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High-Ranking Saudi Delegation to Attend World Economic Forum Meeting in Davos

FILED - 23 January 2020, Switzerland, Davos: The World Economic Forum logo is displayed on a board during a plenary session. Photo: Ciaran McCrickard/World Economic Forum/dpa
FILED - 23 January 2020, Switzerland, Davos: The World Economic Forum logo is displayed on a board during a plenary session. Photo: Ciaran McCrickard/World Economic Forum/dpa
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High-Ranking Saudi Delegation to Attend World Economic Forum Meeting in Davos

FILED - 23 January 2020, Switzerland, Davos: The World Economic Forum logo is displayed on a board during a plenary session. Photo: Ciaran McCrickard/World Economic Forum/dpa
FILED - 23 January 2020, Switzerland, Davos: The World Economic Forum logo is displayed on a board during a plenary session. Photo: Ciaran McCrickard/World Economic Forum/dpa

A high-ranking Saudi delegation led by Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah will participate in the World Economic Forum (WEF) Annual Meeting 2026 in Davos, Switzerland, from January 19 to 23.

Alongside Prince Saisal, the delegation includes Saudi Ambassador to the US Princess Reema bint Bandar bin Sultan bin Abdulaziz, Minister of Commerce Majid Al-Kassabi, Minister of Tourism Ahmed Al-Khateeb, Minister of Investment Khalid Al-Falih, Minister of Finance Mohammed Aljadaan, Minister of Communications and Information Technology Abdullah Alswaha, Minister of Industry and Mineral Resources Bandar Alkhorayef, and Minister of Economy and Planning Faisal Alibrahim.

Prince Faisal affirmed that the Kingdom’s participation in the World Economic Forum 2026, themed "A Spirit of Dialogue," demonstrates its commitment to international cooperation in addressing economic challenges.

He stressed the importance of maintaining regional peace, supporting sustainable development, and enhancing global economic partnerships.

In a statement to the Saudi Press Agency (SPA), Prince Faisal also highlighted the importance of public-private collaboration to achieve prosperity and security.

He noted that the Kingdom is broadening cooperation with international partners to better confront economic and environmental challenges while focusing on building institutional and human capacities to adapt to rapid transformations.

Prince Faisal stated that the Kingdom views the Davos 2026 forum as a vital opportunity to strengthen cooperation in building institutional and human capacities, essential pillars for adapting to rapid global economic shifts.

Saudi Arabia is focused on developing innovative solutions in technology and scientific research, he said.

As for Aljadaan, he affirmed that Saudi Arabia's participation in the 56th World Economic Forum stems from its commitment to strengthening international cooperation and addressing global economic challenges.

In a statement to SPA, Aljadaan pointed to the Kingdom's growing influence in shaping global economic trends, driven by its robust economy and regional and international standing.

He emphasized that the Kingdom will use this platform, which brings together government, business, and academic leaders, to explore ways to promote global stability and growth.

The minister stated that this year's forum focuses on five key global challenges: building trust and cooperation, identifying new drivers for sustainable growth, investing in human capital, ensuring the responsible use of technology and innovation, and integrating environmental sustainability into economic models. Discussions will also cover the impacts of artificial intelligence, digital transformation, and cybersecurity on global industries.

Alibrahim said the Kingdom's participation reinforces Saudi Arabia's position as an active partner in advancing comprehensive development and innovative solutions to global challenges, ensuring sustainable growth and prosperity at the local, regional, and international levels.

He told SPA that the forum will spotlight key themes aimed at institutionalizing international cooperation through participatory economic models that sustain transformative growth. He highlighted the Kingdom's success in creating new growth engines and building a robust, productive base driven by investment in strategic sectors and activities with high-quality economic returns.

Alibrahim noted that over the past five years, 74 out of 81 non-oil economic activities recorded annual growth exceeding 5%, with 38 achieving growth of more than 10%, reflecting a genuine expansion of the Kingdom's productive base.

The minister emphasized that the Kingdom's participation goes beyond mere representation, involving active contribution to advancing cooperation and strengthening the resilience of the global economy, particularly by balancing development expansion with responsible innovation policies.

Al-Khateeb also affirmed that Saudi Arabia's participation in the 2026 World Economic Forum aligns with its leadership in strengthening international cooperation and building partnerships that translate dialogue into tangible results.

Al-Khateeb told SPA that this participation extends the Kingdom's approach to opening joint investment opportunities in vital sectors, particularly tourism. He noted that Saudi Arabia has become a new global tourism powerhouse and a rapidly developing model for creating competitive destinations, reflecting its growing prominence on the international map.

Participation in Davos will highlight the importance of developing tourism experiences and service quality to ensure sustainable growth that balances high demand with added value, while preserving cultural identity and natural resources, the minister added.

As for Alswaha, he said the Kingdom’s participation is supported and enabled by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister, and embodies the Kingdom's leadership in fostering shared solutions and strengthening global dialogue on technological innovation and sustainable growth, in alignment with the objectives of Saudi Vision 2030.

In a statement to SPA, the minister explained that the Kingdom's participation aims to convey its national experience in transitioning to the smart era and showcase its notable achievements in building a competitive, technology- and AI-driven economy. It also seeks to broaden international cooperation and open new pathways for partnerships and investments with leading global technology companies and private-sector leaders.

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Lagarde: ECB Has No Pre-set Response to Mideast Tensions

European Central Bank (ECB) President Christine Lagarde delivers the 2026 Annual Global Risk Lecture in honor of Robert Mundell, at Johns Hopkins University, in Bologna, Italy, March 5, 2026. REUTERS/Michele Lapini
European Central Bank (ECB) President Christine Lagarde delivers the 2026 Annual Global Risk Lecture in honor of Robert Mundell, at Johns Hopkins University, in Bologna, Italy, March 5, 2026. REUTERS/Michele Lapini
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Lagarde: ECB Has No Pre-set Response to Mideast Tensions

European Central Bank (ECB) President Christine Lagarde delivers the 2026 Annual Global Risk Lecture in honor of Robert Mundell, at Johns Hopkins University, in Bologna, Italy, March 5, 2026. REUTERS/Michele Lapini
European Central Bank (ECB) President Christine Lagarde delivers the 2026 Annual Global Risk Lecture in honor of Robert Mundell, at Johns Hopkins University, in Bologna, Italy, March 5, 2026. REUTERS/Michele Lapini

The European Central Bank has no pre-set stance as regards to geopolitical tensions from the conflict in the Middle East and will decide monetary policy on a "meeting-by-meeting" basis, President Christine Lagarde said on Thursday.

The ECB will take its decisions "in view of all the ⁠data that we can ⁠harness, and that we can analyze, and that we can scrutinize with sufficient confidence," Lagarde said in a Q&A session at the Johns Hopkins ⁠University in Bologna, Italy.

There is no "preset pace for our monetary policy stance. And I think that if you bring these two elements together, it places the ECB and the euro system in a good position to monitor very carefully and to try to understand ⁠what ⁠the consequences of the current shocks will be in the future," she added.

The US-Israeli war on Iran, which has spread to other countries in the Gulf, is threatening to drive up inflation and hit sluggish euro zone growth by making energy more expensive and disrupting supply chains.

Business

Rising Fuel Prices Lash Airline Sector as Iran Conflict Widens

An Emirates Airbus A380 aircraft that has remained parked at the airport after the flight was cancelled, amid the U.S.-Israel conflict with Iran, at Incheon International Airport in Incheon, South Korea, March 5, 2026. REUTERS/Kim Hong-Ji
An Emirates Airbus A380 aircraft that has remained parked at the airport after the flight was cancelled, amid the U.S.-Israel conflict with Iran, at Incheon International Airport in Incheon, South Korea, March 5, 2026. REUTERS/Kim Hong-Ji
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Rising Fuel Prices Lash Airline Sector as Iran Conflict Widens

An Emirates Airbus A380 aircraft that has remained parked at the airport after the flight was cancelled, amid the U.S.-Israel conflict with Iran, at Incheon International Airport in Incheon, South Korea, March 5, 2026. REUTERS/Kim Hong-Ji
An Emirates Airbus A380 aircraft that has remained parked at the airport after the flight was cancelled, amid the U.S.-Israel conflict with Iran, at Incheon International Airport in Incheon, South Korea, March 5, 2026. REUTERS/Kim Hong-Ji

Airline shares seesawed on Thursday, as some regained ground on more flights taking off from the Middle East while others dipped on spiking oil prices after US-Israeli strikes on Iran sparked major disruption across the global aviation industry.

Governments have scrambled to arrange flights out of the Middle East for tens of thousands of citizens stranded by the intensifying conflict, which has closed most of the region's airspace due to the risk of missiles hitting planes.

Takeoffs from Dubai International Airport more than doubled on Wednesday, the latest data from Flightradar24 show, as activity slowly restarts at the world's busiest travel hub, which was brought to a near standstill amid the conflict.

Traffic remains far below normal levels, with global aviation disruption likely to take some time to normalize as the conflict shows little sign of easing. Air cargo has also been hit, disrupting the movement of perishables and aircraft parts.

"The past few days have been unprecedented," Dubai Airports CEO Paul Griffiths said on Thursday on LinkedIn in his first public remarks since the airstrikes began, adding that teams were pulling together and "navigating with confidence".

In a sign of the ongoing threat to airlines, Azerbaijan - part of one key flight corridor from Asia to Europe - temporarily closed part of its airspace near Iran after a drone strike in the southern Nakhchivan area near the Iranian border.

Flights appeared to still be crossing the country further to the north, according to realtime tracking from Flightradar 24.

The war has pummelled airline stocks since initial strikes last weekend on fears a protracted conflict could block key routes and raise fuel costs. Carriers have varying levels of Middle East exposure and different hedging strategies.

Some stocks rebounded on Thursday. Cathay Pacific Airways , Qantas Airways and Korean Air Lines rose. Japan Airlines edged down 1%.

Major Chinese carriers such as Air China, , China Eastern Airlines and China Southern Airlines fell between 1% and 4% in both Hong Kong and Shanghai.

Gary Ng, a senior economist at Natixis, said Asian airlines were sensitive to Iran's situation given the impact on routes, revenue and costs.

In Europe, Air France KLM was slightly higher, but Lufthansa, British Airways-owned IAG and budget carrier Ryanair dipped. Wizz Air, which flagged a $58 million hit to profits from the conflict, tumbled 10%.

Wizz Air's CEO told Reuters the financial hit should be limited to its current financial year that ends this month and said that the firm was shifting its capacity towards Europe.

REPATRIATION FLIGHTS RAMP UP

Emirates and Etihad are now operating limited services from Dubai and Abu Dhabi through safe air corridors. An Emirates spokesperson said more than 100 flights should depart from Dubai with passengers and cargo on Thursday and Friday.

Qatar Airways said it would run limited relief flights from Thursday for stranded passengers, departing from Muscat in Oman to six European destinations including London, Berlin and Rome as well as from Riyadh to Frankfurt.

Governments from the US to Canada and across Europe have arranged charter flights and helped secure seats on commercial services to repatriate citizens. More than 17,500 Americans have returned to the US since February 28.

A flight carrying Kenyans and others fleeing the UAE arrived in Nairobi on Thursday, including 13 children and their teachers who had been on a school trip to the Gulf.

"We were stuck there for five days ... it was scary, every day we would get alerts and the children would just lose it," school director Olive Tindika told Reuters, saying the children arrived in tears at teachers' hotel rooms whenever explosions lit up the sky.

"It was a very, very traumatising experience."

AIRLINE SECTOR OUTLOOK TIED TO IRAN CONFLICT

Jet fuel prices have soared globally since the strikes on Iran, hitting an all-time high in Singapore on concerns over supply disruption, S&P Global Platts said on Thursday.

Many Asian airline shares have rebounded or pared double-digit declines in recent days, though analysts said the gains may not last.

"I consider this rebound to be primarily short-term in nature," said Kenny Ng, a securities strategist at China Everbright Securities International. "Its sustainability will still depend on the ongoing situation in the Iranian conflict."

Restrictions on airspace have forced airlines to reroute flights, load extra fuel or make additional refuelling stops to guard against sudden diversions or longer flights on safer routes. Prices on some key global routes have risen sharply.

Marooned tourists and some expatriates have also tried to find their own way out of the Middle East through Saudi Arabia or Oman, where airspace remains open.

Business

Gold Rises on Safe-haven Bid from Iran War

An employee displays gold bars at a store of the Korea Gold Exchange in Seoul (AFP)
An employee displays gold bars at a store of the Korea Gold Exchange in Seoul (AFP)
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Gold Rises on Safe-haven Bid from Iran War

An employee displays gold bars at a store of the Korea Gold Exchange in Seoul (AFP)
An employee displays gold bars at a store of the Korea Gold Exchange in Seoul (AFP)

Gold prices rose on Thursday, lifted by safe-haven demand amid an escalating war in the Middle East, though a stronger dollar and concerns around the US Federal Reserve's monetary policy capped gains.

Spot gold was up 0.4% at $5,156.11 per ounce as of 1030 GMT, while US gold futures for April delivery were up 0.7% at $5,168.20.

Gold, which hit a record $5,594.82 in January, initially jumped above $5,400 on Monday as the launch of the US-Israeli air war against Iran sparked safe-haven demand, but pulled back from those highs as the dollar also benefited from a flight to safety, Reuters reported.

Israel launched another large wave of strikes on Tehran on Thursday, targeting what it said was infrastructure belonging to the Iranian authorities, after Iranian missiles sent millions of Israelis rushing into bomb shelters.

"On the one hand, there may be greater safe-haven demand for gold given the ongoing conflict in the Middle East," said Hamad Hussain, a climate and commodities economist at Capital Economics.

"On the other hand, the risk of a prolonged period of higher energy prices that takes rate cuts off the table, and adds to the chance of rate hikes, could be capping further gains."

The US dollar rose about 0.2% after briefly retreating from three-month highs, as the fallout from the war roiled global markets and kept sentiment fragile.

Concerns about energy supply continued to drive up oil prices and stoke inflation fears.

Gold is considered a hedge against inflation in the long run, but also tends to thrive when interest rates are lower, as it is a non-yielding asset.

President Donald Trump on Wednesday officially nominated former Federal Reserve Governor Kevin Warsh to be the US central bank's next chair.

US economic activity grew slightly, prices continued to increase and employment levels were stable in recent weeks, the Federal Reserve said on Wednesday in its latest Beige Book report.

Markets expect the Fed to keep rates steady at its next policy meeting on March 18, according to CME Group's FedWatch tool.

Investors are looking out for the weekly US jobless claims data, due later today, and the US employment report for February on Friday for further clues on monetary policy this year.

Spot silver rose 0.8% to $84.1 per ounce. Platinum gained nearly 1% to $2,168.05, while palladium lost 0.9% to $1,659.35.