.

"Gold is edging higher today, supported by a subdued dollar and retreating oil prices ⁠as the existing ceasefire holds, albeit tentatively, and hopes grow for a more durable long-term agreement between Washington and Tehran," said Tim Waterer, chief market analyst at KCM Trade.

The dollar hovered near a more than three-month low hit in the previous session, making bullion less expensive for holders of other currencies.

Benchmark 10-year US Treasury yields have eased 0.6% so far this week, reducing the opportunity cost of holding gold.

Oil prices fell below $100 a barrel as optimism grew about a possible end to the war in ⁠the Middle ⁠East.

Gold prices have fallen more than 10% since the war began in late February, pressured by higher oil prices. Elevated crude oil prices can stoke inflation, increasing the likelihood of higher interest rates. While gold is seen as an inflation hedge, high interest rates tend to weigh on the non-yielding asset.

Investors now await the monthly US employment report on Friday to see if the US economy remains resilient enough to keep the Federal Reserve's monetary policy on hold.

Spot silver rose 2.6% to $79.31 per ounce, platinum was up 1% at $2,081.68, and palladium gained 1.3% to $1,556.79.


Australia to Force Gas Giants to Reserve Fuel for Domestic Use

An LNG tanker berthed at the Karratha gas plant loading terminal in Western Australia. Handout / WOODSIDE ENERGY LTD/AFP
An LNG tanker berthed at the Karratha gas plant loading terminal in Western Australia. Handout / WOODSIDE ENERGY LTD/AFP
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Australia to Force Gas Giants to Reserve Fuel for Domestic Use

An LNG tanker berthed at the Karratha gas plant loading terminal in Western Australia. Handout / WOODSIDE ENERGY LTD/AFP
An LNG tanker berthed at the Karratha gas plant loading terminal in Western Australia. Handout / WOODSIDE ENERGY LTD/AFP

Australia will look to stave off energy shortages by forcing major gas companies to reserve 20 percent of their exports for domestic use, Energy Minister Chris Bowen said Thursday.

The country is one of the world's largest exporters of liquefied natural gas (LNG), a key fuel source in hot demand as war in the Middle East upends global energy markets.

In a bid to shield the nation from "global price volatility", Australia's largest gas firms will be forced to ring fence fuel for the domestic market -- equivalent to 20 percent of their exports.

"We've been acting to shield Australians from global energy shocks by investing in reliable, sovereign renewables and keeping more of the gas we need onshore," Bowen told reporters.

Australia is a major supplier of LNG throughout Asia, where prices have soared since the United States and Israel launched strikes on Iran at the end of February.

Around 40 percent of Japan's LNG comes from Australia, according to the Asia Natural Gas and Energy Association.

Australia is Singapore's largest source of LNG, supplying more than 30 percent of its needs, according to government figures.

Bowen sought to soothe any concerns that the decision could hurt trading partners.

- 'Reliable' partner -

"We will not disturb any existing contracts.

"We have consulted closely with trading partners to ensure that it's well understood around the world that Australia will always be a reliable supplier of energy."

The government would pass laws to have the reservation scheme in place from July 2027, Bowen said.

Geographically isolated and with only two oil refineries, Australia is heavily exposed to disruptions to global fuel supplies.

With Iran halting a fifth of world fuel shipments through its effective closure of the crucial Strait of Hormuz, Australia has moved to shore-up its fuel security.

Prime Minister Anthony Albanese announced Wednesday that Australia would establish a national fuel stockpile of one billion liters.

Australia's major gas companies -- including Shell, Chevron and Woodside -- reap huge profits selling LNG overseas.

Critics have been piling pressure on the government to drastically increase taxes on these exports -- an idea that Canberra shot down last week.

World oil prices dived on Wednesday after US President Donald Trump raised hopes of an end to the Iran war.