抖阴短视频

DAVOS: With the World Economic Forum鈥檚 Annual Meeting returning to the familiar snow-covered mountains of Davos, many are wondering what the Arab world鈥檚 delegations are going to bring to the mix.

鈥淚 think, in short, it is their time to shine,鈥� Maroun Kairouz, WEF鈥檚 head of the Middle East and North Africa region, told Arab News.

鈥�(This is) the culmination of years of efforts and commitment to reforms that we have seen in 抖阴短视频, the UAE, Qatar and Oman.

鈥淣ow they are harvesting the fruits of seeds that were planted five, six, and, for some countries, 20 years ago, and that puts them in that position.鈥�

This year鈥檚 summit follows the theme of 鈥淐ooperation in a Fragmented World鈥� 鈥� a fitting one given the many overlapping crises now plaguing the globe.

Russia and Ukraine鈥檚 war is approaching its first anniversary with no signs of abating, contributing to an ongoing inflationary crisis, which has placed a huge strain on households worldwide.

Meanwhile, intensifying geopolitical and geoeconomic competition between world powers, particularly China and the US, is creating further uncertainty and reshaping the global power balance.

With a record number of Arab heads of state descending upon Davos for this year鈥檚 summit, it is clear that the region, thanks to its geopolitical and economic positioning, is a strong candidate to act as a mediator amid such crises.

鈥淲e have seen a return of the region as a centerpiece of global geopolitical efforts,鈥� Kairouz told Arab News.

Notable examples of this over the course of the past year include US President Joe Biden鈥檚 visit to 抖阴短视频, the Kingdom鈥檚 hosting of Chinese President Xi Jinping at the China-Arab Summit in December, and Crown Prince Mohammed bin Salman鈥檚 role in mediating a prisoner swap between Russia and Ukraine.

鈥淚t鈥檚 a bit of a dose of realism to say, even if you have interests elsewhere, that this region is key to global stability, it鈥檚 key to energy stability and to economic stability across the world,鈥� said Kairouz.

鈥淚 think many countries have come to that realization given the events of the past year.鈥�

Borge Brende, the president of WEF, also highlighted the importance of the Arab world at the opening of this year鈥檚 meeting. 鈥淲e have six heads of states and governments, and very strong delegations,鈥� he told a press conference.

鈥淭he Middle East is also important when it comes to investments, with sovereign wealth funds that are investing all over the world,鈥� he added.

Although Kairouz praised 抖阴短视频, the UAE and Qatar for their recent progress on the economic and diplomatic fronts, he urged them not to take their foot off the accelerator of reform.

鈥淭he hope now is that high energy prices, and let me say, a more favorable fiscal environment, does not lead to a relaxation of momentum around reforms to further consolidate that position and further advance on that path of prosperity and economic importance,鈥� he said.

抖阴短视频鈥檚 economic importance is evident through the scale and strength of its growth rate. The Kingdom is set to overtake India as the fastest-growing major economy in 2023, driven by the gains of higher energy prices.

According to official data released by India鈥檚 Ministry of Statistics and Program Implementation, 抖阴短视频 is expected to outpace India with 7.6 percent gross domestic product growth.

鈥淭he Gulf Cooperation Council has been one of the strongest subregions in terms of economic growth,鈥� said Kairouz.

鈥淔or 2022, 抖阴短视频 was one of the fastest-growing large countries with around 8 percent of economic growth. Keep in mind, the S&P is down 20 percent over the last year,鈥� he added, referring to the US stock market index that tracks 500 publicly traded domestic companies.

鈥淚f we have a replay of the 2007-2008 financial crisis, which investors have deep patient pools of capital? It鈥檚 again the sovereign wealth funds of the Arab world. They played a key role back then to stabilize global markets and to provide liquidity.鈥�

With this in mind, Kairouz predicts that if the world does enter a recession, the Gulf countries will 鈥渁gain be front and center in those efforts.鈥�

According to WEF鈥檚 own research, two-thirds of chief economists expect a global recession will occur this year, given continued geopolitical tensions and further monetary belt-tightening in the US and Europe.

鈥淲ith two-thirds of chief economists expecting a worldwide recession in 2023, the global economy is in a precarious position,鈥� Saadia Zahidi, managing director of WEF, told a press conference ahead of the meeting.

鈥淭he current high inflation, low growth, high debt and high fragmentation environment reduces incentives for the investments needed to get back to growth and raise living standards for the world鈥檚 most vulnerable.鈥�

More than 2,700 world leaders and diplomats will take part in this year鈥檚 WEF meeting, with a strong representation from all the key regions of the world.

However, Arab delegations who are absent from this year鈥檚 summit include the crisis-wracked nations of Lebanon and Yemen. Kairouz says both governments were urged to attend but to no avail.

鈥淲e have extended invitations to their governments, and we had at one point positive momentum,鈥� he said.

鈥淏ut unfortunately, internal dynamics have prevented them from being represented. You know, Lebanon, for example, now has a presidential vacuum, and it鈥檚 difficult for ministers or the prime minister to travel under these circumstances.鈥�

Lebanon has been mired in its worst-ever financial crisis since late 2019. Despite the unprecedented crisis, which has thrown millions into poverty, its politicians continue to squabble, leaving the appointment of a new president in deadlock since October last year.

Arab participation in WEF and other such summits has an added urgency as the common threat of man-made climate change leads to evermore extreme weather events and environmental damage across the Middle East region.

鈥淏y 2050, we could lose 14 percent of the region鈥檚 GDP because of water issues,鈥� said Kairouz. 鈥淚f there is no action being taken very quickly, this region is one of the ones that will suffer the most because of climate change.鈥�

However, with climate conference COP27 having taken place in Egypt last November, and with COP28 hosted by the UAE later this year, Kairouz says there is 鈥渁 great opportunity to already set the stage for 2035 for the region to become a leader and pioneer.鈥�

He added: 鈥淲e have all the tools that we need 鈥� the financial tools and the expertise in terms of managing big projects 鈥� to really become a global leader in climate action.鈥�

In addition, the Davos meeting will feature its highest-ever business participation, with more than 1,500 private sector leaders registered across 700 organizations, including more than 600 of the world鈥檚 top CEOs from WEF Partners.

Over 125 experts and heads of the world鈥檚 leading universities, research institutions and think tanks will also join the meeting.

According to organizers, the WEF meeting will also be climate-neutral for the sixth consecutive year.