World Economic Forum (WEF) president Borge Brende has said there was “some new momentum now in the talks around the hostages, and also for… a possible way out of the impasse we are faced with in Gaza”, AFP reports.

However, there will be no Israeli participation at the WEF summit in Riyadh.

“This is more an opportunity to have structured discussions” with “the key players” including mediators Qatar and Egypt, he said. “There will be discussions, of course, on the ongoing humanitarian situation in Gaza” as well as on Iran, the WEF president added.

Saudi planning minister Faisal al-Ibrahim told a press conference on Saturday, previewing the summit, that the world is “walking a tightrope right now, trying to balance security and prosperity”.

“We meet at a moment when one misjudgement or one miscalculation or one miscommunication will further exacerbate our challenges.”