Latest news with #AlUlaConferenceforEmergingMarketEconomies
Asharq Al-Awsat
25-02-2025
- Business
- Asharq Al-Awsat
Saudi Arabia Reaffirms Its Commitment to Promoting Global Peace, Security
Saudi Arabia's cabinet reaffirmed the Kingdom's commitment to promoting global peace and security and emphasized the importance of dialogue in resolving international crises. This came during Tuesday's session chaired by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chaired the Cabinet session in Riyadh. The Cabinet reviewed recent talks held by Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud with leaders of several brotherly and friendly nations. The discussions, part of ongoing close relations and consultations, focused on various regional and international issues. The Cabinet expressed gratitude to Russian President Vladimir Putin for his positive remarks, conveyed in a phone call with the Crown Prince, regarding Saudi Arabia's role in hosting fruitful talks between Russia and the United States. Following the session, the Minister of State, Cabinet Member, and Acting Minister of Media, Dr. Essam bin Saad bin Saeed told the Saudi Press Agency (SPA) that the Cabinet reviewed the outcomes of Saudi Arabia's participation in recent regional and international meetings, part of the Kingdom's ongoing support for multilateral efforts that promote sustainable development, prosperity, and address shared global challenges. The Cabinet expressed hope that the Riyadh International Humanitarian Forum will contribute to unifying efforts and developing innovative solutions for enhancing humanitarian response in light of increasing global disasters and crises. The Cabinet highlighted the Kingdom's longstanding commitment to providing aid and relief to those in need worldwide. The Cabinet commended the success of the first annual global AlUla Conference for Emerging Market Economies, co-organized by Saudi Arabia and the International Monetary Fund. It highlighted the conference's strategic vision, which promotes international cooperation and paves the way for a promising global economic future. Dr. Bin Saeed stated that the Cabinet deemed the Kingdom's presidency of the World Trade Organization's General Council (2025-2026) as confirmation of its international standing and leadership role in strengthening partnerships and achieving constructive outcomes toward a more efficient, sustainable, and inclusive global trading system. The Cabinet also noted the broad international participation in the fourth Saudi Media Forum held in Riyadh and the launch of initiatives including programs to enhance media business incubators and accelerators, support financial and regulatory transformation, foster talent development, and adopt modern technologies.
Saudi Gazette
25-02-2025
- Business
- Saudi Gazette
Saudi Arabia emphasizes importance of dialogue in resolving international crises
Saudi Gazette report RIYADH — The Council of Ministers reaffirmed Saudi Arabia's commitment to promoting global peace and security and emphasized the importance of dialogue in resolving international crises. Custodian of the Two Holy Mosques King Salman chaired the Cabinet session in Riyadh on Tuesday. In a statement to the Saudi Press Agency following the session, Minister of State, Cabinet Member, and Acting Minister of Media Dr. Essam bin Saad bin Saeed said that the Cabinet expressed gratitude to Russian President Vladimir Putin for his positive remarks, conveyed in a phone call with Crown Prince and Prime Minister Mohammed bin Salman regarding Saudi Arabia's role in hosting fruitful talks between Russia and the United States. The Cabinet reviewed recent talks held by the Crown Prince with leaders of several friendly nations. These discussions, which were part of the ongoing close relations and consultations, focused on various regional and international issues. The Cabinet reviewed the outcomes of Saudi Arabia's participation in recent regional and international meetings, as part of the Kingdom's ongoing support for multilateral efforts that promote sustainable development, prosperity, and address shared global challenges. The Cabinet expressed hope that the Riyadh International Humanitarian Forum will contribute to unifying efforts and developing innovative solutions for enhancing humanitarian response in light of increasing global disasters and crises. The Cabinet highlighted the Kingdom's longstanding commitment to providing aid and relief to those in need worldwide. The Cabinet commended the success of the first annual global AlUla Conference for Emerging Market Economies, co-organized by Saudi Arabia and the International Monetary Fund. It highlighted the conference's strategic vision, which promotes international cooperation and paves the way for a promising global economic future. Dr. Essam said that the Cabinet deemed the Kingdom's presidency of the World Trade Organization's General Council (2025-2026) as confirmation of its international standing and leadership role in strengthening partnerships and achieving constructive outcomes toward a more efficient, sustainable, and inclusive global trading system. The Cabinet noted the broad international participation in the fourth Saudi Media Forum held in Riyadh and the launch of initiatives including programs to enhance media business incubators and accelerators, support financial and regulatory transformation, foster talent development, and adopt modern technologies. The Cabinet approved a headquarters agreement between Saudi Arabia and the Gulf Petrochemicals and Chemicals Association to relocate the association's headquarters to Riyadh. It a uthorized the chairman of the board of trustees of the King Fahad National Library or his deputy to discuss and sign a draft memorandum of understanding (MoU) with the Polish side for cooperation between the King Fahad National Library and the National Library of Poland. The Council approved a cooperation agreement and a MoU for cooperation in the fields of crime control, civil defense, and civil protection between Saudi Arabia and Tanzania. It authorized the minister of industry and mineral resources or his deputy to discuss and sign with the Brazilian side a draft MoU for cooperation in the field of mineral resources between the Saudi Ministry of Industry and Mineral Resources and the Brazilian Ministry of Mines and Energy. The Cabinet authorized the minister of investment or his deputy to discuss and sign with the Ivorian side a draft MoU between Saudi Arabia and Côte d'Ivoire for cooperation in promoting direct investment, and another draft MoU with the Bahraini side for cooperation in promoting direct investment between the Saudi Ministry of Investment and the Bahrain Economic Development Board. The Council approved a MoU in the field of higher education and scientific research between Saudi Arabia and the United States of America and another agreement between Saudi Arabia and Guinea in the field of air transport services.
Saudi Gazette
20-02-2025
- Business
- Saudi Gazette
AlUla conference emphasizes joint work to sustain emerging market economies' resilience to shocks
Saudi Gazette report RIYADH — A two-day inaugural annual global Conference on Emerging Market Economies, which concluded in AlUla on Monday, emphasized the importance of unity of purpose and the need to continue working together to sustain emerging market economies' resilience to shocks and sustain growth. "Over the past two days, we have discussed how emerging economies can navigate the risks and, importantly, how they can embrace the opportunities ahead," said Saudi Finance Minister Mohammed Al-Jadaan and International Monetary Fund Managing Director Kristalina Georgieva in a joint statement after the conference, which was co-hosted by the Saudi Ministry of Finance and IMF. 'We would like to thank emerging markets policymakers, academics, and representatives of the regional and international financial institutions for joining us and helping to make this first-ever AlUla Conference for Emerging Market Economies a successful forum for building greater collaboration and discussing the specific challenges facing emerging markets (EMs)," they said. "We are proud to have co-hosted the first global forum that is focused solely on the economic prospects for emerging market economies, and we look forward to continuing the discussions in the year ahead and at the second AlUla conference next year," Al-Jadaan and Georgieva said while noting that the conference came out with three takeaways. First, this is a time of sweeping transformations — from technology to trade or climate to capital flows — and these changes are reshaping the global economy. How all these changes will unfold remains to be seen. But we know that in a more uncertain and shock-prone world, building resilience through sound macroeconomic and financial policies must continue to be a priority. Second, emerging markets are seizing these transformations to make their economies stronger. With widespread digitalization and ambitious policies, the prospects for harnessing the benefits of AI are promising. Tapping the potential of AI would enhance emerging market economies' productivity and resilience, but it will require reforms to boost investments in digital infrastructure and human capital. Deeper regional trade and financial integration would also be important.
Saudi Gazette
20-02-2025
- Business
- Saudi Gazette
Al-Ula conference emphasizes joint work to sustain emerging market economies' resilience to shocks
Saudi Gazette report RIYADH — A two-day inaugural annual global Conference on Emerging Market Economies, which concluded in AlUla on Monday, emphasized the importance of unity of purpose and the need to continue working together to sustain emerging market economies' resilience to shocks and sustain growth. "Over the past two days, we have discussed how emerging economies can navigate the risks and, importantly, how they can embrace the opportunities ahead," said Saudi Finance Minister Mohammed Al-Jadaan and International Monetary Fund Managing Director Kristalina Georgieva in a joint statement after the conference, which was co-hosted by the Saudi Ministry of Finance and IMF. 'We would like to thank emerging markets policymakers, academics, and representatives of the regional and international financial institutions for joining us and helping to make this first-ever AlUla Conference for Emerging Market Economies a successful forum for building greater collaboration and discussing the specific challenges facing emerging markets (EMs)," they said. "We are proud to have co-hosted the first global forum that is focused solely on the economic prospects for emerging market economies, and we look forward to continuing the discussions in the year ahead and at the second AlUla conference next year," Al-Jadaan and Georgieva said while noting that the conference came out with three takeaways. First, this is a time of sweeping transformations — from technology to trade or climate to capital flows — and these changes are reshaping the global economy. How all these changes will unfold remains to be seen. But we know that in a more uncertain and shock-prone world, building resilience through sound macroeconomic and financial policies must continue to be a priority. Second, emerging markets are seizing these transformations to make their economies stronger. With widespread digitalization and ambitious policies, the prospects for harnessing the benefits of AI are promising. Tapping the potential of AI would enhance emerging market economies' productivity and resilience, but it will require reforms to boost investments in digital infrastructure and human capital. Deeper regional trade and financial integration would also be important.
The National
18-02-2025
- Business
- The National
Middle East at a crossroads: peace or conflict?
One month into President Donald Trump's second term, the Middle East finds itself balancing between diplomatic progress and the looming threat of renewed wars. While peace and reconstruction efforts signal a possible path forward, fragile ceasefires and controversial policy proposals could just as easily pull the region back into instability. The 15-month war between Israel and Hamas has altered regional power dynamics. Iran's influence has weakened after its proxies in Lebanon and Gaza suffered heavy losses in their conflicts with Israel. Tehran was additionally impacted by the fall of Syrian President Bashar Al Assad's regime, which severed a crucial land route between Iran and the Lebanese armed group Hezbollah. Mr Al Assad's government collapsed following a swift offensive by rebel forces, disrupting Tehran's strategic reach in the region. After the ousting of Mr Al Assad, Ahmed Al Sharaa has transitioned from leading the Islamist rebel group Hayat Tahrir Al Sham (HTS) in Idlib, under the name of Abu Mohammed Al Jolani, to becoming Syria's interim president. Mr Al Sharaa and Syria's new transitional leaders have since engaged in high-level diplomatic efforts, including meetings with international leaders and participation in global conferences, to drum up support for Syria's reconstruction and political stabilisation. His administration emphasises inclusivity and national consensus, aiming to rebuild the country's institutions and restore its standing in the international community. As part of these efforts, Syria's Foreign Minister Asaad Al Shibani over the weekend attended a high-level meeting on the sidelines of AlUla Conference for Emerging Market Economies organised by Saudi Arabia's Finance Ministry and the International Monetary Fund (IMF). At the summit, the first of its type, a coalition of Middle Eastern nations, the IMF and the World Bank agrpopulationeed to form an informal co-ordination group to oversee financial aid and reconstruction efforts, with a particular focus on war-torn Syria, Lebanon and Palestine. The Syrian civil war has left the country in economic disarray, primarily due to extensive international sanctions imposed on Mr Al Assad's regime. The new interim government has pushed for economic recovery, leading the EU and US to ease some sanctions, particularly in energy and trade, to support reconstruction while maintaining restrictions for stability. However, Syrian officials argue that partial relief is insufficient and are calling for a full removal of sanctions. Lebanon and Gaza are also in urgent need of foreign assistance for reconstruction following the devastating wars between Israel and Hamas in Gaza, and Israel and Hezbollah in Lebanon. Having international talks on reconstruction in AlUla, instead of a western capital, is one more result of diplomatic gravity moving to the Gulf. That's not all happening in the kingdom. US Secretary of State Marco Rubio arrived in Riyadh on Monday, where discussions with Russian officials took place today with the aim of ending the Ukraine war and repairing ties between the two countries. Marco Rubio, national security adviser Mike Waltz and Special Envoy Steve Witkoff met with Russian Foreign Minister Sergey Lavrov and Vladimir Putin's foreign affairs adviser Yuri Ushakov in the Saudi capital. Ukraine did not participate. This comes on the heels of the Munich Security Conference, where European leaders voiced concerns about being excluded from critical discussions that will affect Ukrainian and European security. The absence of both European and Ukrainian representatives from the Riyadh talks has not been well received in Europe. There are growing fears that the US might prioritise its own strategic interests over broader collective security agreements. 'It is relevant and welcome that Saudi Arabia is hosting this first meeting on Ukraine, solidifying Riyadh, and the region, as key players in the emerging global order,' Ana Palacio, a former Spanish foreign minister and a former senior vice president of the World Bank, told The National. 'Europe will remain a key player as negotiations progress and the situation on the ground evolves. Any agreement must not be isolated from the crucial task of reconstruction and the maintenance of progressive stability, including peacekeeping in the traditional sense,' said Ms Palacio. 'In the medium term, the EU will need to carefully manage the continuing accession process, with concrete measures that affect both the economy and the well-being of Ukrainians.' As Saudi Arabia is hosting historic US-Russia talks, the kingdom is solidifying its role as as a key mediator. Talks between Mr Rubio and Saudi officials were also expected to focus on Mr Trump's proposal for the displacement of Gaza's Palestinian population from their homeland, with the US President suggesting "owning" the enclave. Reports emerged ahead of Mr Rubio's visit that Saudi Arabia is open to mediating between the Trump administration and Iran to bring about a new agreement on Tehran's nuclear programme, according to CNN. This comes after a series of regional shifts, including the weakening of allies of Iran in the Middle East. 'Saudi Arabia is a potential player this time due to its improved economic and diplomatic relations with Tehran,' defence analyst Riad Kahwaji told The National. Saudi Arabia and Iran restored diplomatic ties in March 2023, in a deal brokered by China. Abdulaziz Sager, founder and chair of the Gulf Research Center, noted that Saudi Arabia's adoption of a neutral stance over the past decade has strengthened its role in international mediation. "This approach has positioned the kingdom as a credible and impartial facilitator, enabling it to engage effectively in conflict resolution without direct involvement in the disputes themselves." Despite diplomatic momentum, the Middle East remains precariously balanced. Ceasefires in Gaza and Lebanon are holding for now, but the risk of escalation is ever-present. The Israeli army said that Israel would keep troops in five posts in southern Lebanon beyond the February 18 deadline for its withdrawal from the country. The announcement came after Lebanese officials expressed concerns that Tuesday's withdrawal deadline would not be met. 'It was clear that the occupation would delay its scheduled withdrawal on February 18, citing the security of the settlements as a pretext to remain in several locations,' an MP from the Hezbollah-Amal bloc told The National. As for Gaza, Arab officials said that Mr Trump's vision for the enclave could further fuel regional instability. Mr Trump floated the idea of displacing Palestinians from Gaza earlier this month during an official visit by Mr Netanyahu to Washington. He proposed turning the enclave into the 'Riviera of the Middle East' and then suggested that the two million Palestinians who would be displaced under his plan for the US to 'own' Gaza would not have the right to return after reconstruction. Mr Trump's statements sparked condemnation across the Arab world and much of Europe, with some critics saying the plan would amount to ethnic cleansing. In response, Arab leaders are set to convene a mini-summit in Riyadh on February 21 to discuss alternatives to Mr Trump's plan. The summit is expected to include leaders from the six Gulf Co-operation Council nations, along with Egypt and Jordan. On Monday, the US Republican Senator Lindsey Graham said, after meeting with the Israeli Prime Minster Benjamin Netanyahu, that 'the one thing that President Trump has done, he started a discussion that was long overdue', adding that Arab states had 'woken up' to the need for an alternative solution for Gaza. A unified Arab stance is expected to emerge from the mini-summit in Riyadh, which will set the stage for another Arab summit in Cairo later on. 'Saudi Arabia is playing a strong and smart geopolitical role, enabling Arab powers to regain their status in the region, particularly vis-a-vis non-Arab players,' said Mr Kahwaji. 'Riyadh's role is crucial in this context, and so far, it has been successful, especially through its partnership with the UAE. We see strong co-ordination between Saudi Arabia, the UAE and Qatar, particularly in navigating and operating in the region's hotspots." Amid these developments, experts argue that the region is unlikely to see either lasting peace or full-scale war. "Given the current US policy, major conflicts are unlikely to be resolved," said Mr Sager. "At the same time, regional actors cannot afford large-scale wars and have little appetite for escalation in the face of ongoing uncertainty."
