What G20 summits have solved

Saudi Crown Prince Mohammed bin Salman greets French President Emmanuel Macron at the G20 opening. (AFP)
Updated 01 December 2018
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What G20 summits have solved

  • Think the meeting of world leaders' is just a meaningless photo op, where nothing substantive happens? Think again
  • The group has a credible track record in its 10 years of existence, during a tumultuous time, of actually sorting a lot out

BUENOS AIRES: The G20 divides opinion, that is for sure. Not only among those attending the gathering — US President Donald Trump versus Chinese leader Xi Jinping is an obvious example — or in the protests against the summit that will take place in Buenos Aires, but also among the economists and thought leaders who analyze these things.
Some, such as the London-based consulting group Capital Economics (CapEcon), seem to believe the G20 is a waste of time. “The wider agenda for the summit, and the G20 itself, now looks irrelevant to global economic prospects,” the think tank said.
No less a body than the International Monetary Fund seems to agree. In its “surveillance note” on the G20, the admonishing tones of Christine Lagarde, IMF managing director, rang through: “Success here depends on us acting swiftly — and acting together,” she wrote.
In the Argentine capital, that was seen as a veiled attack on the G20 and its confrontational mix of politics, economics, finance and personality.
Lagarde and CapEcon are singing from the same book. Their theme is that the G20 is a distraction from the real business of getting on with managing the global economy.
The IMF leader forecast a confluence of difficult economic conditions in the global economy. “Significant risks are materializing and darker clouds are looming,” she said, with the implicit criticism that showboat gatherings such as the G20 are not the best way to address these vital issues.
All big global meetings are vulnerable to the same criticism, to a greater or lesser degree. Davos, the regular gathering of the “masters of the universe” in the rarefied atmosphere of the Swiss Alps, has often been dismissed as “hot air in a cold climate.”
But as the elder statesman of the global scene, Henry Kissinger, former US secretary of state, recently told another global gathering of thought leaders in the more tropical atmosphere of Singapore: “It is good to talk. If they are talking, they are not fighting.”
Most of the attendees at the G20 in Buenos Aires agree that exchanging views is better than exchanging tariffs, or missiles, even if they disagree over subtleties of talking style.
And they can point to a credible track record of the G20 in its 10 years of existence — probably the most tumultuous 10 years in the geo-financial scene since the fall of the Soviet Union in 1990 — as proof of the benign effects of talk and evidence that the gathering is far from irrelevant.
In 2008, when the first G20 gathering took place in Washington, the world was on the brink of financial collapse as the global crisis threatened to overwhelm even the biggest national economies.
Although the crisis had its origins in the US property market and the esoteric financial instruments bankers had devised to finance it, the “toxic assets” had infected the banking system from Baltimore to Beijing. What was required was urgent and coordinated action to head off the contagion.
The three biggest economies in the world, the US, China and the EU, put in place the first measures to buy the world some time. What became known as “quantitative easing” or QE — the issuing of sovereign debt by central bankers to inject much-needed liquidity into the global banking system — was born.
The G20 reassembled in London the following spring, and in Pittsburgh later in 2009, to hammer out the details of the QE program, and set in place the global economic stimulus program that prevented a short-lived recession deteriorating into a full-blown, 1930s-style depression.
President Barack Obama, Hu Jintao of China, and Gordon Brown, the UK prime minister, developed a relationship at both meetings, which were regarded as successes.
The G20, as an annual fixture on the geopolitical stage, was born. To mark its significance, it was proposed the forum become an annual event, rather than haphazard twice-yearly meetings, and after 2010 the current yearly format was adopted. Countries competed to stage the summit, as a mark of prestige in the world pecking order.
The next two G20s struggled with the crisis in the euro zone financial system, which had grown out of the global financial crisis but for a while threatened the whole continent. In 2010 in Toronto, and the next year in Cannes, leaders tried to deal with a problem that in some ways was more intractable than the global crisis.
These meetings threw up some of the challenges of dealing with global issues in a large multinational forum, with different national agendas in competition with each other. The US wanted Europe to adopt the fiscal stimulus techniques it had learned during the financial crisis; most of the big European powers favored austerity measures that, some believed, exacerbated the problems in Greece, Italy and Spain.
By 2014 the global economy had mostly recovered from the ravages of the 2009 crisis, and the G20 in Brisbane, Australia, put the world back on a growth path with the pledge to lift the gross domestic product of the G20 members by 2 percent above forecast levels. Individual governments published lists of economic targets and measures to meet them, just as the global economy went back into growth mode.
The following year, in Antalya, Turkey, the G20 was overshadowed by terrorist attacks in Paris and Turkey a short time ahead of the gathering. But it focused the minds of the international community, which agreed to a joint communique opposing terrorism. Some analysts believe this was when the US and its allies began to take seriously the threat from Daesh in the Middle East, and implemented measures to tackle the terrorist organization in Iraq and Syria.
But not every G20 can be labelled a 100 percent success. In Los Cabos, Mexico, in 2012, the final communique was criticized as being too vague, with general commitments to “structural reform.”
In St. Petersburg the following year, the emphasis was on infrastructure investment, and tackling corruption and tax evasion, problems that have plagued the global financial system ever since.
The Hangzhou summit in China in 2016 took place after Britain had voted to leave the EU, and in the course of what would become Trump’s successful presidential campaign. The final communique pledged its support for open markets and globalization just as both concepts were to come under attack from the new US leader, who used the next G20, in Hamburg, to launch his campaign against the established order in trade and international relations.
The success or otherwise of a G20 summit is usually measured by the tone and content of the final communique, issued on the second and final day of the gathering, and intended to show the unity of the group around concrete action.
Getting the right wording for the document, which will have to appeal to often sharply opposing interests and personalities, is the main job of the “sherpas,” the government officials whose job it is to lead the leaders through these potential minefields toward a consensus.
That task is never easy, but in Buenos Aires this year, the tensions and conflicts are perhaps greater than ever. The behind-the-scenes bargaining process on the communique is said to be “very, very difficult.”


Saudi Arabia, UK set up sustainable infrastructure assembly to bolster trade

Updated 6 sec ago
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Saudi Arabia, UK set up sustainable infrastructure assembly to bolster trade

  • Partnership will support initiatives under Saudi Vision 2030
  • London ‘a natural partner in achieving our shared vision,’ Saudi investment minister says

LONDON: Saudi Arabia and the UK on Sunday unveiled a new strategic partnership aimed at deepening collaboration between British financial and professional services firms and the Kingdom’s sustainable infrastructure developers.

The deal was announced by the Saudi Ministry of Investment, UK Department for Business and Trade and City of London Corp.

Central to the agreement is the establishment of the UK-Saudi Sustainable Infrastructure Assembly, a platform that will bring together companies, policymakers and industry experts from the two countries to shape the future of investment in the sector.

The assembly will initially focus on projects such as the new Electric Vehicle Infrastructure Co., led by Saudi Arabia’s Public Investment Fund, and the Prince Faisal Bin Fahad Sustainable Sports City project, spearheaded by the Kingdom’s National Center for Privatization.

Set to launch next month in Riyadh, the assembly will also meet in London in June under the banner of the UK Government’s “Great Futures” campaign, which showcases cooperation across trade, investment, tourism, education and culture. A final meeting will take place during the Future Investment Initiative in Riyadh in the fall.

Among the Saudi members of the assembly are Deputy Assistant for Service Sectors at the Ministry of Investment Fahad Al-Hashem, and Hatim Alghamdi, Hisham Sumayli and Faisal Abdeen from the Ministry of Economy and Planning.

Sultan Al-Khalil, general manager of alternative funding at the National Debt Management Center, and Salman Badr, vice president of infrastructure advisory at the National Center for Privatization, will also take part.

The British side includes UK Export Finance CEO Tim Reid and Deputy Trade Commissioner for the Middle East Arabian Peninsula Peter Ashby.

As Saudi Arabia pursues a $1 trillion infrastructure development pipeline as part of Vision 2030, the assembly is set to help strengthen business ties between the two countries.

Saudi Minister of Investment Khalid Al-Falih said: “Saudi Arabia is driving one of the most ambitious infrastructure transformations in the world, with approximately $1 trillion committed to projects that are not only reshaping our cities but also setting new global benchmarks for sustainability.

“Through Vision 2030, we are integrating cutting-edge technologies, green financing and world-class expertise to ensure that our infrastructure delivers long-term economic, social and environmental value.

“The City of London’s leading global expertise and innovative approach to sustainable finance, infrastructure governance and public-private partnerships complement our own ambitions.

“Our long-standing partnership with the UK spans decades, making the City of London a natural partner in achieving our shared vision for a more sustainable and prosperous future,” he said.

UK Minister for Investment Poppy Gustafsson said the UK and Saudi Arabia shared a deep commitment to driving sustainable economic growth and attracting global investment into transformational infrastructure projects.

“These assemblies represent an opportunity to strengthen commercial ties between our two nations, ensuring that Saudi projects are well positioned to secure international capital and expertise through the UK.

“This landmark UK-Saudi collaboration exemplifies our ‘Great Futures’ campaign, fostering partnerships that will drive sustainable development and prosperity, with the UK as a trusted partner in Saudi Arabia’s Vision 2030 journey.”

Lord Mayor of London Alastair King echoed the sentiment.

“This new partnership offers exciting opportunities for both countries,” he said.

“The UK’s expertise in sustainable finance is in demand across the globe. We are world leaders because of our reputation for innovation, access to capital and world-class clusters of expertise.

“This assembly will identify new growth opportunities for Saudi infrastructure and will make it easier for UK firms to engage with Saudi Arabia’s thriving market.”


Saudi Arabia welcomes Oman’s hosting of Iran-US talks, says dialogue is the way to go 

Updated 14 April 2025
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Saudi Arabia welcomes Oman’s hosting of Iran-US talks, says dialogue is the way to go 

  • Kingdom says it prefers dialogue as a way to end all regional and international disputes
  • American and Iranian delegations met for the first time in Muscat, Oman, to lay down the format of their talks

RIYADH: Saudi Arabia welcomed Oman's hosting of the Iran-US talks on Tehran's nuclear program, the Ministry of Foreign Affairs has said, adding that the Kingdom prefers dialogue as a way to end all regional and international disputes. 

In a statement carried by the Saudi Press Agency, the ministry said Saudi Arabia hopes that the talks "will lead to supporting joint action to enhance security, stability and peace in the region and the world."

On April 12, American and Iranian negotiators met for the first time in Muscat, the Omani capital, as the long-term adversaries try to come up with a new nuclear deal in place of the failed 2015 accord.

The 2015 accord, or the Joint Comprehensive Plan of Action (JCPOA), was a long-term deal that Iran agreed with world powers known as the P5+1 — composed of the US, UK, France, China, Russia and Germany.

Under that agreement, Iran was to limit its nuclear activities and allow international inspectors to visit its nuclear sites. In return, economic sanctions on Iran would be lifted by the world powers, notably the US.

Donald Trump, however, pulled the US out of the agreement in his first term of office in 2018 amid objections by other regional powers that the accord lacked the teeth to curtail Iran's nuclear activities and only empowered Tehran to continue interfering in the affairs of its neighbors.

In his second term as president, Trump invited Iran's leadership to the negotiating table to avoid military action.

In Saturday's initial meeting in Muscat, Oman's Foreign Minister Badr Albusaidi acted as intermediary, shuttling from one room to the other where the American and Iranian delegations were assigned, as the long-time adversaries tried to lay the groundwork for their high-stakes nuclear talks.

 

 

Albusaidi later told reporters that the talks took place in a “friendly atmosphere,” adding: “We will continue to work together.”

According to the Iranian foreign ministry, the negotiators also spoke directly for “a few minutes,” and that the talks were held “in a constructive and mutually respectful atmosphere.”

Steve Witkoff, a real estate magnate, headed the US team, while Iran's team was led by Foreign Minister Abbas Araghchi, a seasoned diplomat and key architect of the 2015 accord.

Just before the first meeting started, Trump told reporters: “I want Iran to be a wonderful, great, happy country. But they can’t have a nuclear weapon.”

Supreme leader Ayatollah Ali Khamenei’s adviser Ali Shamkhani said Iran was “seeking a real and fair agreement.”

The two sides have agreed to meet again.


Misk Foundation, London Business School sign strategic agreement

Updated 14 April 2025
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Misk Foundation, London Business School sign strategic agreement

  • The agreement aims to explore collaboration in areas such as leadership development, executive education, scientific research, and strategic communication

RIYADH: The Mohammed bin Salman Foundation, also known as Misk, and London Business School signed on Sunday a strategic agreement to strengthen leadership and advance executive education. 

The agreement aims to explore collaboration in areas such as leadership development, executive education, scientific research, and strategic communication, in line with Saudi Vision 2030’s goals to empower leadership across the public, private, and nonprofit sectors.

It was signed by Dr. Badr Al-Badr, CEO of the foundation, and Professor Sergei Guriev, Dean of London Business School, in the presence of Majid Al-Qasabi, Vice Chairman of Misk Foundation, and Yousef bin Abdullah Al-Benyan, Minister of Education.

The cooperation includes designing and delivering empowerment and leadership development programs for youth, and developing short executive courses and tailored workshops for Saudi leaders. 

It will study the potential establishment of a regional executive education hub in Mohammed bin Salman Nonprofit City.

Commenting on the partnership, Al-Badr said the agreement reflects Misk Foundation’s commitment to developing a generation of leaders capable of shaping a sustainable future and driving national transformation.

“Through the strategic collaboration, we aim to deliver effective educational and executive solutions, and to advance scientific research that support the development of qualified leadership capabilities, contributing to enhancing the Kingdom’s competitiveness regionally and globally,” he added.

This partnership with London Business School, one of the world’s most prestigious academic institutions, falls within Misk Foundation’s broader efforts to provide innovative learning and training opportunities that contribute to building a thriving society led by youth. 


US energy secretary praises Saudi cooperation

Updated 13 April 2025
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US energy secretary praises Saudi cooperation

  • Chris Wright discussed renewable energy sources with Saudi officials

RIYADH: US Energy Secretary Chris Wright praised Saudi Arabia’s leadership for fostering robust energy cooperation between the two countries.

Wright, who visited the Kingdom on Sunday, expressed his gratitude to Crown Prince Mohammed bin Salman and Energy Minister Prince Abdulaziz bin Salman for supporting energy partnership with the US.

During a media briefing at the Energy Ministry in Riyadh, Wright discussed his conversations with Saudi officials regarding energy investment, trade and security. He praised the Kingdom’s solar energy sector and innovative energy development approach.

He discussed renewable energy sources such as green hydrogen and solar power with Saudi officials, stressing the need for long-term investments to meet rising global demand, the Saudi Press Agency reported.

Wright highlighted the importance of stable oil prices to encourage investments in vital minerals, and emphasized the need to promote mutual investment and consistent growth in energy supplies, the SPA added.

Regarding the tariffs introduced globally by the US, he said the focus was on fair trade and bringing jobs back to the country. Wright described them as strategic tariffs aimed at encouraging domestic investment.


Fashioning identity: Saudi designer champions tour guides as ambassadors

Updated 13 April 2025
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Fashioning identity: Saudi designer champions tour guides as ambassadors

  • Dallal Al-Juhani’s uniform concept weaves together tradition, technology
  • We should showcase Saudi heritage to the world through tourism and fashion, she says

JEDDAH: In Saudi Arabia, where each region’s distinct heritage shines through its landscape and traditions, tour guides serve as vital ambassadors — and one Saudi designer believes their attire is key to embodying the cultural treasures they represent.

Dallal Al-Juhani, a fashion design faculty member at Taibah University, has developed a visionary concept for tour guide uniforms in AlUla which blends heritage with modern style.

Dallal Al-Juhani’s uniform concept reflects the rich identity of AlUla through colors, patterns, materials, and techniques, all inspired by the region’s heritage. (Supplied)

Using technology to champion heritage, her project merges the cultural identity of AlUla with aesthetics and the functional needs of the job, highlighting Saudi identity in its finest form.

“Saudi heritage has its place and value,” she told Arab News. “We should be proud of it and showcase it to the world through the tourism and fashion sectors."

HIGHLIGHT

Dallal Al-Juhani, a fashion design faculty member at Taibah University, has developed a visionary concept for tour guide uniforms in AlUla which blends heritage with modern style.

Al-Juhani holds a bachelor’s degree in clothing and jewelry design from Taibah University, and boasts a master’s in fashion design from King Abdulaziz University.

Dallal Al-Juhani’s uniform concept reflects the rich identity of AlUla through colors, patterns, materials, and techniques, all inspired by the region’s heritage. (Supplied)

She added: “During my studies there was a significant focus on fashion that reflects heritage, as well as the role of modern technologies in the development of the fashion industry.”

Reflecting on the inspiration behind her vision for tour guide uniforms, she said: “During my visit to AlUla in 2021 I noticed that tour guides did not have a specific uniform to stand out to visitors.

Saudi heritage has its place and value. We should be proud of it and showcase it to the world through the tourism and fashion sectors.

Dallal Al-Juhani, Saudi designer and academic

“As a fashion designer I felt compelled to find a solution to this issue by creating designs suitable for this role.”

Al-Juhani’s uniform concept reflects the rich identity of AlUla through colors, patterns, materials, and techniques, all inspired by the region’s heritage.

Dallal Al-Juhani’s uniform concept reflects the rich identity of AlUla through colors, patterns, materials, and techniques, all inspired by the region’s heritage. (Supplied)

It serves as a visual narrative, representing the beauty of AlUla’s monuments while establishing a deep connection between the storyteller and the place itself.

She said: “Patterns were inspired from iconic locations such as Al-Hijr and Jabal Ikmah, incorporating Nabataean letters and prominent symbols such as the bull, lion, and hand.”

Dallal won the Gold Medal at the London International Exhibition of Inventions and Innovations 2024, alongside special recognition from Croatia and Romania. (Supplied)

Functionality was a key consideration in the uniform’s design, and Al-Juhani added: “The uniform gives the tour guide a sense of belonging and comfort, leaving a positive impression on tourists, which elevates the level of professionalism in the tourism sector.”

As a young Saudi designer Al-Juhani’s message to her peers is to keep up with modern trends by utilizing new technologies in design and illustration. In fact, as part of her project, she harnessed artificial intelligence techniques to enhance her designs.

And to bring her vision to life she used AI-powered tools like Midjourney and Lexica to develop prototypes before transitioning to manual work.

She said: “I used natural leather and techniques such as burning and decoration that mimic the ancient Nabataean style. I also added traditional details using leather threads and blanket stitching to enhance the heritage touch.”

While Al-Juhani did face some challenges in sourcing high-quality materials, the input offered by tour guides made the process smoother.

She added: “I made sure to involve them in every stage to strengthen their connection to the uniform, making it a project they felt a part of rather than just a product.”

Her innovative approach has already earned her recognition, and Al-Juhani was awarded the gold medal at the London International Exhibition of Inventions and Innovations in 2024, as well as receiving special recognition from Croatia and Romania at the same event.

“It was proof that heritage and monuments give design authenticity, uniqueness, and enhance its aesthetic and expressive value,” she said.