Davos Diary: Central Lounge — the networking hub of the universe

All roads lead to the Central Lounge of the Congress Hall at the World Economic Forum annual meeting in Davos. (AP Photo)
Updated 25 January 2019
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Davos Diary: Central Lounge — the networking hub of the universe

  • My daily tactic has been to get on the shuttle from Klosters for the 20-minute trip to Davos, head straight to the Congress Hall, and shack up in the Central Lounge
  • As long as you can keep hold of your table and seat for the day, you have a ringside location for the best flesh-pressing in the world

DAVOS: I am penning these lines from the networking epicenter of the universe, the veritable “ground zero” of schmoozing — the Central Lounge of the Congress Hall at the World Economic Forum annual meeting in Davos.

Although some of the bigger beasts of the annual jamboree in the snow have stayed away this year — we all miss you, Donald and Vladimir — you would not know it from the stellar crowd in this venue. Virtually everyone who is anyone in the world of business, politics and media is here.

It is a journalist’s dream. My daily tactic has been to get on the shuttle from Klosters for the 20-minute trip to Davos as early as possible, head straight to the Congress Hall, and shack up in the Central Lounge.

As long as you can keep hold of your table and seat for the day, which is not always possible given the appetite for space here, you have a ringside location for the best flesh-pressing in the world.

For some reason, the Middle East contingent loves the Central Lounge, so you can hear the familiar sounds of Arabic and watch the chance encounters, the planned bilaterals and the (sometimes) awkward confrontations that take place when Saudis, Emiratis, Qataris and Egyptians are enclosed in a small space.

From time to time, the really big hitters pass through on their way to one of the upstairs meeting rooms. These people, such as head of state Jair Bolsonaro of Brazil and global superstars including Tony Blair, bring in their train the full entourage — bodyguards, advisers and attendant media — and leave a virtual shock wave in their wake. Questions from journalists are invariably declined with a tight-lipped shake of the head.

But others are far more chatty. The rules of the Central Lounge are clear: It is Chatham House, off the record, deep background only, unless you manage to get the agreement of person with whom you are chatting to use something they said for publication. In my experience, that happens rarely.

But perhaps that is a good thing, because it puts these celebrities at their ease, and they open up in a way they never would if there was a camera or a tape-recorder in front of them.

The encounters come faster than an Alpine avalanche. Sometimes you’re talking to one eminent business leader, and you see over their shoulder another, even more interesting, personality. The etiquette is that you fake an urgent phone call and head off to the new attraction.

In the space of 30 minutes this morning, I had fascinating conversations with Hussain Sajwani, chairman of Dubai real estate group Damac, followed by Jose Silva, the relatively new CEO of Dubai’s luxury hotels group Jumeirah. Then came Essa Kazim, governor of the Dubai International Financial Center.

Around and in between these fascinating encounters, there was a clutch of Saudi ministers, the Kingdom’s award-winning film director Haifaa Al-Mansour, the leading historian of the oil industry Daniel Yergin, and many financial “masters of the universe,” as well as a veritable constellation of glamorous media people.

Davos is famed for the quality of its night-time networking — which will be the subject of a subsequent diary — but for daylight schmoozing, leave me in the Central Lounge.
 

Frank Kane is an award-winning business journalist based in Dubai. Twitter: @frankkanedubai


G7 countries to release oil reserves as IEA agrees to largest ever market intervention

Updated 11 March 2026
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G7 countries to release oil reserves as IEA agrees to largest ever market intervention

  • IEA recommends release of 400 million barrels

RIYADH: Germany, Japan and Austria will release part of their oil reserves after the International Energy Agency recommended the release of 400 million barrels of oil ‌from stockpiles, the largest ‌such move in IEA ​history.

In a statement, IEA Executive Director Fatih Birol said the flow of oil, gas and other commodities through the Strait of Hormuz have all but stopped, leading global energy supply to fall by around 20 percent.

Ahead of the confirmation of the move — a larger intervention than the 182.7 million barrels that were released in 2022 by in response to Russia’s invasion of Ukraine — several countries began setting out plans to bring their reserves into play as countries grapple with ​soaring crude prices amid ​the US-Israeli war with Iran. 

Birol said: “I can now announce that IEA countries have decided to launch the largest ever release of emergency oil stocks in our agency's history. 

“IEA countries will be making 400 million barrels of oil available to the market to offset the supply lost through the effective closure of the strait.

“This is a major action aiming to alleviate the immediate impacts of the disruption in markets.”

Germany’s Economy ⁠Minister ​Katherina Reiche ⁠confirmed on Wednesday her government plans to limit petrol price increases at filling stations to once a day and to introduce more stringent antitrust regulation of the sector.

She did not ⁠give an exact timing for ‌those measures, but added that ‌the US and ​Japan would be the ‌largest contributors to the release of the ‌oil reserves.

The US has not confirmed it would do so, but its Interior Secretary Doug Burgum told Fox News on Wednesday that “these are the kinds of moments that these reserves are used for.”

The announcements did not stop oil prices rising, with Brent crude up 3.26 percent to $90.66 a barrel at 4:29 p.m Saudi time, and West Texas Intermediate up 3.12 percent to $86.05. Both were some way below the $119 a barrel seen earlier in the week.

“The situation regarding oil supplies is tense, as the Strait of Hormuz is currently virtually impassable,” Germany’s Reiche said.

“We will comply with this request and ‌contribute our share, because Germany stands behind the IEA’s most important principle: mutual ⁠solidarity,” Reiche ⁠said about the IEA’s request.

According to a statement by Reiche’s ministry, Germany will contribute 2.64 million tonnes of oil. This corresponds to 19.51 million barrels.

Reiche stressed there was no supply shortage in the country, which has a legally mandated reserve of oil and oil products intended to cover 90 days’ demand.

South Korea will release 22.46 million ​barrels of oil, which represents 5.6 percent of the total IEA ask, the ⁠country's industry ministry said.

“The government will consult with the IEA ⁠secretariat on details, such ‌as ‌the ​timing ‌and amount, from ‌the perspective of national interests in accordance with domestic conditions,” ‌the ministry said in a statement.

The ⁠ministry ⁠said it would continue to coordinate closely with major countries in responding to high oil prices to minimise any domestic ​impact.

Austrian Economy Minister Wolfgang Hattmannsdorfer said his country was releasing part of the emergency oil reserve and extending the national strategic gas reserve, adding: “One thing is clear: in a crisis, there must be no crisis winners at the expense of commuters and businesses.”

Acting ahead of the IEA move, G7 ​member Japan announced plans to release 15 days' worth of ‌private-sector oil reserves and one month's worth of state oil reserves.

“Rather than wait for formal IEA approval ‌of a coordinated international reserve release, Japan will act first to ease global energy market supply and demand, releasing reserves as early as the 16th of this month,” Prime Minister Sanae Takaichi said in a broadcast statement.

Following a meeting with the IEA on Wednesday, G7 energy ministers said: “In principle, we support the implementation of proactive measures to address the situation, including the use of strategic reserves.”

All IEA member countries are required to keep 90 days’ worth of their nation’s oil use in reserve in case of global disruption.