World Economic Forum to return in-person as it aims to shed light on ‘History at a Turning Point’

World Economic Forum to return in-person as it aims to shed light on ‘History at a Turning Point’
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Swiss soldiers build fences in front of the Kongress Hotel Davos ahead of the upcoming World Economic Forum in Davos, Switzerland. (Reuters)
World Economic Forum to return in-person as it aims to shed light on ‘History at a Turning Point’
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The national flag of Ukraine flies along with other countries' flags at the congress center, the venue of the upcoming World Economic Forum 2022 in Davos, Switzerland. (Reuters)
World Economic Forum to return in-person as it aims to shed light on ‘History at a Turning Point’
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A general view of the congress center, the venue of the upcoming World Economic Forum in Davos, Switzerland. (REUTERS)
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Updated 22 May 2022

World Economic Forum to return in-person as it aims to shed light on ‘History at a Turning Point’

World Economic Forum to return in-person as it aims to shed light on ‘History at a Turning Point’
  • This year’s meeting will bring together about 2,500 leaders and experts from around the world, including more than 50 heads of state and government, more than 1,250 leaders from the private sector and nearly 100 Global Innovators and Technology Pioneers

LONDON: The World Economic Forum has announced that the theme of its annual meeting for 2022 will be ‘History at a Turning Point: Government Policies and Business Strategies’ in its return to an in-person conference since the pandemic forced it to go virtual since 2020.

“The Annual Meeting is the first summit that brings global leaders together in this new situation characterized by an emerging multipolar world as a result of the pandemic and war,” said Klaus Schwab, the WEF’s founder and executive chairman.

This year’s meeting — which is happening in the spring rather than its usual January slot — returns after a two-year hiatus and will bring together about 2,500 leaders and experts from around the world, including more than 50 heads of state and government, more than 1,250 leaders from the private sector and nearly 100 Global Innovators and Technology Pioneers.

“The fact that nearly 2,500 leaders from politics, business, civil society and media come together in person demonstrates the need for a trusted, informal and action-oriented global platform to confront the issues in a crisis-driven world,” Schwab said.

Civil society will be represented by more than 200 leaders from NGOs, social entrepreneurs, academia, labour organizations, faith-based and religious groups, and at least 400 media leaders and reporting press. The Annual Meeting will also bring together younger generations, with 100 members of the Forum’s Global Shaper and Young Global Leader communities participating.

Against a backdrop of the global pandemic, the Russian invasion of Ukraine and geo-economic challenges, the meeting convenes at a strategic point where public figures and global leaders will meet in person to reconnect, exchange insights, gain fresh perspectives and advance solutions.

Topics that will be discussed at the annual meeting range from COVID-19 and climate change to education, technology and energy governance.

These include the Reskilling Revolution, an initiative to provide 1 billion people with better education, skills and jobs by 2030; an initiative on universal environmental, social and governance (ESG) metrics and disclosures to measure stakeholder capitalism; and the One Trillion Trees initiative, 1t.org, to protect our trees and forests and restore the planet’s ecosystems.

The programme will have six thematic pillars, including fostering global and regional cooperation; securing the economic recovery and shaping a new era of growth; building healthy and equitable societies; safeguarding climate, food and nature; driving industry transformation, and finally; harnessing the power of the Fourth Industrial Revolution.


Biden administration holding its first onshore oil sales

Biden administration holding its first onshore oil sales
Updated 29 June 2022

Biden administration holding its first onshore oil sales

Biden administration holding its first onshore oil sales

BILLINGS: The US government this week is holding its first onshore oil and gas drilling lease auctions since President Joe Biden took office after a federal court blocked the administration’s attempt to suspend such sales because of climate change worries.

The online auctions start on Wednesday and will conclude on Thursday. About 200 square miles (518 square kilometers) of federal lands were offered for lease in eight western states. Most of the parcels are in Wyoming.

The sales come as federal officials try to balance efforts to fight climate change against pressure to bring down high gas prices.

Republicans want Biden to expand US crude production. But he faces calls from within his own party to do more to curb fossil fuel emissions that are heating the planet.

A coalition of 10 environmental groups said in a lawsuit filed before the sales even began that they were illegal because officials acknowledged the climate change impacts but proceeded anyway.

An immediate ruling was not expected. Interior Department spokesperson Melissa Schwartz said the agency did not have comment on the litigation.

Beginning with this week’s sales the royalty rate for oil produced from new federal leases is increasing to 18.75 percent from 12.5 percent. That’s a 50 percent jump and marks the first increase since the 1920s.

Parcels also are being offered in Colorado, Utah, New Mexico, Montana, Nevada, North Dakota and Oklahoma.

Hundreds of parcels of public land that companies nominated for leasing had been previously dropped by the administration because of concerns over wildlife being harmed by drilling rigs. More parcels covering about 49 square kilometers were dropped at the last minute in Wyoming because of potential impacts on wilderness, officials said.

But attorney Melissa Hornbein with the Western Environmental Law Center said the reductions in the size of the sales were not enough.

“They are hoping that by choosing to hold sales on a smaller amount of acreage they are threading the needle. But from our perspective, the climate science is the one thing that doesn't lie,” Hornbein said.

Fossil fuels extracted from public lands account for about 20 percent of energy-related US greenhouse gas emissions, making them a prime target for climate activists who want to shut down leasing.

Biden suspended new leasing just a week after taking office in January 2021. A federal judge in Louisiana ordered the sales to resume, saying Interior officials had offered no “rational explanation” for canceling them and only Congress could do so.

The government held an offshore lease auction in the Gulf of Mexico in November, although a court later blocked that sale before the leases were issued.


Arabian Plastic Industrial Co. gets CMA nod to IPO 20% stake on Nomu

Arabian Plastic Industrial Co. gets CMA nod to IPO 20% stake on Nomu
Updated 29 June 2022

Arabian Plastic Industrial Co. gets CMA nod to IPO 20% stake on Nomu

Arabian Plastic Industrial Co. gets CMA nod to IPO 20% stake on Nomu

RIYADH: Saudi-based Arabian Plastic Industrial Co. has received approval for an initial public offering of 1 million shares on the Kingdom’s parallel market.

Shares to be listed represent 20 percent of the company’s share capital. 

The resolution was issued by the Saudi stock market regulator Capital Market Authority in a statement on Wednesday.

The Capital Market Authority’s approval shall be valid for six months from the authority’s board resolution date. It shall be deemed cancelled if the company’s offering is not completed within this period. 

The authority also granted Abdulaziz and Mansour Ibrahim Albabtin Co. approval to list 544,000 shares, representing 16 percent of the firm’s capital, on Nomu.

 

 


Arabian Drilling Co. gets approval to IPO 30% stake on Saudi stock market

Arabian Drilling Co. gets approval to IPO 30% stake on Saudi stock market
Updated 29 June 2022

Arabian Drilling Co. gets approval to IPO 30% stake on Saudi stock market

Arabian Drilling Co. gets approval to IPO 30% stake on Saudi stock market

RIYADH: Saudi-based Arabian Drilling Co. has received approval for an initial public offering of 26.7 million shares, representing 30 percent of the firm’s capital, on the Kingdom’s stock exchange.

The Capital Market Authority’s approval shall be valid for six months from the authority’s board resolution date. It shall be deemed cancelled if the company’s offering is not completed within this period. 


ICT infrastructure in Makkah, Madinah fully operational for Hajj with 41% rise in 5G towers 

ICT infrastructure in Makkah, Madinah fully operational for Hajj with 41% rise in 5G towers 
Updated 29 June 2022

ICT infrastructure in Makkah, Madinah fully operational for Hajj with 41% rise in 5G towers 

ICT infrastructure in Makkah, Madinah fully operational for Hajj with 41% rise in 5G towers 

RIYADH:  The Communications and Information Technology Commission, Saudi Arabia’s digital regulator, on Wednesday announced that communication infrastructure is fully operational in Makkah and Madinah and ready for this year’s Hajj.

The CITC has ensured the functioning of over 5,900 communication towers and more than 11,000 Wifi access points in the two holy cities, according to a statement. 

The number of 5G towers rose 41 percent to reach more than 2,600.

 “The Kingdom’s infrastructure readiness will not only help smooth the passage of fulfilling a lifelong dream,” said CITC Gov. Mohammed bin Saud Al-Tamimi, “it will significantly enhance their (pilgrims) digital experience.” 

 


Saudi Electricity sells entire stake of its subsidiary to the government

Saudi Electricity sells entire stake of its subsidiary to the government
Updated 29 June 2022

Saudi Electricity sells entire stake of its subsidiary to the government

Saudi Electricity sells entire stake of its subsidiary to the government

RIYADH: State-owned Saudi Electricity Co. has transferred its entire stake in the Saudi Power Procurement Co. to the government, the company said in a bourse filing.

SPPC as of today is an independent company wholly owned by the government, following completion of all legal arrangements for sale and transfer of assets, liabilities, and contracts

SPPC and SEC also signed energy conversion agreements, bulk supplies, and fuel supply novations, all effective July 1.

With that, SEC, SPPC and the Ministry of Finance signed a fuel inventory sale agreement, which stipulates that the ministry shall pay SEC its net book value for the fuel inventory.

The sale price shall be calculated based on the book value of SPPC's net assets at the end of the second quarter of 2022.

SEC does not expect the carve-out of SPPC to negatively impact its business since SPPC possesses no material tangible assets.