Conflict is greatest threat to global economy, Saudi finance minister warns

Conflict is greatest threat to global economy, Saudi finance minister warns
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Above, Mohammed Al-Jadaan, Saudi Arabia’s minister of finance, speaks during the special two-day World Economic Forum meeting in Riyadh. (WEF)
Conflict is greatest threat to global economy, Saudi finance minister warns
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Around 1,000 thought leaders from 92 countries are in Riyadh for the WEF forum to ‘promote forward-thinking approaches to interconnected crises.’ (Abdulrahman Fahad Bin Shulhub/AN)
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Updated 28 April 2024
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Conflict is greatest threat to global economy, Saudi finance minister warns

Conflict is greatest threat to global economy, Saudi finance minister warns
  • Mohammed Al-Jadaan: Wars in Gaza, Ukraine ‘put a lot of pressure on economic emotion’
  • Saudi Arabia’s ‘specific objective’ is to deescalate regional tensions, he tells World Economic Forum panel

RIYADH: Geopolitical threats such as the conflicts in Gaza and Ukraine pose the greatest risk to the global economy, Saudi Arabia’s finance minister has said.

Speaking in a panel discussion during the special two-day World Economic Forum meeting in Riyadh, Mohammed Al-Jadaan warned that the knock-on effects of conflict are “directly impacting economies.”

He said: “Geopolitical threats, which unfortunately are increasing instead of decreasing, are possibly the number one risk today if you look at the global economy at large. Geopolitical tensions bring other things that are directly impacting economies.”

Conflicts in Gaza, Ukraine and elsewhere “put a lot of pressure on economic emotion,” he added, describing economies as being “impacted by sentiments.”

Al-Jadaan said: “It is very unfortunate to see loss of lives. Civilian lives are important whether in Ukraine, or in Palestine.

“Cool-headed countries and leaders need to prevail; you need to make sure you deescalate.”

The Kingdom has exerted significant efforts in recent years to deescalate tensions in the Middle East, he added, describing the strategy as a “specific objective” of Saudi Arabia.

“The region needs to focus on its people, its growth and its economy, rather than focus on politics and conflict.”

The conflict in Gaza, which began following the Hamas-led assault on southern Israel on Oct. 7 last year, has resulted in the deaths of almost 35,000 Palestinians, mostly women and children.

Palestinian President Mahmoud Abbas, who took part in a separate panel at the meeting, said that “110,000 people have been killed or wounded in Gaza since Oct. 7 ” and that “75 percent of the territory” in the enclave has been destroyed by devastating Israeli military action.

“What happened in Gaza has not happened in Germany and other European countries during the Second World War,” he said, adding: “The fighting in Gaza must stop immediately and we warn against any plans for displacement.”

The Saudi finance minister warned that “geopolitical maneuvering,” including “fragmentation, protectionism and using the economy as a serious tool to achieve objectives in terms of limitations on trade and technology” could have adverse effects on global economic health.

“Policymakers need to be agile in dealing with these,” Al-Jadaan said.

Kristalina Georgieva, the managing director of the International Monetary Fund, described fragmentation in the world economy as “certainly bad for the prospect of growth.”

In the meeting’s opening panel, she said: “The immediate priorities for countries are to get inflation rates within targets; focus on rebuilding fiscal buffers and find ways to cooperate more.

In his comments to the panel, Al-Jadaan said: “In economic planning, it is OK to change … to adjust on new circumstances. And that to me is the advice I would give to everyone. You need a long-term plan, like Saudi Vision 2030, and doubling down on the implementation, but also you need to make sure you adjust.

“In the longer term, regardless of what is happening today, you need to focus on your own people, your human capital. This is the longer term play that is critical.

“I can say this: Saudi Arabia and the region has the means to do it, but there are a lot of countries who will find it difficult to provide quality education and quality healthcare for their people,” he said.

About 1,000 officials, experts and thought leaders from 92 countries are in Riyadh for the World Economic Forum’s Special Meeting on Global Collaboration, Growth and Energy for Development.

The event aims to “promote forward-thinking approaches to interconnected crises, while remaining realistic about shorter-term trade-offs” and “work to bridge the growing North-South divide on issues such as emerging economic policies, the energy transition and geopolitical shocks.”


Tihama’s climate boosts honey production in Baha

Tihama’s climate boosts honey production in Baha
Updated 12 sec ago
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Tihama’s climate boosts honey production in Baha

Tihama’s climate boosts honey production in Baha

RIYADH: The moderate climate and abundant flowering trees in the Tihama area of the Baha region attract thousands of beekeepers with hives, creating an ideal environment for honey production from seasonal and mountainous blossoms.

Beekeeper Mohammed Al-Zahrani said that migration from the Sarawat Mountains to Tihama is driven by favorable climate, rainfall, and tree diversity, the Saudi Press Agency reported.

He added that this move revitalizes bees after the ziziphus spina-christi season when their population drops, offering fresh pastures for reproduction.

Beekeeper Ali Al-Ghamdi explained that relocating to the governorates of Qalwa, Al-Hujrah, and Wadi Al-Ahsabah provides bees with a year-round food supply and protection from the cold mountain temperatures that can be fatal.

He stressed that beekeeping requires endurance, knowledge, and experience but remains an important and valuable industry, the SPA reported.

Beekeeper Saleh Al-Omari highlighted the coordination among beekeepers in choosing apiary sites, ensuring proper spacing to prevent crossbreeding, promote nutrition, and avoid disease.

Mohammed Al-Shadwi, chairman of the Beekeepers Cooperative Association in Baha, said around 3,000 beekeepers are registered with the association, including professionals with over 1,000 hives and amateurs with about 100. They represent 16 percent of the Kingdom’s total beekeepers.

The region produces 20 percent of Saudi Arabia’s honey annually, totaling around 1,000 tonnes across 15 varieties, according to the SPA.


Kingdom strengthens cultural ties at Delhi book fair

Kingdom strengthens cultural ties at Delhi book fair
Updated 02 February 2025
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Kingdom strengthens cultural ties at Delhi book fair

Kingdom strengthens cultural ties at Delhi book fair

RIYADH: Saudi Arabia’s Literature, Publishing and Translation Commission is taking part in the New Delhi World Book Fair, being held at Pragati Maidan from Feb. 1-9.

Its involvement is part of ongoing efforts to strengthen cultural cooperation between the Kingdom and India, reported the Saudi Press Agency on Sunday.

The commission aims to highlight Saudi Arabia’s role in the global cultural and literary landscape, raise awareness of its heritage and highlight its publications and contribution to the international literary scene. It also seeks to promote cultural and intellectual exchange between the two countries.

The commission’s pavilion features its literary and cultural initiatives, including “Tarjim” which supports Saudi Arabia’s translation movement. It also hosts sections dedicated to the King Salman Global Academy for the Arabic Language and the King Fahd National Library.

Saudi Arabia was previously guest of honor at the 2024 New Delhi World Book Fair, where it organized various programs and events reflecting the Kingdom’s cultural and creative landscape.


Syrian Arab Republic president arrives in Saudi Arabia for first foreign visit

Syrian Arab Republic president arrives in Saudi Arabia for first foreign visit
Updated 32 min 46 sec ago
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Syrian Arab Republic president arrives in Saudi Arabia for first foreign visit

Syrian Arab Republic president arrives in Saudi Arabia for first foreign visit
  • The president is accompanied by the country’s foreign minister, Asaad Hassan Al-Shibani

DUBAI: the president of the Syrian Arab Republic, Ahmed Al-Sharaa, arrived in Saudi Arabia on Sunday for his first foreign trip since taking office, local media reported.

Syrian Arab News Agency reported the president was accompanied by the country’s foreign minister, Asaad Hassan Al-Shaibani.

Al-Sharaa will meet Saudi Crown Prince Mohammed bin Salman in Riyadh, SANA reported.

A picture posted on social media platform X by the Syrian Arab Republic’s presidency showed Al-Sharaa and Al-Shaibani en route to Saudi Arabia.

Al-Sharaa became president after the toppling of the regime of Bashar Assad in December last year.

Last month Saudi Arabia’s foreign minister, Prince Faisal bin Farhan, visited Damascus and said the Kingdom was engaged in talks with the US and European partners to help lift economic sanctions imposed on the Syrian Arab Republic that have left the country’s economy decimated.


KSrelief’s humanitarian and relief efforts continue

KSrelief’s humanitarian and relief efforts continue
Updated 02 February 2025
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KSrelief’s humanitarian and relief efforts continue

KSrelief’s humanitarian and relief efforts continue

RIYADH: The King Salman Humanitarian Aid and Relief Center’s (KSrelief) humanitarian and relief efforts continue with the distribution of food, hygiene supplies as well as the provision of emergency transport services.

In in Ma’arrat Misrin of Syria’s Idlib Governorate, KSrelief handed out 672 food boxes and 672 hygiene kits as part of the second phase of the food aid and hygiene kit distribution project for populations affected by the earthquake in 2025.

In Lebanon’s Akkar Governorate and Miniyeh district, the aid agency during the past week distributed 175,000 bags of bread to Syrian and Palestinian refugees as well as residents of host communities. The initiative was part of the fourth phase of Al-Amal Charitable Bakery Project in the country.

In the Battagram and Buner districts of Khyber Pakhtunkhwa province, as well as the Sukkur district in Sindh province of Pakistan, 2,160 food packages were given to families in flood-affected areas as part of the Food Security Support Project 2025

Meanwhile, KSrelief delivered 125 tonnes of dates to Sudan as a gift from the Kingdom.

In north Lebanon, the KSrelief-funded ambulance service of Subul Al-Salam Social Association in the Miniyeh district carried out 61 missions during the past week, including transporting patients to and from hospitals and treating burn injuries.


Female participation in Riyadh camel racing event

Female participation in Riyadh camel racing event
Updated 02 February 2025
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Female participation in Riyadh camel racing event

Female participation in Riyadh camel racing event
  • The increase in the number of participating women camel riders has also contributed to a rise in the prizes

RIYADH: The number of women taking part in camel racing at the Custodian of the Two Holy Mosques Camel Festival this year has doubled compared to 2024, reported the Saudi Press Agency.

The increase has led the organizing committee to add a second race which includes 18 Saudi female camel riders.

Organized by the Saudi Camel Federation, the festival’s second edition kicked off on Jan. 27 at the Janadriyah Camel Race Track in Riyadh. It will end on Wednesday, Feb. 5 with total prize money of more than SR70 million ($18.7 million) awarded.

The increase in the number of participating women camel riders has also contributed to a rise in the prizes. (SPA photo)

During last year’s festival, 15 female camel riders competed, representing Britain, France, Germany, Iran, Jordan, Oman, Saudi Arabia, the UAE and Yemen.

This year has seen 30 female riders from 12 countries take part: Algeria, Bahrain, Britain, France, Germany, Oman, Poland, Saudi Arabia, Switzerland, the UAE, US and Yemen.

The increase has contributed to a rise in the prize pot, with the first-placed female rider receiving SR60,000.