From Davos: The World Looks to Saudi Vision, from Reform to Delivery

The logo of the World Economic Forum at the Davos Conference Center (AFP)
The logo of the World Economic Forum at the Davos Conference Center (AFP)
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From Davos: The World Looks to Saudi Vision, from Reform to Delivery

The logo of the World Economic Forum at the Davos Conference Center (AFP)
The logo of the World Economic Forum at the Davos Conference Center (AFP)

At the 2026 World Economic Forum in Davos, Saudi Arabia offered a compelling account of how long-term ambition can be translated into measurable results.

Through a narrative grounded in data and outcomes, Saudi ministers traced the evolution of Vision 2030 from structural reform to disciplined execution, presenting the Kingdom as one of the world’s most attractive investment destinations.

Rising capital-formation rates now place Saudi Arabia alongside major economies such as China and India, underscoring growing international confidence in the strength and future of its economy.

On the margins of the forum, a high-level dialogue at the Saudi House pavilion brought together Princess Reema bint Bandar Al Saud, Saudi ambassador to the United States; Minister of Investment Khalid Al-Falih; Minister of Finance Mohammed Al-Jadaan; Minister of Economy and Planning Faisal Alibrahim; IMF Managing Director Kristalina Georgieva; and Lubna Olayan, Chair of Olayan Financing.

Titled From Reform to Delivery: Implementing Change at Scale, the session examined the next phase of Vision 2030 and how it has enhanced the government’s capacity for evidence-based planning and execution.

Saudi Arabia’s presence at the 2026 forum runs from Jan. 19-23 through an expanded Saudi House program - the largest since its launch - bringing together ministers, senior officials, business leaders and global thinkers.

From vision to policy discipline

Al-Jadaan emphasized that visions and reform agendas cannot be taken for granted. The true test, he said, lies not in designing strategies but in sustaining their execution, an area where many reform efforts around the world lose momentum. Saudi Arabia’s fiscal framework, supported by record foreign reserves at the central bank, has provided the flexibility needed to absorb shocks and maintain reform momentum.

He noted that 93 percent of Vision 2030’s key performance indicators have either been achieved or are progressing as planned. He added that reform has moved beyond individual initiatives to become a permanent institutional practice, supported by a 22 percent rise in financial reserves between 2022 and 2025.

He also stressed that trust and credibility are central to this process. Sustained progress depends on maintaining confidence with markets and stakeholders through pragmatic fiscal discipline and clear prioritization of resources. With fiscal space always finite, sequencing and focus are essential. He pointed to IMF Article IV consultations as a rigorous external validation of Saudi Arabia’s economic direction, noting that ambitions set a decade ago are now reflected in tangible outcomes, with hundreds of indicators either exceeding targets or firmly on track.

Converting strategy into outcomes

Building on this theme, Alibrahim said that turning strategies into results requires clarity of purpose, institutional adaptability and the ability to adjust course quickly. He explained that sustainable transformation cannot be achieved without a conscious approach to managing risk.

According to Alibrahim, Vision 2030’s long-term perspective has strengthened the government’s ability to plan, execute and respond to data, allowing it to change direction when needed while balancing risks and opportunities over both short and long horizons.

Attracting global capital

Al-Falih placed Saudi Arabia’s experience within a broader global context marked by geopolitical uncertainty, strained supply chains and rapid technological change. He noted that capital cannot avoid risk entirely but must find ways to balance it with the need for growth, particularly at a time when the world requires vast investment to navigate major transitions. These include energy digitization and the restructuring of global artificial intelligence supply chains.

He further explained that investors are increasingly drawn to markets that combine scale with access to global opportunities. This, in turn, requires skilled human capital, reliable energy, credible decarbonization pathways, advanced physical and digital infrastructure, and transparent, predictable regulatory systems. He said that few countries offer all these elements together, adding that Saudi Arabia has succeeded in doing so.

Al-Falih continued that foreign direct investment has risen to five times its pre–Vision 2030 level, while domestic investors have also increased their commitments. Capital formation as a share of GDP now matches levels seen in China and India, with visible effects across global supply chains, from shipbuilding on the eastern coast to automotive manufacturing on the western coast, as well as green and blue hydrogen projects developed with international partners.

Energy, markets and new frontiers

Al-Falih noted that the availability of Saudi capital, combined with a partnership-driven approach, has been a decisive factor. The government co-invests alongside the Public Investment Fund, major national companies and the private sector, aligning capital with strategic priorities.

While petrochemicals, fertilizers and mining remain important, the scope of transformation has broadened significantly. Saudi capital markets have become more integrated, the exchange-traded fund ecosystem has expanded, and inclusion in major global indices has lowered barriers for international investors.

At the same time, he said that the Kingdom is moving beyond its traditional role as an oil and gas supplier. It is investing in hydrogen, accelerating renewable energy localization and developing cross-border electricity interconnections with Africa, the Gulf, Iraq and Egypt. Investments in critical minerals and global supply chains now extend to joint ventures in the United States and Asia, supporting demand in a low-carbon economy. Saudi Arabia, Al-Falih concluded, also aims to position itself as a hub for the new economy, including data and artificial intelligence.

Georgieva: A transformation that inspires

Georgieva described Saudi Arabia’s reform journey as a “generational transformation” that spans sectors and places the Kingdom in a position of global leadership. Reforms that reduced the state’s direct role while enabling the private sector to flourish, she said, now underpin the country’s economic resilience.

She highlighted the breadth of diversification — from finance and tourism to sports and fashion — as particularly striking, adding that Saudi Arabia has also emerged as a partner and sponsor of reform beyond its borders, with the IMF office in Riyadh helping to share the Saudi experience with other countries. Concluding her remarks, she urged Saudi leaders and officials to maintain momentum and continue supporting others on similar paths.

Princess Reema, for her part, emphasized that human capital remains the engine of long-term growth. She said that investment in youth, job creation and a supportive social environment, encouraged many young Saudis to build their futures at home.

Lubna Olayan observed that the business landscape has undergone a notable shift. Where large corporations once dominated, small and medium-sized enterprises are now playing a growing role, supported by banks and new financing channels. She noted that economic diversification has opened private-sector opportunities, particularly in tourism, a labor-intensive service industry.

Powell: A model with global relevance

In a separate Saudi House session, Dina Powell McCormick, Vice Chair of Meta’s board, said her 25-year relationship with Saudi Arabia has given her a firsthand view of “extraordinary progress” under Vision 2030.

Recalling discussions in Washington in 2017 during her tenure as US deputy national security advisor under President Donald Trump, she described a long-term roadmap centered on unlocking the potential of a population that is more than 65 percent under the age of 35 and on the expanding role of women as entrepreneurs and leaders.

On technology, Powell said the world is approaching a pivotal moment that could reshape humanity within just three to eight years, making Saudi Arabia’s execution-focused transformation a model of growing relevance well beyond the region.



Iraq in Talks with Gulf States on Pipeline Exports beyond Hormuz

Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 
Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 
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Iraq in Talks with Gulf States on Pipeline Exports beyond Hormuz

Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 
Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 

Iraq is in talks with Gulf countries to use their pipeline networks to secure alternative oil export routes beyond the Strait of Hormuz, the state oil marketer SOMO said Thursday.

The move is part of an emergency strategy by the oil ministry to tap regional infrastructure and bypass maritime chokepoints, ensuring Iraqi crude continues to reach global markets while offsetting higher transport costs linked to the current crisis.

Ali Nizar al-Shatari, head of the State Organization for Marketing of Oil (SOMO), said the ministry is prioritizing negotiations to access Gulf pipeline systems extending beyond the Strait of Hormuz and into the Arabian Sea, allowing exports to avoid areas of military tension.

“The goal is to secure stable routes that guarantee efficient flows of Iraqi oil at lower transport costs,” Shatari said, adding that Iraq generated about $2 billion in oil revenues in March, up 28 percent from February.

He said SOMO exported around 18 million barrels of crude from Basra, Kirkuk and the Kurdistan region by using all available outlets, including southern ports that operated until early March and northern routes to Türkiye’s Mediterranean port of Ceyhan.

As part of efforts to diversify export options, Shatari revealed that the first shipments of fuel oil and Basra Medium crude successfully reached Syrian ports.

He noted that Iraq had signed a deal to export 50,000 barrels per day via this route, describing cooperation with Syria as “very significant,” with storage and security provided to ensure safe delivery to the port of Baniyas.

The route has proven effective and could become a permanent option after the crisis, he added.

Shatari further noted that the oil ministry is close to completing repairs on the Iraq-Türkiye pipeline, which suffered extensive damage in previous years.

Technical teams have inspected the most difficult terrain, with about 200 kilometers (125 miles) still to be assessed in the coming days before full pumping of Kirkuk crude resumes.

In a notable logistical move, Iraq has begun pumping Basra crude northwards for export via Ceyhan.

Flows started at 170,000 barrels per day and are expected to stabilize between 200,000 and 250,000 bpd, helping offset disrupted southern exports and supply energy-hungry markets in Europe and the Americas.

Shatari said Iraq has benefited from rising global prices by selling Kirkuk crude — a medium-grade oil — at strong premiums.

He also confirmed the reactivation of an agreement with the Kurdistan region to reuse the pipeline through the region to Ceyhan, helping lift total exports to 18 million barrels in March.

This came despite a drop in production in Kurdistan fields to about 200,000 bpd due to security threats, he added.

 

 


World Food Prices Rose in March as Iran War Lifted Energy Costs, FAO Says

 A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)
A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)
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World Food Prices Rose in March as Iran War Lifted Energy Costs, FAO Says

 A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)
A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)

The war in the Middle East has pushed food commodity prices higher due to higher energy and fertilizer costs, the UN's food agency said Friday. 

The UN's Food and Agriculture Organization (FAO) said its Food Price Index, which measures the monthly changes in international prices of a basket of food commodities, had increased 2.4 percent in March from February. 

It was the second rise in a row, which the agency said was largely due to higher energy prices linked to conflict in the Middle East. 

Within the index, the category of vegetable oil saw the sharpest rise, of 5.1 percent over February, as palm oil prices reached their highest point since the middle of 2022, due to effects from spiking crude oil prices, FAO said. 

However, a "broadly comfortable" supply of cereal has cushioned the damaged from the conflict, FAO said. 

"Price rises since the conflict began have been modest, driven mainly by higher oil prices and cushioned by ample global cereal supplies," said FAO Chief Economist Maximo Torero in a statement. 

But he warned that if the conflict goes on beyond 40 days and the high prices on fertilizer continue, "farmers will have to choose: farm the same with fewer inputs, plant less, or switch to less intensive fertilizer crops". 

"Those choices will hit future yields and shape our food supply and commodity prices for the rest of this year and all of the next." 

Disruptions to production and supply chain routes had also introduced "additional uncertainty" into the outlook for wheat and maize, FAO found. 


Turkish Inflation Near 2% Monthly in March, Below Forecasts

A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)
A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)
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Turkish Inflation Near 2% Monthly in March, Below Forecasts

A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)
A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)

Turkish consumer price inflation was 1.94% month-on-month in March, while the annual figure fell to 30.87%, data from the Turkish Statistical Institute showed ‌on Friday.

In ‌a Reuters ‌poll, ⁠monthly inflation was ⁠forecast to be 2.32%, with the annual rate seen at 31.4%, driven by ⁠a rise in ‌fuel prices ‌and weather-related pressures ‌on food inflation.

In ‌February, consumer prices rose 2.96% month-on-month and 31.53% year-on-year, broadly in ‌line with estimates and reinforcing expectations that ⁠the ⁠disinflation process may be stalling.

The data also showed the domestic producer index rose 2.30% month-on-month in March for an annual increase of 28.08%.