THE Saudi Arabia is hosting a special session of the World Economic Forum today (WEF), which is expected to be dominated by the war in the Gaza Strip and tension in the Middle East.

THE US Secretary of State Anthony BlinkenPalestinian representatives and senior diplomats involved in efforts to end the war between Israel and Hamas are among the participants in this two-day meeting in Riyadh.

Blinken will arrive in the Saudi capital on Monday “to discuss ongoing efforts to achieve a ceasefire in Gaza that will allow for the release of the hostages,” the State Department said Saturday.

“It will also emphasize the importance of preventing a spillover” into the region of Israel’s war on the Gaza Strip following deadly attacks by Hamas on its territory on October 7, he added. State Department spokesman Matthew Miller.

“The world today is walking a tightrope, trying to find the balance between security and prosperity,” commented yesterday Faisal al Ibrahim the Saudi Minister of Planning during a press conference.

“We are meeting at a time when an error of judgment, a miscalculation or a miscommunication could exacerbate the challenges” we face, he added.

“New Dynamics”

“There is a kind of new dynamic in the discussions about the hostages and (…) a possible way out of the deadlock we are in in Gaza”, estimated for his part the WEF president Morg Brende.

Israel is not participating in the summit, and negotiations for a ceasefire – brokered by the US, Egypt and Qatar – are taking place elsewhere. However, the meeting will be an “opportunity to have organized conversations” with “key factors”, he underlined.

“There will of course be discussions about the humanitarian situation in Gaza,” as well as Iran’s support for Hamas and Lebanon’s Hezbollah, Brende explained.

According to him, this WEF meeting “is likely to develop into a very important one”.

Hamas announced Saturday that it is “examining” Israel’s counter-proposal for a ceasefire in Gaza, which includes the release of hostages

The counter-proposal came as an Egyptian delegation arrived in Israel on Friday to discuss “the general framework for a ceasefire” in Gaza with the aim of rekindling deadlocked negotiations.

Since the beginning of the war, Saudi Arabia has been working with other regional and global powers in an effort to end the conflict, which threatens to set the region on fire and derail Riyadh’s ambitious Vision 2030 economic reform program.

Saudi designs

The Gulf monarchy, the world’s biggest oil exporter, is also holding talks on a possible deal to normalize its relations with Israel, which would be accompanied by a strengthening of the security agreements it has signed with the US.

In September the Crown Prince of Saudi Arabia Mohammed bin Salman had appeared optimistic about the achievement of such an agreement during his interview with the American television network Fox New. But the war in Gaza has complicated the situation, analysts say.

At the same time, the conservative kingdom, which is home to the two holiest places in Islam, is trying to attract tourists and investors, mainly seeking to improve its image. Hosting international events such as the WEF summit is an opportunity for Saudi Arabia to showcase the progress it has made so far economically and socially.

“Eight years after the announcement of Vision 2030, we have demonstrated to the whole world our desire to follow the path towards a reformative, innovative, inclusive and sustainable development model”, emphasized yesterday Faisal al Ibrahim.

However, there are still questions about whether huge plans like the futuristic NEON megacity are feasible.

In December, Saudi Finance Minister Mohammed al-Jadaan had stated that the schedule of some major projects is being postponed to after 2030, without clarifying which ones he was referring to.