Borge Brende, president of the World Economic Forum, highlights a significant international push for a long-term peace resolution in Gaza. This development comes as diplomats and leaders gather for a special meeting in Riyadh, emphasizing the global community's commitment to addressing the ongoing conflict.

International pressure mounts on Israel and Hamas to agree to a ceasefire in Gaza, with decisive talks taking place in Cairo. The potential deal includes a temporary truce and a hostage swap, with Israel considering a 'second phase' involving sustained calm. The World Economic Forum in Riyadh focuses on the crisis, with global leaders urging acceptance of the proposal. The US is also involved, with Secretary of State Antony Blinken and President Joe Biden actively engaging in discussions. The failure of negotiations could lead to Hamas relocating its leadership from Qatar, with talks potentially moving to Jordan.

Saudi Arabia's Finance Minister Mohammed Al Jadaan announced that the kingdom will adapt its Vision 2030 projects in response to economic and geopolitical challenges, potentially downscaling or accelerating certain initiatives. The Vision 2030 programme aims to diversify the economy away from oil, support private-sector growth, and improve workforce participation. Despite some setbacks, such as the Neom project's reduced scope, 87% of the initiatives are on track. The minister emphasized the need for flexibility and strategic adjustments. The article also highlights global economic challenges discussed by Kristalina Georgieva of the IMF, including the impact of high interest rates and the need for economic reforms in developing countries.

ADNOC Gas has awarded a $3.6 billion contract to expand its gas processing infrastructure in the UAE, with the majority of the deal's value expected to benefit the country's economy. The contract was given to a joint venture between the National Petroleum Construction Company and Spain's Tecnicas Reunidas. The project will increase ethane extraction by 40% at the Habshan complex and includes a new 120-kilometer pipeline to the Ruwais Industrial Complex.

In 2022, Russia surpassed Mali, Zimbabwe, and Ghana to become the United Arab Emirates' (UAE) primary gold supplier. This shift occurred as Western nations imposed economic sanctions on Russia due to its invasion of Ukraine, leading the UAE to increase its gold imports from Russia. The UAE imported 96.4 tons of gold from Russia, representing about one-third of Russia's annual mine production and over 15 times the amount imported from Russia the previous year. Mali was the second-largest supplier with 95.7 tons of gold to the UAE.

The United Arab Emirates is fostering innovation in the metaverse, particularly with technologies that enable virtual smelling. The Dubai Metaverse Strategy aims to attract 1,000 companies, support 40,000 virtual jobs, and contribute $4 billion to Dubai's GDP by 2030. Alistair Pernigo, an Italian inventor, co-created Auralink, a startup that develops technologies to detect, analyze, and reproduce smells, highlighting the UAE's appeal to metaverse startups.

Turkey's 16th International Defense Industry Fair (IDEF 2023) is underway in Istanbul, with defense companies presenting their latest offerings. The event, which began in 1993, is hosted by Turkey’s Ministry of National Defense and ranks as the fourth largest defense industry gathering globally. While the number of companies attending this year is undisclosed, the previous edition in 2021 attracted over a thousand companies from 53 countries. Turkey also signed a military and financial cooperation deal with Tajikistan during the fair.

Qatar has appointed Sultan Al Mansouri as ambassador to the United Arab Emirates, filling a six-year vacancy since the 2017 Gulf crisis. Sheikh Tamim bin Hamad Al Thani, the emir of Qatar, made the appointment, signaling further reconciliation between the two countries following the resumption of embassy operations in June. Mansouri, a seasoned diplomat, has previously served as Qatar’s ambassador to Austria and China, and as a permanent representative to the United Nations in Vienna.

In 2022, the United Arab Emirates achieved its highest foreign direct investment inflow of nearly $23 billion, while Saudi Arabia experienced a 59% decrease to approximately $7.9 billion. The UNCTAD 2023 World Investment Report highlighted that Israel and the UAE were the top two countries in the MENA region for FDI inflow, ranking 15th and 16th globally.

Saudi Arabia is prioritizing the development of human skills as part of its Vision 2030 economic transformation strategy, with a focus on education and training for future job markets. The kingdom has created 1.1 million new jobs since 2016, but faces challenges in filling these positions due to a skill gap. Initiatives include the launch of the first school of public policy and increased female participation in higher education. Key stakeholders emphasize the importance of soft skills and regional connectivity to meet labor market demands.