Gulf Cooperation Council Secretary-General Jassim Al Budaiwi confirmed that GCC nations are working towards introducing a unified Gulf visa for global travelers.

Al Budaiwi mentioned that during their recent summit in Doha, Gulf leaders greenlit a single tourist visa for the region.

They urged the General Secretariat, along with member states, especially the Ministry of Interior representatives, to fast-track its implementation.

This move aims to allow any international visitor to explore the Gulf countries with just one visa.

Speaking to Asharq Al-Awsat on the sidelines of the World Economic Forum’s special meeting in Riyadh, Al Budaiwi expressed hope that this step would boost regional tourism and save travelers time and money.

Recent data shows that the travel and tourism sector contributed 7.8% to the GDP of GCC countries in 2022. They aim to raise this to 10% in the future.

Al Budaiwi confirmed progress on the unified visa, with discussions in their final stages among Gulf countries. He stressed the need for careful consideration due to security and technical concerns.

Regarding trade agreements, Al Budaiwi mentioned completed deals with Pakistan and South Korea last year and a recent one with Türkiye.

Talks are ongoing for a trade agreement with the UK, with discussions planned in the next two weeks.

Talks with the EU have been on hold for over a decade, but both sides are interested in resuming discussions.

“A delegation from the GCC General Secretariat will visit to initiate preliminary discussions, not negotiations, with EU representatives,” said Al Budaiwi.

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.

Saudi Minister of Energy Prince Abdulaziz bin Salman Al-Saud and European Commissioner for Energy Kadri Simson have met on the sidelines of the World Economic Forum’s special meeting in Riyadh.

They discussed energy and clean tech cooperation to strengthen bilateral ties and advance the goals of the Paris Agreement and the outcomes of the UAE Consensus reached at COP28 in Dubai last year.

The Minister and the Commissioner said Saudi Arabia and the EU share a strong determination to accelerate private investment into renewable energy and to cooperate on electricity interconnection and the integration of renewables into the electricity grid, through the further strengthening of the electricity infrastructure e.g. via demand side management (DSM) smart grid and grid resilience and security measures, hydrogen and clean tech sectors, including carbon capture, utilization and storage, underpin opportunities for industrial partnerships in those sectors, and ensure affordable, secure and future-proof energy markets.

Building on the UNFCCC, the Paris Agreement, and the outcome of recent COPs, Saudi Arabia and the European Commission concluded talks in view of a Saudi-EU Memorandum of Understanding (MoU) on energy cooperation, cementing their shared ambition to accelerate actions to reap the economic opportunities offered by their respective energy transitions.

Such an MoU, covering many energy sectors and with energy transition at its core, should provide a solid and mutually beneficial basis for orienting and anchoring investment decisions in the energy and clean tech sectors, involve and mobilize stakeholders from the public, private and financial sectors, and lay the foundation for a more sustainable and secure energy future, underpinned by predictable and stable energy markets ensuring access to secure, affordable, reliable and sustainable energy for all.

Saudi Arabia and the European Commission aim to conclude the MoU in the next few months.

Türkiye is in talks with US energy giant ExxonMobil over a multibillion-dollar deal to buy liquefied natural gas, in an effort to curb its dependence on Russian energy, the Financial Times reported on Sunday.

The country is seeking to build a “new supply portfolio” that will make it less reliant on any single partner, Turkish Energy Minister Alparslan Bayraktar told the FT in an interview.

The talks come amid improving relations between Türkiye and the US after Ankara dropped its veto on Sweden joining the NATO military alliance and Washington agreed to sell Türkiye billions of dollars worth of F-16 fighter jets. They also come as Türkiye is seeking to reposition itself as a regional energy hub.

Ankara would secure up to 2.5mn tons of LNG a year through the long-term deal under discussion with Exxon, Bayraktar said, adding that the pact could last for a decade.

The Minister said the commercial terms of the Exxon deal were still under discussion, but 2.5mn tons of LNG shipped to Türkiye would currently cost about $1.1 billion, according to pricing assessments by data agency Argus.

The 2.5mn tons of LNG under discussion would be enough to cover roughly 7 percent of the country’s natural gas consumption last year, according to FT calculations based on data from the Energy Market Regulatory Authority.

Last year, Türkiye imported 5mn tons of LNG from the US on the “spot” market where energy is bought and sold for imminent delivery, Bayraktar said.

Exxon has ambitious plans to expand its LNG portfolio to 40mn tons a year by 2030, about double what it was in 2020.
The company owns a 30 percent stake in Golden Pass LNG, a new export terminal on the US Gulf coast that it is building with partner QatarEnergy.

It has a capacity exceeding 18mn tons a year and is due to begin producing LNG in the first half of 2025.

Exxon is also pursuing LNG projects in Papua New Guinea and Mozambique.

Exxon said it had initial discussions with the Turkish government regarding potential LNG opportunities but would not comment on the details of its commercial strategy.

Ankara, which had also enquired with other US natural gas producers about LNG deals, is seeking to “diversify” its natural gas supplies before some of its long-term contracts with Russia expire in 2025 and those with Iran expire the following year, Bayraktar said.

Türkiye relies heavily on natural gas for power generation and industry. Households also benefit from large and costly gas subsidies through state gas company Botas.

Russia is by far Türkiye’s biggest natural gas supplier, accounting for more than 40 percent of its consumption last year, which mostly arrived by pipelines.

Ankara currently has long-term LNG supply deals with Algeria and Oman.

Türkiye has retained strong trade, economic and tourist ties with Russia even after Ankara’s NATO allies shunned Moscow after it launched a full-scale invasion of Ukraine in 2022.

Moscow is also Türkiye’s top oil supplier and will own and operate the country’s first nuclear power plant, currently under construction, on the Mediterranean coast.

Russia, along with South Korea, both have “serious interest” in a similar nuclear project on the Black Sea, Bayraktar said.

The Turkish Minister defended his country’s relations with Russia, saying that “competitive” energy deals with Russia have helped Ankara to avoid the energy crisis that gripped major European countries after the war began.

“For security of supply, we need to get gas from somewhere. It could be from Russia, it could be from Azerbaijan, it could be Iran, or LNG options,” Bayraktar said, adding that “we need to look at the competitiveness edge; which gas is cheaper?”

Saudi Arabia’s NEOM announced on Sunday that it has secured a new revolving credit facility (RCF) worth SAR10 billion.

It represents another milestone for NEOM as it progresses with the development of major projects and will be used to support NEOM’s short-term financing requirements. The RCF, which follows a Murabaha structure, reflects a continuation of NEOM’s strategy to diversify its sources of funding.

CEO of NEOM Nadhmi Al-Nasr, said: “As NEOM continues to gather pace, this new credit facility, backed by Saudi Arabia’s leading financial institutions, is a natural fit within our wider strategy for funding. We continue to explore a variety of funding sources as we deliver transformational infrastructure assets while supporting the wider Vision 2030 program.”

“NEOM is among the largest projects in the world today, and we value the partnership we have with our relationship banks in facilitating access to a range of flexible financing options as we deliver on our ambition,” he added.

The new RCF builds upon the SAR 23 billion agreement signed by NEOM and its partners to finance the NEOM Green Hydrogen Company. It also follows last year’s SAR 3 billion debt financing arranged to partially fund NEOM’s development of Sindalah, the luxury island destination set to welcome visitors this year.

The facility attracted strong interest, with nine banks participating. The mandated lead arrangers include Saudi National Bank, Riyad Bank, and Saudi Awwal Bank. Other participating banks are Al Rajhi Banking and Investment Corporation, Alinma Bank, Arab National Bank, Bank Albilad, The Saudi Investment Bank, and Bank AlJazira.

President of the World Economic Forum (WEF) Borge Brende expressed on Sunday his appreciation to the government of Saudi Arabia for hosting the WEF's special meeting under the theme "Global Collaboration, Growth and Energy for Development."

During a speech at the special WEF meeting in Riyadh, Brende highlighted the developments witnessed by Saudi Arabia in recent years, which reflect its global economic ambition, reported the Saudi Press Agency.

He stressed the importance of finding solutions to address economic challenges that boost international cooperation and discussed challenges, including energy shortages in some countries.

He stressed the importance of finding cooperative solutions to reshape the future of energy worldwide,

The forum has attracted participants from 92 countries and more than 500 companies, institutions, and non-profit organizations for discussions on achieving a sustainable future.

Saudi Minister of Finance Mohammed Al-Jadaan said the annual meetings of the Islamic Development Bank Group, which kicked off in Riyadh on Saturday, under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz, represent an important platform to discuss means to boost cooperation among Islamic member countries and achieve sustainable and comprehensive development.

The annual meetings coincide with the IsDB’s golden jubilee, as the institution celebrates 50 years of promoting economic and social development in 57 member countries, under the slogan “Taking pride in our past, shaping our future: authenticity, solidarity, and prosperity”.

In a statement, Al-Jadaan said Saudi Arabia occupies a distinguished position on the global stage as one of the leading countries in hosting and sponsoring many major international events and conferences.

The Kingdom continues to support development programs and projects through the Islamic Development Bank Group, which reflects its firm commitment to achieving progress and prosperity and building a bright and sustainable future for the region and the entire world, he added.

Chairman of the IsDB Dr. Mohammad Al-Jasser stressed that the relationship between Saudi Arabia and the Group is a model of strategic partnership.

Addressing the first day of the meetings, Al-Jasser said the world needed long-term solutions. such as sustainable infrastructure projects, pointing to estimates that portend a large gap in infrastructure financing worth $15 trillion by 2040.

He also underlined that traditional public financing mechanisms were insufficient, adding that meeting the growing demand for infrastructure projects to confront these challenges and mobilize sufficient financing for long-term investments required a new approach.

“We stand at a crossroads as the Covid-19 pandemic has exposed infrastructure vulnerabilities, depleted public resources, and reversed progress in development,” Al-Jasser said.

He continued that the least developed countries have enormous economic potential waiting to be “unleashed,” and increasing investments in social and physical infrastructure is essential for reducing poverty, promoting health and education, and creating job opportunities.

The first day’s meetings featured a session entitled, “A Path to Prosperity: Multidimensional Poverty in the Member Countries of the Islamic Development Bank Group,” during which speakers discussed the use of the Multidimensional Poverty Index (MPI) in defining and addressing poverty.

They highlighted the work of the United Nations Development Program in Afghanistan and Yemen, and the importance of having a clear framework and up-to-date data to guide policy-making and interventions.

Participants discussed the need to rethink development financing for fragile sectors, emphasizing the importance of designing financial instruments to suit the circumstances of each country.

The speakers, including the Acting Director General of the Islamic Development Bank Institute, Dr. Sami Al-Suwailem, and Oxford University Professor Sabina Alkire, stressed the need for new economic frameworks and political decision-making to give priority to the marginalized, and the importance of using Multidimensional Poverty Index data in taking urgent action to create economic models that meet their needs.

Another panel session, entitled “Leveraging Islamic Finance to Develop Sustainable and Resilient Infrastructure”. addressed investments in infrastructure globally and explored the potential of Islamic finance, particularly Sukuk, in boosting investment in infrastructure projects.

The annual meetings will witness a plenary session of the Board of Governors of the Islamic Development Bank Group, and a round table meeting of governors to discuss the most important economic challenges facing Islamic countries, as well as future opportunities.

Dubai International Airport, the world's busiest for international travel, will move its operations to the city-state's second, sprawling airfield in its southern desert reaches “within the next 10 years” in a project worth nearly $35 billion, its ruler said Sunday.

Sheikh Mohammed bin Rashid Al Maktoum's announcement marks the latest chapter in the rebound of its long-haul carrier Emirates after the coronavirus pandemic grounded international travel.

Plans have been on the books for years to move the operations of the airport known as DXB to Al Maktoum International Airport at Dubai World Central which had also been delayed by the repercussions of the sheikhdom's 2009 economic crisis.

“We are building a new project for future generations, ensuring continuous and stable development for our children and their children in turn,” Sheikh Mohammed said in an online statement. “Dubai will be the world’s airport, its port, its urban hub and its new global center.”

The announcement included computer-rendered images of curving, white terminal reminiscent of the traditional Bedouin tents of the Arabian Peninsula. The airport will include five parallel runways and 400 aircraft gates, the announcement said. The airport now has just two runways, like Dubai International Airport.

The financial health of the carrier Emirates has served as a barometer for the aviation industry worldwide and the wider economic health of this city-state. Dubai and the airline rebounded quickly from the pandemic by pushing forward with tourism even as some countries more slowly came out of their pandemic crouch.

The number of passengers flying through DXB surged last year beyond its total for 2019 with 86.9 million passengers. Its 2019 annual traffic was 86.3 million passengers. The airport had 89.1 million passengers in 2018 — its busiest-ever year before the pandemic, while 66 million passengers passed through in 2022.

Earlier in February, Dubai announced its best-ever tourism numbers, saying it hosted 17.15 million international overnight visitors in 2023. Average hotel occupancy stood at around 77%. Its boom-and-bust real estate market remains on a hot streak, nearing all-time high valuations.

But as those passenger numbers skyrocketed, it again put new pressure on the capacity of DXB, which remains constrained on all sides by residential neighborhoods and two major highways.

Al Maktoum International Airport, some 45 kilometers (28 miles) away from DXB, opened in 2010 with one terminal. It served as a parking lot for Emirates' double-decker Airbus A380s and other aircraft during the pandemic and slowly has come back to life with cargo and private flights in the time since. It also hosts the biennial Dubai Air Show and has a vast, empty desert in which to expand.

The announcement by Sheikh Mohammed noted Dubai's plans to expand further south. Already, its nearby Expo 2020 site has been offering homes for buyers.

“As we build an entire city around the airport in Dubai South, demand for housing for a million people will follow,” Dubai's ruler said. “It will host the world’s leading companies in the logistics and air transport sectors.”

However, financial pressures have halted the move in the past. Dubai's 2009 financial crisis, brought on by the Great Recession, forced Abu Dhabi to provide the city-state with a $20 billion bailout.

Meanwhile, the city-state is still trying to recover after the heaviest rainfall ever recorded in the UAE, which disrupted flights and commerce for days.

Saudi Energy Minister Prince Abdulaziz bin Salman expressed on Sunday the Kingdom’s readiness to partner with everyone to supply the world with all types of energy.

Speaking at a panel discussion on the sidelines of the World Economic Forum’s special meeting on global collaboration in Riyadh, he added that Saudi Arabia could also cooperate in the transportation, through pipelines, of hydrogen in the form of ammonia.

Moreover, the minister said the shift towards green energy must take place along a practical and realistic path, stressing that raising environmental awareness was a collective responsibility.

“We must consider the types of energy and synthetic fuels. We believe in the importance of synthetic methane and open the door wide to various options,” he went on to say.

The Saudi capital is hosting on Sunday the first global meeting of the World Economic Forum, under the patronage of Prince Mohammed bin Salman, Crown Prince and Prime Minister.

“It is the strongest summit outside of Davos to date,” according to Saudi Minister of Economy and Planning Faisal Al-Ibrahim, who was speaking on the eve of the meeting, which is held under the slogan “Global Cooperation, Growth and Energy for Development.”

The event brings together more than a thousand world officials from 92 countries with the aim of supporting dialogue and finding practical, collaborative and sustainable solutions to common global challenges.

Building on the inaugural Growth Summit in Switzerland last year, the meeting will promote a forward-looking approach to interconnected crises. It will also bridge the growing gap between North and South on issues such as emerging economic policies, energy transition, and geopolitical shocks.

This event comes three days after the issuance of the annual report of the Kingdom’s Vision 2030 in its eighth year, which highlighted the progress achieved by Saudi Arabia at various levels.

“Eight years after the launch of Saudi Vision 2030, we have demonstrated our readiness to lead the path towards an advanced model of growth based on transformation, characterized by innovation and sustainability. Our vision is to chart the path towards a prosperous economy based on knowledge and innovation, a path that unleashes the enormous potential of our human capital,” Al-Ibrahim told a group of journalists on Saturday.

He explained that most of the growth achieved by Saudi Arabia over the past years came from new economic sectors that the country started from scratch in accordance with Vision 2030, such as sports, entertainment and tourism, in addition to industrial sectors.

“The Kingdom is reviewing all of its priorities and adjusting them to suit its needs, and all projects are progressing according to plan and without delay,” he underlined.

In a joint press conference with the President of the World Economic Forum, Borge Brende, earlier on Saturday, the minister said the Kingdom has proven its ability to lead a sustainable model globally, noting that it has achieved a 20 percent economic growth since 2016, while the non-oil economy now represents 50 percent of GDP in 2023.

He continued: “At the global turning point we are living in today, strengthening international cooperation has become more important than ever. In cooperation with the Kingdom of Saudi Arabia as a partner for this meeting, the Forum has chosen a well-established and dynamic global platform for leadership of thought, solutions and business, to be the best host for this special meeting, in light of the exceptional circumstances.”

Al-Ibrahim noted that the special WEF meeting in Riyadh represents a unique opportunity to redraw development paths in all countries and adopt a new model of international cooperation that aims to overcome divisions and achieve common prosperity.

Brende, for his part, underlined the importance of the special meeting of the World Economic Forum, which is taking place at a crucial moment.

He said that in light of the geopolitical tensions and social and economic disparities that exacerbate divisions at the global level, international cooperation and meaningful dialogue have become more urgent than ever before.

He added that the Riyadh meeting provides an opportunity for leaders from various sectors and geographical regions to transform ideas into actions on the ground, and launch scalable solutions to many challenges.

Brende also said Palestinian President Mahmoud Abbas and a number of international officials will visit the Saudi capital this current week to hold talks aimed at pushing towards a peace agreement in Gaza.

He pointed to “some new momentum now in the talks around the hostages, and also for... a possible way out of the impasse we are faced with in Gaza.”

“This is more an opportunity to have structured discussions” with “the key players”, he said, adding: “There will be discussions, of course, on the ongoing humanitarian situation in Gaza.”

The meeting agenda focuses on three main topics, including international cooperation, comprehensive growth and energy for development.

According to a statement issued by the World Economic Forum, more than 220 public figures from more than 60 countries are participating in the meeting.

The WEF, in collaboration with the Saudi Ministry of Economy and Planning, is also organizing the Open Forum on April 28-29, concurrently with the Special Meeting on Global Collaboration, Growth and Energy for Development.

In a statement, the WEF said the forum aims to encourage dialogue and increase awareness on critical issues by providing a platform for ideas, thoughts, and questions to be expressed and tackled in an open environment. It welcomes students, entrepreneurs, young professionals and the general public to the discussion.