RIYADH: Riyadh has emerged as a beacon of “thought leadership, action, and solutions,” stated one of Saudi Arabia’s top officials as the Kingdom’s capital prepares to host the World Economic Forum.

Faisal Al-Ibrahim, the minister of economy and planning, made the comments ahead of the summit on global collaboration, growth, and energy for development, slated for April 28 to 29, which aims to empower leaders from both public and private sectors to tackle mutual global challenges.

According to the WEF website, the meeting will also advance key forum initiatives in the region and beyond as it aims to bridge the growing North-South global divide, which has further widened on issues such as emerging economic policies, the energy transition and geopolitical shocks.

“The Crown Prince’s patronage of the World Economic Forum Special Meeting in Riyadh is a testament to our leadership’s determination to convene the world to take action and expand global collaboration on the critical topics of our time,” said Al-Ibrahim in a post on X.

He welcomed global leaders to this pivotal moment for social, economic, and human development, urging them to “build bridges toward a secure, stable and sustainable future.”

TOKYO: Japan’s Mitsui & Co. said on Tuesday nothing has been decided on a liquefied natural gas project in the UAE, after the Nikkei reported it was teaming up with Abu Dhabi National Oil Co. on it. 

The Nikkei reported ADNOC would have a stake of around 60 percent and Mitsui 10 percent of the $7 billion LNG project at Ruwais, adding Mitsui’s investment is estimated to be several tens of billions of yen. 

Other oil majors Shell, BP and Total Energies are also expected to invest, the report said. 

A Mitsui spokesperson said nothing had yet been decided when asked about the report. ADNOC, BP and Shell declined to comment. TotalEnergies did not immediately respond to a request for comment. 

ADNOC has big ambitions in gas and LNG, which along with renewable energy and petrochemicals, it sees as pillars for its future growth. 

Demand for natural gas soared as Europe scrambled to secure supplies to replace Russian gas in the wake of Moscow’s invasion of Ukraine last year. 

The planned Ruwais LNG project, to the west of Abu Dhabi city, will help ADNOC reach its goal of doubling its LNG production capacity. It currently has liquefaction capacity of about 6 million metric tons per annum at its Das Island facility. 

The Ruwais plant will have electric-powered processing facilities and run on renewable and nuclear grid power, making it one of the lowest carbon intensity LNG facilities globally, ADNOC has said. It will have two 4.8 mtpa LNG liquefaction trains when completed. 

ADNOC said in March it had issued a limited notice to proceed for early engineering, procurement and construction on the Ruwais LNG project to a consortium led by Technip Energies and including JGC Corporation and National Petroleum Construction Co. A final investment decision is expected this year. 

ADNOC has since last year signed several LNG supply deals, including two for LNG from the Ruwais project, expected to begin commercial operations in 2028. 

ADNOC has eyed acquisitions of foreign companies in part to help boost its gas portfolio.