by: Arab News RIYADH:
An economic recession could happen globally within the next 12 months, warned Khaldoon Al-Mubarak, CEO and managing director of Mubadala Investment Co.
Speaking at the Future Investment Initiative in Riyadh on Oct. 25, the head of the Emirati sovereign investor said that the pandemic and the conflict in Ukraine have affected the entire world including the energy sector.
“Energy crisis would have occurred in any way, but it accelerated due to the current situation,” said Al-Mubarak. He further noted that the lack of investments is another reason behind the crisis faced by the energy sector today.
According to Al-Mubarak, the three principles which can be implemented to solve challenges faced by the world are transparency, empathy, and inclusion.