Arab Press

بالشعب و للشعب
Friday, Jan 27, 2023

Middle East enjoying an important period of economic stability — Crescent Petroleum CEO

Middle East enjoying an important period of economic stability — Crescent Petroleum CEO

The Middle East is enjoying an important period of political and economic stability with the regional economy buoyed by high oil process and economic growth, Majid Jafar, CEO of Crescent Petroleum, told business leaders gathered at the World Economic Forum in Davos on Thursday. He highlighted that industrial production has improved, employment is increasing, and tourism is recovering healthily from the effects of the pandemic, fueling healthy growth of up to 5.1%.
However, risks from the global economic situation, like high inflation and interest rates, must be managed, especially in more vulnerable economies of the region before their impact becomes severe. As oil-exporting economies boost the region's growth potential, oil-importing countries in the rest of the region may face progressively tougher conditions in 2023 that will adversely impact young people seeking opportunities and work, Jafar said.

"Governments must pursue structural reforms that encourage more inclusive and resilient growth and support the private sector," Jafar said. "With 100 million young people looking to achieve their full potential, private sector job creation will be critical to creating job opportunities and enabling a productive economy."

Jafar was speaking on the panel "Between Liquidity and Fragility: Reforming in MENA", which focused on the MENA region's economic dynamics in 2023. The panel was in partnership with Al Arabiya news channel, and also included Hala H. ElSaid Younes, Minister of Planning and Economic Development of Egypt, Faisal Alibrahim, Minister of Economy and Planning of Saudi Arabia, Noor Ali Alkhulaif, Minister of Sustainable Development of Bahrain, and Henadi Al Saleh, Chair of the Board of Directors of Kuwait-based Agility.

According to the International Monetary Fund, the global energy crisis of 2022 has led to a big boom for oil producers in the region, adding an estimated US$1.3 trillion in additional revenues over the next four years. The region will also become much more important in the climate-energy nexus, helped partly by the hosting of the COP meetings and its growing role as the primary energy supplier, buoyed by its low-production cost of oil, growing importance of gas & solar, and major investments in hydrogen.

However, these factors have also heightened stresses and risks for MENA countries which import food, fertilizers and energy, such as Jordan, Lebanon and Egypt, he said.

The strengthening of the private sector will be vital for sustained growth, employment and competitiveness moving forward across the region, he added:

"Enhancing the role of the private sector across the region requires an improved finance infrastructure, assistive regulations, and concrete steps by governments to enable and empower companies and SMEs across economic sectors," he said. "Our region as a whole also needs to tackle the youth unemployment and female empowerment, which are critical to economic performance and recovery."

The World Economic Forum annual meeting is held from 16-20 January 2023 in Davos, Switzerland. The Annual Meeting convenes government, business, and civil society leaders to address the state of the world and discuss priorities for the year ahead. In addition, it will provide a platform to engage in constructive, forward-looking dialogues and help find solutions through public-private cooperation.

The full session can be viewed at the following link:

Related Articles

Arab Press
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Saudi FM discusses Kingdom’s economy, oil, Iran and US ties in Davos
Israelis rally in three cities against Netanyahu legal reforms
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Saudi Arabia plans to use domestic uranium for nuclear fuel
Mohammed Bin Salman chosen most influential Arab leader of 2022
Dirty bomb fears as URANIUM is found in cargo at Heathrow
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
United Arab Emirates says it will teach Holocaust in schools
Saudi Arabia set to overtake India as fastest-growing major economy this year 
International medical experts speak out against COVID-19 restrictions on China
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Saudi Arabia’s female ambassadors: Who are the five women representing the Kingdom?
Almubarak named ‘The Best Central Bank Governor of the Year 2023 for the Middle East’
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Dubai announces $8.7 trillion economic plan to boost trade, investment and global hub status
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse
Ronaldo's new contract...
Prince William's godmother resigns honorary royal role after exposing her/their racism
Tax fraud verdict again exposes illusion of Trump the master businessman