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Saudi National Development Fund Partners with World Economic Forum

The agreement was signed at the NDF headquarters by Chief of Staff Khalid bin Ibrahim Shareef and WEF Head of Global Partner Development and Executive Committee member Alexandre Raffoul. SPA
The agreement was signed at the NDF headquarters by Chief of Staff Khalid bin Ibrahim Shareef and WEF Head of Global Partner Development and Executive Committee member Alexandre Raffoul. SPA
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Saudi National Development Fund Partners with World Economic Forum

The agreement was signed at the NDF headquarters by Chief of Staff Khalid bin Ibrahim Shareef and WEF Head of Global Partner Development and Executive Committee member Alexandre Raffoul. SPA
The agreement was signed at the NDF headquarters by Chief of Staff Khalid bin Ibrahim Shareef and WEF Head of Global Partner Development and Executive Committee member Alexandre Raffoul. SPA

Saudi Arabia’s National Development Fund (NDF) has concluded a partnership agreement with the World Economic Forum (WEF), with the goal of accession to the forum, according to an NDF statement.

The agreement was signed at the NDF headquarters by Chief of Staff Khalid bin Ibrahim Shareef and WEF Head of Global Partner Development and Executive Committee member Alexandre Raffoul.
According to the statement, the agreement aims to enhance the NDF's global standing through WEF's platforms. This will involve promoting the NDF's global position in development finance, communicating with other relevant external organizations, and collaborating with them to address challenges in development finance.

The collaboration will allow NDF to acquire the best global practices, find solutions, develop sound policies for the ecosystem, and maximize its economic impact. It will also foster partnerships with financial institutions and companies across various fields.
The partnership provides a platform for NDF to exchange knowledge and expertise with worldwide leaders from the public and private sectors. Additionally, the NDF will benefit from participating in year-round conferences, seminars, and workshops organized by the forum and gain access to the latest information, research, and reports across various economic, commercial, and social fields. This will help the NDF stay informed about the latest global trends and emerging technologies in economics and the financial sector.
The WEF membership includes the world's leading development finance institutions, such as the Islamic Development Bank, the African Development Bank, the World Bank Group, the China Development Bank, the Japan Development Bank, the Export-Import Bank of China, and other international financial institutions.
NDF acts as an umbrella for 12 development funds and banks in Saudi Arabia. Its mission is to boost their performance, foster collaboration among them, augment their economic and social impact, and keep finance and development loans flowing across various sectors. This is achieved by prioritizing investments in sectors with strong potential to align with and fulfill the goals and priorities of the Saudi Vision 2030.

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Türkiye's Central Bank Raises Inflation Forecasts, Vows Tight Policy

FILED - 24 May 2018, Türkiye, Istanbul: Turkish lira are kept fanned out. Photo: Can Merey/dpa
FILED - 24 May 2018, Türkiye, Istanbul: Turkish lira are kept fanned out. Photo: Can Merey/dpa
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Türkiye's Central Bank Raises Inflation Forecasts, Vows Tight Policy

FILED - 24 May 2018, Türkiye, Istanbul: Turkish lira are kept fanned out. Photo: Can Merey/dpa
FILED - 24 May 2018, Türkiye, Istanbul: Turkish lira are kept fanned out. Photo: Can Merey/dpa

Türkiye's central bank raised its year-end inflation forecasts for this year and next to 44% and 21% respectively on Friday, and Governor Fatih Karahan vowed to keep policy tight to propel the disinflation process and hit targets.

The bank's previous inflation report three months ago forecast year-end inflation of 38% in 2024 and 14% next year, Reuters reported. The revision underlines its tougher-than-expected battle against inflation that began with aggressive rate hikes 18 months ago.
Presenting a quarterly update in Ankara, Karahan cited improvement in core inflation trends even as service-related price readings are proceeding slower than anticipated. But even in that sector, inflation is gradually losing momentum, he said.
"We will decisively maintain our tight monetary policy stance until price stability is achieved," he said. "As the stickiness in services inflation weakens, the underlying trend of inflation will decline further in 2025."
October inflation remained loftier than expected, dipping only to 48.58% annually on the back of tight policy and so-called base effects, down from a peak above 75% in May.
Monthly inflation - a gauge closely monitored by the bank for signs of when to begin rate cuts - rose by 2.88% in the same period on the back of clothing and food prices.
The bank has hiked rates by 4,150 basis points between June 2023 and March 2024, to 50%, as part of an abrupt shift to orthodox policy after years of low rates aimed at stoking growth.

President Recep Tayyip Erdogan, who in past years was viewed as influencing monetary policy, had supported the previous unorthodoxy. It triggered a series of currency crashes and sent inflation soaring.

Erdogan was quoted on Friday as telling reporters that "no one should doubt" the steady decline in inflation and that economic steps would continue with discipline and determination to ease price pressures.

The central bank warned last month that a bump in recent inflation readings increased uncertainty, prompting analysts to delay expectations for the first rate cut to December or January.

Karahan said the new inflation forecasts were based on maintaining tight policy, adding the bank would do "whatever is necessary" to wrestle inflation down, and pointing to what he called a significant fall in the annual rate since May.

He said the slowdown in domestic demand continues at a moderate pace and the output gap has continued to decline in the third quarter.