JEDDAH: More than 700 experts are set to gather in Dubai today, for a meeting that will tackle key global issues and help set the agenda for January’s World Economic Forum (WEF) in Davos.
The first-ever ‘Annual Meeting of the Global Future Councils’ will include topics such as smart cities, robotics and the future of mobility, a WEF statement said.
It will develop ideas and strategies to help prepare the world for the “Fourth Industrial Revolution” — a new age characterized by breakthroughs in fields including artificial intelligence, the ‘Internet of things’, autonomous vehicles and 3D printing.
Attendees of the Dubai event will include leading figures from global business and academia, public figures and heads of international organizations.
“As the Fourth Industrial Revolution picks up speed, we must develop new and creative ways of driving economic growth, bringing our communities together and fostering cooperation to tackle the challenges we face head on as a shared humanity,” said Klaus Schwab, founder and executive chairman of the World Economic Forum.
The meeting in Dubai will be co-chaired by Mohammad Al-Gergawi, the UAE’s minister of cabinet affairs and the future.
“Our region has played a major role in shaping the future of the world for centuries,” said Al-Gergawi.
“Today, the forward thinking and vision of our leadership have succeeded in positioning the UAE as a hotbed for innovation, where planning for the future is at the very core of Government. This makes the UAE the ideal destination to host the inaugural Global Future Councils, which strive to find and implement real solutions for the challenges of the future, and flag future opportunities that we can all benefit from.”
As well as generating ideas to tackle global challenges, the outcomes of the discussions of the ‘35 Councils’ meeting in Dubai will shape the program of the 47th World Economic Forum Annual Meeting in Davos, Switzerland, in January 2017.
World Economic Forum agenda on table at Dubai meeting
World Economic Forum agenda on table at Dubai meeting
Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn
RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.
On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.
The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.
According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.
The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.
The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.
The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.
Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.
The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.
Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.
Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.
The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.
Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.
