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.



ECB Tells Banks to Invest More to Get a Grip on AI Security Risk

European Central Bank Vice-President Luis de Guindos, left, speaks with European Commissioner for Economy and Productivity, Implementation and Simplification Valdis Dombrovskis during a meeting of EU finance ministers at the European Council building in Brussels, Tuesday, May 5, 2026. (AP Photo/Geert Vanden Wijngaert)
European Central Bank Vice-President Luis de Guindos, left, speaks with European Commissioner for Economy and Productivity, Implementation and Simplification Valdis Dombrovskis during a meeting of EU finance ministers at the European Council building in Brussels, Tuesday, May 5, 2026. (AP Photo/Geert Vanden Wijngaert)
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ECB Tells Banks to Invest More to Get a Grip on AI Security Risk

European Central Bank Vice-President Luis de Guindos, left, speaks with European Commissioner for Economy and Productivity, Implementation and Simplification Valdis Dombrovskis during a meeting of EU finance ministers at the European Council building in Brussels, Tuesday, May 5, 2026. (AP Photo/Geert Vanden Wijngaert)
European Central Bank Vice-President Luis de Guindos, left, speaks with European Commissioner for Economy and Productivity, Implementation and Simplification Valdis Dombrovskis during a meeting of EU finance ministers at the European Council building in Brussels, Tuesday, May 5, 2026. (AP Photo/Geert Vanden Wijngaert)

Euro zone banks need to invest more in cybersecurity if they are to get a grip on new AI models that can find flaws in software, the European Central Bank's outgoing Vice President Luis de Guindos said on Wednesday.

New large language models such as Anthropic's Mythos are viewed by cybersecurity experts as posing significant challenges to the banking industry and its legacy technology systems, prompting a series of warnings from regulators and policymakers around ⁠the world.

The ECB has ⁠been quizzing euro zone banks about their preparedness for weeks, including at a meeting this week, and de Guindos said the sector needed to reach deeper into its pockets to strengthen its defenses against cyberattacks powered by AI.

"We have to understand ⁠much better the potential implications of these new models and to try to put in place the systems and cybersecurity patches that can address that situation," de Guindos, whose term runs out at the end of the month, told reporters.

"And (we have) to try to start to enhance the awareness of the financial institutions, of the banks, about the need of additional cybersecurity investment, because it's going to be something that ⁠is ⁠going to be quite structural in the near future."

He said the meeting with euro zone lenders on Tuesday featured a presentation by a US bank which, unlike its counterparts on this side of the Atlantic, has had access to Mythos.

"The main message to everyone is cyber is becoming more and more important," de Guindos said. "We have to invest more. And investment has to be pervasive. It's not only for the large banks. It's as well for the small banks."


Alvarez & Marsal Returns to Lebanon’s Central Bank to Trace Missing $20 Billion

People walk outside Lebanon's Central Bank building in Beirut, Lebanon April 4, 2025. REUTERS/Mohamed Azakir
People walk outside Lebanon's Central Bank building in Beirut, Lebanon April 4, 2025. REUTERS/Mohamed Azakir
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Alvarez & Marsal Returns to Lebanon’s Central Bank to Trace Missing $20 Billion

People walk outside Lebanon's Central Bank building in Beirut, Lebanon April 4, 2025. REUTERS/Mohamed Azakir
People walk outside Lebanon's Central Bank building in Beirut, Lebanon April 4, 2025. REUTERS/Mohamed Azakir

Lebanon’s central bank (BDL) has formally reappointed consulting firm Alvarez & Marsal to conduct a comprehensive forensic audit on the period from October 2019 through the end of 2023, in a move aimed at uncovering possible misuse, embezzlement, and waste involving more than $20 billion in depleted foreign reserves.

The announcement, made in coordination with the finance and justice ministries, reflects renewed commitments by BDL to disclose how public funds and central bank reserves were managed during Lebanon’s financial collapse.

A senior official described the decision as a significant step toward applying international accounting standards to investigate allegations of financial misconduct tied to the rapid depletion of central bank reserves following the onset of Lebanon’s economic crises nearly seven years ago.

According to BDL, the audit is part of a joint institutional effort to review a period marked by large-scale financial interventions carried out by the bank on behalf of both public and private sector entities.

The selection of Alvarez & Marsal is particularly significant because the firm previously conducted a forensic audit of the central bank’s accounts covering 2015 to 2020. Officials believe the new review could build on earlier findings submitted to the Finance Ministry and provide a clearer accounting of how funds were spent.

A senior official told Asharq Al-Awsat that the audit and its expected findings could reshape Lebanon’s financial recovery strategy by establishing a credible basis for restructuring financial data, supporting legal accountability efforts, recovering misappropriated funds, and advancing reforms long demanded by international donors and financial institutions, particularly the International Monetary Fund and the World Bank.

Scrutiny of Subsidy Programs

The audit will focus heavily on subsidy programs approved by successive Lebanese governments between 2019 and 2023, involving billions of dollars in transfers and payments, as well as funds provided by the central bank to public institutions and government agencies.

It will also examine international transfers made by BDL to commercial banks’ overseas accounts.

According to the central bank, the primary objective is to determine whether all transfers and payments - particularly those tied to subsidy programs - were legally authorized, reached their intended beneficiaries, and were used for their stated purposes without misuse or exploitation of public funds.

The central bank said the audit would assist the finance and justice ministries in identifying and prosecuting individuals or entities that may have improperly benefited from subsidy funds or diverted them from their intended purposes. Once completed, the report will be formally submitted to both ministries.

Preliminary estimates indicate the renewed audit will examine at least $11 billion spent on consumer subsidy programs during the period, much of it allocated to fuel subsidies. Large quantities of subsidized fuel were allegedly smuggled into Syria through illicit trade networks while Lebanese motorists queued at gas stations.

Consumer subsidy programs were also marred by major loopholes, including support for luxury goods that offered little benefit to ordinary citizens. At the same time, subsidized Lebanese products reportedly appeared at discounted prices in markets abroad, including Syria, Kuwait, Cyprus, and other Arab and European countries.

There were similar concerns son medicine and medical supply subsidies, amid allegations of hoarding and artificial shortages despite extensive public support. Lists of subsidy recipients and traders had previously been referred by the central bank to public prosecutors, but investigations have so far produced few meaningful results.


TotalEnergies Extends Fuel Price Cap in France Through June

This photograph shows the TotalEnergies refinery in Antwerp on May 18, 2026. (Photo by JONAS ROOSENS / Belga / AFP)
This photograph shows the TotalEnergies refinery in Antwerp on May 18, 2026. (Photo by JONAS ROOSENS / Belga / AFP)
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TotalEnergies Extends Fuel Price Cap in France Through June

This photograph shows the TotalEnergies refinery in Antwerp on May 18, 2026. (Photo by JONAS ROOSENS / Belga / AFP)
This photograph shows the TotalEnergies refinery in Antwerp on May 18, 2026. (Photo by JONAS ROOSENS / Belga / AFP)

Oil major Total Energies said on Wednesday it would extend its policy of capping fuel prices at its French service stations through the month of June as the Middle East crisis continues.

The company said it would ⁠keep the price ⁠caps, first announced in March, at €1.99 ($2.32) per liter for gasoline and €2.25 per liter for diesel.

French Finance Minister Roland Lescure welcomed the ⁠decision but told BFM TV he also would not rule out imposing a new tax on profits energy companies have made during the surge in energy prices provoked by the Iran war.

Several French opposition politicians have advocated for additional so-called windfall taxes ⁠on ⁠oil companies including TotalEnergies since the war began in late February.

TotalEnergies' Chief Executive Patrick Pouyanne said earlier this month the company would end its cap on prices were such a tax approved.