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


Oman’s economy grows 2% in Q3 as bank credit expands 

Updated 5 sec ago
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Oman’s economy grows 2% in Q3 as bank credit expands 

JEDDAH: Oman’s economy expanded 2 percent in the third quarter of 2025, supported by steady growth in non-oil activities, while bank lending continued to rise faster than deposits, underscoring improving domestic demand. 

Gross domestic product at constant prices reached about 9.91 billion Omani rials ($26 billion) in the three months through September, up from 9.71 billion rials a year earlier, according to preliminary data from the National Centre for Statistics and Information. 

The expansion was driven mainly by non-oil sectors, where value added increased 2 percent to more than 7.3 billion rials, Oman News Agency reported. 

This comes after Fitch Ratings recently upgraded the Sultanate’s sovereign credit rating to investment grade at BBB-, projecting GDP growth of around 4 percent in 2025, driven largely by robust expansion in the non-oil sector. 

Meanwhile, S&P Global Ratings expects steady real GDP growth of about 2 percent a year through 2028, supported by ongoing economic diversification and momentum in the services sector. 

“By economic activity, construction activities grew 1.3 percent to around 1.035 billion rials, while wholesale and retail trade increased 1.3 percent to 830.5 million rials. Public administration and defense rose 1.5 percent, reaching 932.5 million rials in Q3 2025,” the ONA report stated. 

Oil sector activities increased 1.9 percent to nearly 3.07 billion rials, compared with just over 3.01 billion rials in the same period of 2024. Crude oil production rose 2 percent to more than 2.55 billion rials, while natural gas activities grew 1.6 percent to 512.8 million rials, up from 504.7 million rials a year earlier. 

Meanwhile, total credit extended by conventional commercial banks in the Sultanate rose 8.5 percent by the end of November, with lending to the private sector increasing 5.8 percent to 21.9 billion rials. 

“In terms of investment, total holdings of conventional commercial banks in securities grew 7.4 percent, reaching approximately 6.4 billion rials by the end of November 2025,” ONA stated in another report. 

Within this category, investments in government development bonds rose 9.5 percent year on year to 2.2 billion rials, while investments in foreign securities declined 4.4 percent to 2.3 billion rials. 

On the liabilities side, total deposits with conventional commercial banks increased 6.3 percent to 26.4 billion rials by the end of November. 

Among total deposits, government deposits rose 7.6 percent to about 5.8 billion rials, while deposits from public sector institutions fell 25.6 percent to roughly 1.9 billion rials. 

Private sector deposits climbed 9.5 percent to 17.8 billion rials in November, accounting for 67.2 percent of total deposits with conventional commercial banks.