Qatar Emir and Elon Musk speak on second day of Qatar Economic Forum Economic News

Qatari Emir Sheikh Tamim bin Hamad Al Thani and businessman Elon Musk were among the speakers on the second day of the Qatar Economic Forum as the global economy struggles with the COVID-19 pandemic and food Diversifying the recovery following growing challenges such as insecurity and energy demand is high on the agenda.

Qatar’s Emir Sheikh Tamim bin Hamad al-Thani said in his opening remarks on Tuesday: “Supporting the economy, investment and innovation while maintaining shared values ​​and maintaining peace is to build capacity to overcome the The way humanity faces challenges.”

“Qatar, as a partner of the international community, has a responsibility to face global change and its impact on humanity,” he added.

The forum, hosted by Bloomberg, focused on the need to diversify the world economy and develop the renewable energy sector, according to Al Jazeera’s Jamal Elshayyal.

“But the forum is not just looking at issues from a financial perspective, it also discusses adjacent topics such as the environment or the role of politics and human rights in developing economies,” Elshayyal said.

From Twitter to Tesla

Musk, the world’s richest man, according to Forbes magazine, appeared virtually at the event to talk about his recent proposed acquisition of Twitter and the issues surrounding the social media platform, including spamming users on the system Part of a consolidated transaction of volume and debt.

“We’re still waiting for a resolution on this issue, which is a very important one,” he said, reiterating skepticism over Twitter’s claim that fake or spam accounts account for less than 5 percent of its monetizable daily active users. “And of course, the question is, will the debt portion of this round be consolidated? Will shareholders then vote in favor?”

Referring to Tesla, the electric car maker where he is CEO, Musk said its salaried workforce will be reduced by about 10% over the next three months. Musk said the layoffs would amount to about a 3.5% reduction in the company’s overall headcount.

His comments come as two former Tesla employees have filed a lawsuit against the company, alleging that its decision to make “massive layoffs” violated federal law because the company did not give advance notice of layoffs.

Late Sunday, a lawsuit was filed in Texas by two workers who said they were fired from Tesla’s Gigafactory in Sparks, Nevada, in June. According to the lawsuit, more than 500 employees were fired at the Nevada plant.

Musk downplayed the lawsuit as “trivial.” “Let’s not read too much into preemptive lawsuits without standing,” he said.

“It seems that anything Tesla-related gets a lot of hits, whether trivial or significant. I would put that lawsuit you mentioned in the trivial category.”

market volatility

In another panel at the forum, ExxonMobil Chief Executive Darren Woods said it would take some time for energy market volatility to end and expected the oil market to last three to five years. Woods added that the company has asked the U.S. government to adopt a more efficient investment process and efforts to focus on carbon reductions.

Qatar Energy CEO Saad al-Kaabi also announced that ExxonMobil will be the latest international company to join Qatar’s northern oilfield expansion project.

Qatar is partnering with international companies in the first and largest phase of a nearly $30 billion expansion that will boost Qatar’s position as the world’s largest LNG exporter.

The two companies are expected to sign the agreement later on Tuesday.

Previously, TotalEnergies, Italy’s Eni and ConocoPhillips also joined Qatar Energy’s project.

Speaking of global finance, Ghanem al-Ghenaiman, managing director of the Kuwait Investment Authority (KIA), is waiting for global markets to expect a further downturn before deploying investments, arguing that this will happen by the end of the year.

Ghenaiman said he believes the market will “fall further from here.”

According to the Sovereign Wealth Fund Institute, Kia’s sovereign wealth fund has more than $700 billion in assets. It manages two funds — a reserve for when oil prices run out and another to cover Kuwait’s budget deficit.

During the Doha event, the head of Kuwait Oil said the Gulf producer is capable of meeting its OPEC quota and is turning to its first offshore production as it invests to meet future oil demand.

“We are making the necessary investments to ensure that we can meet any new growth in distribution and demand,” said Sheikh Nawaf Saud al-Sabah. “We always want to keep spare capacity 10% above what we need to be able to. 15% or so in case of global supply disruption.”

Kuwait received its first offshore drilling rig a week ago and will be ready to start drilling soon, he said, without giving an exact timetable.

“We’ve been producing onshore for almost 90 years, and now we’re turning to sea for the first time,” he said. “We should have good news soon.”

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