So what was actually achieved at Davos?

Most business leaders attend not to learn about the latest trends in robotics or the arts, but to do business. (Reuters)
Updated 26 January 2019

So what was actually achieved at Davos?

  • From resolutions and understanding on climate change, to statements of intent on economic policy and international relations, they were all worthy developments

DAVOS: As the last of the private jets left Davos on Friday, many were asking: What exactly was achieved at the annual meeting of the global elite?

One WEF official said wearily: “They ask that every year, but it’s not really the point. It is always good to talk to different people, and as somebody said, if you’re talking it means you’re not fighting.”

But it is an increasingly touchy subject for the WEF. The forum pointedly issued a press release on the final day listing “33 ways Davos 19 made an impact on the world.” From resolutions and understanding on climate change, to statements of intent on economic policy and international relations, they were all worthy developments.

Global themes were the biggest newsmakers. The US-China “trade war” was probably the most often-heard phrase, followed by growing concern over the global economy; Brexit was never far from the top of the agenda; Venezuela dominated proceedings toward the end of the week.

Climate change and environmental concerns were also dominant, partly because of the eloquent advocacy of Sir David Attenborough.

The Middle East was a constant theme too, not least because of the big presence of leaders from Saudi Arabia, the UAE and other Arab states. Most sessions on Middle East subjects — from security to economic transformation to energy— were packed.

In any case, most business leaders attend not to learn about the latest trends in robotics or the arts, but to do business. One global corporate chief told Arab News he had fitted 50 “bilaterals” — deal-doing business meetings — into three days.


Saudi Arabia: OPEC, allies coordinating to hold Saturday meeting

Updated 05 June 2020

Saudi Arabia: OPEC, allies coordinating to hold Saturday meeting

  • Russian energy ministry earlier confirmed the meeting

DUBAI: Saudi Arabia’s energy minister said on Friday that OPEC and its allies, a group known as OPEC+, were working to hold their oil output policy meeting on Saturday.

“The conditions right now warrant hopefully successful meetings. Coordination is under way to hold OPEC and OPEC+ meetings tomorrow afternoon,” Prince Abdulaziz bin Salman said.

The Russian energy ministry earlier similarly said a video conference of a group of leading oil producers, known as OPEC+, would be held on Saturday.

The producers known as OPEC+ previously agreed to cut supply by 9.7 million barrels per day (bpd) during May and June to prop up prices that collapsed due to the coronavirus crisis.

Cuts have been due to taper to 7.7 million bpd from July to December.