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WEF in Saudi Arabia Seeks to Redraw Paths of Development

The Saudi capital is hosting on Sunday the first global meeting of the World Economic Forum. (WEF)
The Saudi capital is hosting on Sunday the first global meeting of the World Economic Forum. (WEF)
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WEF in Saudi Arabia Seeks to Redraw Paths of Development

The Saudi capital is hosting on Sunday the first global meeting of the World Economic Forum. (WEF)
The Saudi capital is hosting on Sunday the first global meeting of the World Economic Forum. (WEF)

The Saudi capital is hosting on Sunday the first global meeting of the World Economic Forum, under the patronage of Prince Mohammed bin Salman, Crown Prince and Prime Minister.

“It is the strongest summit outside of Davos to date,” according to Saudi Minister of Economy and Planning Faisal Al-Ibrahim, who was speaking on the eve of the meeting, which is held under the slogan “Global Cooperation, Growth and Energy for Development.”

The event brings together more than a thousand world officials from 92 countries with the aim of supporting dialogue and finding practical, collaborative and sustainable solutions to common global challenges.

Building on the inaugural Growth Summit in Switzerland last year, the meeting will promote a forward-looking approach to interconnected crises. It will also bridge the growing gap between North and South on issues such as emerging economic policies, energy transition, and geopolitical shocks.

This event comes three days after the issuance of the annual report of the Kingdom’s Vision 2030 in its eighth year, which highlighted the progress achieved by Saudi Arabia at various levels.

“Eight years after the launch of Saudi Vision 2030, we have demonstrated our readiness to lead the path towards an advanced model of growth based on transformation, characterized by innovation and sustainability. Our vision is to chart the path towards a prosperous economy based on knowledge and innovation, a path that unleashes the enormous potential of our human capital,” Al-Ibrahim told a group of journalists on Saturday.

He explained that most of the growth achieved by Saudi Arabia over the past years came from new economic sectors that the country started from scratch in accordance with Vision 2030, such as sports, entertainment and tourism, in addition to industrial sectors.

“The Kingdom is reviewing all of its priorities and adjusting them to suit its needs, and all projects are progressing according to plan and without delay,” he underlined.

In a joint press conference with the President of the World Economic Forum, Borge Brende, earlier on Saturday, the minister said the Kingdom has proven its ability to lead a sustainable model globally, noting that it has achieved a 20 percent economic growth since 2016, while the non-oil economy now represents 50 percent of GDP in 2023.

He continued: “At the global turning point we are living in today, strengthening international cooperation has become more important than ever. In cooperation with the Kingdom of Saudi Arabia as a partner for this meeting, the Forum has chosen a well-established and dynamic global platform for leadership of thought, solutions and business, to be the best host for this special meeting, in light of the exceptional circumstances.”

Al-Ibrahim noted that the special WEF meeting in Riyadh represents a unique opportunity to redraw development paths in all countries and adopt a new model of international cooperation that aims to overcome divisions and achieve common prosperity.

Brende, for his part, underlined the importance of the special meeting of the World Economic Forum, which is taking place at a crucial moment.

He said that in light of the geopolitical tensions and social and economic disparities that exacerbate divisions at the global level, international cooperation and meaningful dialogue have become more urgent than ever before.

He added that the Riyadh meeting provides an opportunity for leaders from various sectors and geographical regions to transform ideas into actions on the ground, and launch scalable solutions to many challenges.

Brende also said Palestinian President Mahmoud Abbas and a number of international officials will visit the Saudi capital this current week to hold talks aimed at pushing towards a peace agreement in Gaza.

He pointed to “some new momentum now in the talks around the hostages, and also for... a possible way out of the impasse we are faced with in Gaza.”

“This is more an opportunity to have structured discussions” with “the key players”, he said, adding: “There will be discussions, of course, on the ongoing humanitarian situation in Gaza.”

The meeting agenda focuses on three main topics, including international cooperation, comprehensive growth and energy for development.

According to a statement issued by the World Economic Forum, more than 220 public figures from more than 60 countries are participating in the meeting.

The WEF, in collaboration with the Saudi Ministry of Economy and Planning, is also organizing the Open Forum on April 28-29, concurrently with the Special Meeting on Global Collaboration, Growth and Energy for Development.

In a statement, the WEF said the forum aims to encourage dialogue and increase awareness on critical issues by providing a platform for ideas, thoughts, and questions to be expressed and tackled in an open environment. It welcomes students, entrepreneurs, young professionals and the general public to the discussion.

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Business

Egypt to Cut Red Tape for Business and List up to Four State Firms

Egypt’s Investment and Foreign Trade Minister Mohamed Farid Saleh speaks during an interview in London, Britain June 4, 2026. REUTERS/Marc Jones
Egypt’s Investment and Foreign Trade Minister Mohamed Farid Saleh speaks during an interview in London, Britain June 4, 2026. REUTERS/Marc Jones
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Egypt to Cut Red Tape for Business and List up to Four State Firms

Egypt’s Investment and Foreign Trade Minister Mohamed Farid Saleh speaks during an interview in London, Britain June 4, 2026. REUTERS/Marc Jones
Egypt’s Investment and Foreign Trade Minister Mohamed Farid Saleh speaks during an interview in London, Britain June 4, 2026. REUTERS/Marc Jones

Egypt will step up efforts to cut red tape to spur on local businesses and it expects to list as many as four state-owned firms on the stock exchange over the next 12 months, its Investment and Foreign Trade Minister Mohamed Farid Saleh told Reuters.

Planned reforms aim to streamline company formation but also ease capital raising and make M&A processes easier, especially for non-listed firms, Saleh said.

"Within the coming 12 months, the priority would be in the area of the ease of doing business for already existing companies to facilitate their life... This is quite a hefty job," Saleh told Reuters on the sidelines of a visit to London.

He also predicted more than half a dozen companies would be floated on the country's stock exchange over the next 12 months, including a number of state-run ones.

State-owned enterprises still play an outsized role across Egypt's economy, with the IMF saying progress in reducing their footprint has been slower than expected.

Saleh said the government had got the ball rolling, having announced in March plans to sell up to a 20% share of Misr Life Insurance - something it has promised to do for more than 15 years - and could raise roughly 14 billion Egyptian pounds ($270 million).

"We're expecting three to four IPOs from our side, from the government side, and around four to five from the private sector," he said. He declined to name other state-owned companies that could be sold or how much such transactions could raise.

The minister said he expected flows of foreign direct investment in the fiscal year to end-June to rise 10% to 15% from $12.2 billion in fiscal 2024/2025.

Saleh said the government would not veer from its commitment to a floating exchange rate. Egypt's pound has been one of the world's hardest-hit currencies by the Iran war, falling nearly 8% since the conflict began. That has driven up inflation and threatened to reignite worries about the overall trajectory for the pound.

"Investors can deal with volatility, they don't deal with uncertainty," he said. "We were very clear and adamant about our policy direction... We are solely targeting inflation." He also said the government would maintain fiscal discipline, regardless of the situation in the region.

Asked about the seventh review of the country's IMF program, which is expected to be finalized in the coming weeks, Saleh said the government had achieved or even surpassed targets set on metrics such as its fiscal deficit and primary surplus.

A follow-on program with the Fund once the current one expires by year-end was currently not on the cards, he said.

"When you go and enter into a program, it is because of financial needs and because of other aspects. Those things are not present as we speak."

Business

Oil Edges Lower after Oman Says Mina al Fahal Operations Proceeding Normally

Oil pumpjacks operating in a farmer’s field near Calgary, Alberta, Canada, November 26, 2025. (Reuters)
Oil pumpjacks operating in a farmer’s field near Calgary, Alberta, Canada, November 26, 2025. (Reuters)
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Oil Edges Lower after Oman Says Mina al Fahal Operations Proceeding Normally

Oil pumpjacks operating in a farmer’s field near Calgary, Alberta, Canada, November 26, 2025. (Reuters)
Oil pumpjacks operating in a farmer’s field near Calgary, Alberta, Canada, November 26, 2025. (Reuters)

Oil prices edged lower after Oman said operations at Mina al Fahal port were proceeding normally, following a Reuters report that oil loadings had been suspended after an explosion.

Brent crude futures fell by 50 cents, or 0.53%, to $94.53 a barrel by 0915 GMT after settling down 2.84% in the previous session.

US West Texas Intermediate crude was at $92.61 a barrel, down 43 cents, or 0.46%, following a 3.1% loss on Thursday.

Both contracts still looked set to post their first weekly gains in three weeks, with Brent up 2.7% and WTI around 6%.

The contracts rose after fighting flared in the Middle East as US-Iran war peace talks dragged on while traffic in the Strait of Hormuz, where a fifth of the world's oil passes, remained limited, Reuters reported.

Petroleum Development Oman said on Friday that operations at Mina Al Fahal port were proceeding normally, after three sources told Reuters earlier that oil loading had been suspended following an explosion near its mooring berths.

Oman exports 800,000 to 900,000 barrels per day of crude from the terminal.

Hezbollah leader Naim Qassem rejected on Thursday a US-brokered agreement between Israel and the Lebanese government to halt the fighting. Iran has made a ceasefire in Lebanon a condition for any peace deal with Washington.

US President Donald Trump said on Thursday he believed progress was being made between Israel and Lebanon and that Lebanon deserved to have peace.

"Any optimism remains heavily clouded by a tangled web of headlines and counter-headlines," IG market analyst Tony Sycamore said in a note. OPEC is sticking to its oil demand growth forecast of 1.2 million barrels per day for this year, Secretary General Haitham Al Ghais said on Thursday, despite the Middle East conflict and closure of the Strait of Hormuz.

Iranian oil exports have fallen to their lowest level in six years mainly due to the US naval blockade, according to shipping data, although weak demand in China has depressed prices for the oil.

Business

FAO: World Food Prices Slip in May, Still Near Three-year High

A shopper buys vegetables with her son at a street market in Urcos, Peru, Tuesday, June 2, 2026. (AP Photo/Rodrigo Abd)
A shopper buys vegetables with her son at a street market in Urcos, Peru, Tuesday, June 2, 2026. (AP Photo/Rodrigo Abd)
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FAO: World Food Prices Slip in May, Still Near Three-year High

A shopper buys vegetables with her son at a street market in Urcos, Peru, Tuesday, June 2, 2026. (AP Photo/Rodrigo Abd)
A shopper buys vegetables with her son at a street market in Urcos, Peru, Tuesday, June 2, 2026. (AP Photo/Rodrigo Abd)

World food prices slipped in May from a revised April level, with vegetable oil prices falling for the first time this year while cereals and sugar jumped, the United Nations Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which measures changes in a basket of globally traded food commodities, averaged 130.8 points in May, ⁠0.2% down from ⁠its revised April level of 131.0, but up 2.9% from a year earlier, Reuters reported.

Despite the small downward correction for the April data, the index remained near its highest level since January 2023 and 18.4% below its March 2022 peak. Cereal prices rose more than 2.6% on the month, with wheat up for a fourth straight month on smaller export harvest prospects, including in ⁠the United States, and higher fuel and fertilizer costs linked to the Iran conflict.

Maize prices were also supported by stronger import demand and tighter supplies in Brazil and the US, the agency said.

By contrast, vegetable oil prices fell 4.6% from last month, their first monthly decline this year, as lower palm and soy oil prices outweighed gains in rapeseed and sunflower oil. After rising for five consecutive months, international palm oil prices declined, reflecting expectations of weaker global import demand and uncertainty in crude oil markets.

Vegetable oil prices on average were still more than 20% above last year, as ⁠elevated energy costs ⁠following the effective closure of the Strait of Hormuz raised demand for biofuels made using organic materials, such as oil-rich plants.

Sugar prices jumped 7.5% from last month to 95.1 points, but remained 13.1% below their level a year ago. The increase was mainly driven by concerns over an anticipated tightening of global sugar supplies in the coming months.

In a separate cereal supply report, the FAO said it expected world cereal production - including rice in milled equivalent - to shrink 2% in 2026/27 to 2.98 billion tons.

Production of all major cereals is anticipated to decline, albeit for many from record levels reached in 2025, with the largest year-on-year decrease in percentage terms forecast for wheat and the smallest for maize and barley.