Leaders in Riyadh Forge Policies Safeguarding Global Economy from Shocks

Part of the launch of the World Economic Forum activities in Riyadh (SPA)
Part of the launch of the World Economic Forum activities in Riyadh (SPA)
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Leaders in Riyadh Forge Policies Safeguarding Global Economy from Shocks

Part of the launch of the World Economic Forum activities in Riyadh (SPA)
Part of the launch of the World Economic Forum activities in Riyadh (SPA)

The bustling scene in Saudi Arabia is echoing the triumph of its economic overhaul under the national transformation plan, “Vision 2030.”

As the world converges for the World Economic Forum’s special gathering on global collaboration, growth, and energy for development in Riyadh on April 28 and 29, all eyes are on the Kingdom’s strides towards prosperity and sustainability.

Bringing together more than 700 participants, including stakeholders from governments and international organizations, politicians and corporate leaders, the gathering is expected to address global challenges as geopolitical tensions increase.

Vision 2030 has turned the Kingdom into a global hub for discussions, according to Faisal Alibrahim, Saudi Arabia’s Minister of Economy and Planning.

Energy was a major focus at the forum’s start, with Saudi Energy Minister Prince Abdulaziz bin Salman highlighting the challenges of transitioning to green energy. Saudi Arabia aims to provide all types of energy to the world, he stressed.

Saudi Finance Minister Mohammed Al-Jadaan discussed how regional conflicts, like those in Gaza, affect economies by putting pressure on emotions. Stability is crucial for the region’s welfare and growth, he emphasized.

The success of Vision 2030 in Saudi Arabia is proof that nations can transform, said Kristalina Georgieva, the managing director of the International Monetary Fund (IMF). She stressed the need to share economic growth benefits among all countries.

Georgieva said that changes in interest rates can harm overall growth. She called for more cooperation, stabilizing finances, and lowering inflation.

Georgieva pointed out that the coronavirus pandemic cost the world about $3.3 trillion and stressed the immediate need to control inflation and rebuild financial safety nets. She warned against relying too much on one source for essential supplies, as it could hurt economic growth.

Al-Jadaan talked about how conflicts in the region put pressure on economies and people’s feelings, affecting economic stability. He urged a focus on people and economic growth over political issues.

Al-Jadaan highlighted Saudi Arabia’s goal of reducing tensions in the region in recent years and emphasized the need for economic plans to adapt to changing circumstances. He praised Vision 2030 for boosting investor confidence and driving positive economic progress in the country.

Moreover, the Minister mentioned the increased role of the private sector under Vision 2030, which focuses on quality rather than quantity of growth. He explained the importance of non-oil economic growth and strengthening the private sector for economic development.

Al-Jadaan also pointed out the global shocks of the past four years and the need for countries, including Saudi Arabia, to ensure their plans can withstand such challenges.

On his part, Alibrahim stressed using new technology for human welfare.

He highlighted how artificial intelligence will bring in billions economically over the next decade. Alibrahim noted Saudi Arabia’s role in creating opportunities under King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman’s guidance.

The Minister emphasized the importance of international cooperation, growth, and energy discussions during the forum in Riyadh, focusing on investing in people’s skills and well-being.

Alibrahim also mentioned Vision 2030’s aim to tackle various challenges, including social, economic, and humanitarian ones.

He stressed responsible energy production and consumption, advocating for new clean solutions for sustainability, and underlined energy’s crucial role in the economy.



Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
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Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat

Saudi Minister of Finance Mohammed Aljadaan stressed Sunday that the world economy is going through a “profound transition,” saying emerging markets and developing economies now account for nearly 60 percent of the global Gross Domestic Product (GDP) in purchasing power terms and over 70 percent of global growth.

In his opening remarks at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla, the minister said these economies have become an increasingly important driver of global growth with their share of global economy more than doubling since 2010.

“Today, the 10 emerging economies in the G20 alone account for more than half of the world growth. Yet, they face a more complex and fragmented environment, elevated debt levels, slower trade growth and increasing exposure to geopolitical shocks.”

“Unfortunately, more than half of low income countries are either in or at the risk of debt distress. At the same time global trade growth has slowed at around half of what it was pre the pandemic,” Aljadaan added.

The Finance Minister stressed that the Saudi experience over the past decade has reinforced three lessons that may be relevant to the discussions at the two-day conference, which brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics.

“First, macroeconomic stability is not the enemy of growth. It is actually the foundation,” he said.

“Structural reforms deliver results only when institutions deliver. So there is no point of reforming ... if the institutions are unable to deliver,” he stated.

Finally, he said that “international cooperation matters more, not less, in a fragmented world.”


Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
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Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said Sunday that world growth still lacks pre-pandemic levels, expressing concern as she expected more shocks amid high spending and rising debt levels in many countries.

Georgieva spoke at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla.

The two-day conference brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics to deliberate on policies to global stability, prosperity, and multilateral collaboration.

Georgieva said that the conference was launched last year in recognition of the growing role of emerging market economies in a world of sweeping transformations.

“I came out of this gathering .... With a sense of hope for the pragmatic attitude and determination to pursue good policies and build strong institutions,” she said.

Georgieva stressed that “good policies pay off,” and said that growth rates across emerging economies reached four percent this year, exceeding by a large margin those of advanced economies that are around 1.5 percent.


Saudi Arabia’s flynas, Syrian Civil Aviation Authority Partner to Launch 'flynas Syria'

The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
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Saudi Arabia’s flynas, Syrian Civil Aviation Authority Partner to Launch 'flynas Syria'

The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)

Saudi budget carrier flynas has signed an agreement with the Syrian General Authority of Civil Aviation and Air Transport to establish a new commercial airline under the name "flynas Syria," with operations scheduled to begin in the fourth quarter of 2026.

Saturday’s agreement comes within the framework of bilateral cooperation between Saudi Arabia and Syria, as well as the strategic investment agreements between the two countries, coordinated with the Saudi Ministry of Investment and the Syrian General Authority of Civil Aviation and Air Transport.

The new airline will operate commercial air transport services in accordance with approved regulations and standards, meeting the highest safety and aviation security requirements. All licensing and operational procedures will be completed in coordination with the relevant authorities.

The carrier will be established as a joint venture, with 51% ownership held by the Syrian General Authority of Civil Aviation and Air Transport and 49% by flynas.

The new airline will operate flights to several destinations across the Middle East, Africa, and Europe. This expansion aims to bolster air traffic to and from Syria, enhance regional and international connectivity, and meet growing demand for air travel.

"This step is part of our commitment to supporting high-quality cross-border investments. The aviation sector is a key enabler of economic development, and the establishment of 'flynas Syria' serves as a model for constructive investment cooperation,” said Saudi Minister of Investment Khalid Al-Falih.

“This partnership enhances economic integration and market connectivity and supports development goals by advancing air transport infrastructure, ultimately serving the mutual interests of both nations and promoting regional economic stability,” he added.

President of the Syrian General Authority of Civil Aviation and Air Transport Omar Hosari also stated that the establishment of flynas Syria represents a strategic step within a comprehensive national vision aimed at rebuilding and developing Syria's civil aviation sector on modern economic and regulatory foundations.

“This will be achieved while balancing safety requirements, operational sustainability, investment stimulation, and passenger services. The partnership reflects the state's orientation toward smart cooperation models with trusted regional partners, ensuring the transfer of expertise, the development of national capabilities, and the enhancement of Syria's air connectivity with regional and international destinations, in line with global best practices in the air transport industry."

flynas Chairman Ayed Al-Jeaid stated that the company continues to pursue strategies aimed at growth and international expansion, describing the agreement as a historic milestone in the company's journey and a promising investment model in partnership with Syria.

flynas CEO Bander Al-mohanna said the step represents a qualitative leap in the company's strategy and financial performance, highlighting the transfer of the company's low-cost aviation experience to the Syrian market to support regional and international air connectivity.

flynas currently operates 23 weekly flights from Riyadh, Jeddah, and Dammam to Damascus, including two daily direct flights from Riyadh, one daily flight from Jeddah, and two weekly flights from Dammam.

The airline made history on June 5, 2025, by adding the Syrian capital to its network, becoming the first Saudi carrier to resume scheduled flights to Damascus.