Investment Worth SAR21 Bln to Rapidly Develop Workforce Residential Communities at NEOM

NEOM announced that it has finalized contracts with investors for the first phase of its residential communities’ expansion. (SPA)
NEOM announced that it has finalized contracts with investors for the first phase of its residential communities’ expansion. (SPA)
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Investment Worth SAR21 Bln to Rapidly Develop Workforce Residential Communities at NEOM

NEOM announced that it has finalized contracts with investors for the first phase of its residential communities’ expansion. (SPA)
NEOM announced that it has finalized contracts with investors for the first phase of its residential communities’ expansion. (SPA)

NEOM announced on Tuesday that it has finalized contracts with investors for the first phase of its residential communities’ expansion, a social infrastructure project that will house the region’s growing workforce. The agreement amounts to a total value of over SAR 21 billion, making it one of the largest international public-private partnerships for accommodation.

The preferred bidders for the first phase of the residential communities consist of leading Saudi Arabian companies, Alfanar Global Development, Almutlaq Real Estate Investment Company (AREIC), Nesma holding Co., and Tamasuk involved via two separate partners: Al Majal Al Arabi Group Company and the Saudi Arabian Trading and Construction Company (SATCO).

Chief Executive Officer at NEOM Nadhmi Al-Nasr said: “NEOM has selected some of the leading companies in the Kingdom of Saudi Arabia as partners in delivering and operating temporary communities with world-leading services and infrastructure. The newly formed partnerships mark an important milestone for the region and is a testament to the capabilities of our team and partners who rapidly achieved financial close on a record amount.”

The agreement paves the way for more private sector participation in the development of NEOM’s infrastructure. The second phase of the temporary residential project is expected to be issued to the market in the coming months. In addition to contract awards, NEOM is reviewing interest from investors with plans to shortlist pre-qualified participants from now.

One of the strategic ambitions for the giga-project has been to attract additional investors to be part of the vision and become an active steward of NEOM’s commercial assets. The multi-billion-riyal investment is further proof of the scale of the project for Saudi Arabia. It will also have a direct economic impact on the region, helping to develop local competency, advance the use of sustainable solutions in construction, and allow for local job creation.

Several of NEOM’s core developments are ramping up, including THE LINE, Trojena, Oxagon, and Sindalah, as infrastructure unfolds across the vast region. This latest public-private partnership is a vital step in bringing larger plans online to their agreed timescales. The scope for this agreement will cover elements of design, finance, build, operations, and maintenance of the housing communities.

Vice Chairman of Alfanar Sabah Al Mutlaq said: “We are elated to partner with NEOM on this multi-nodal infrastructure project, and to contribute to NEOM’s vision of disrupting the conventional approach to urban living. This is in line with our commitment to deliver high-quality solutions in a sustainable manner."

Chairman of Tamasuk Mohammed Al Balwi said: “We are immensely proud to be NEOM’s infrastructure partners. Together with Almajal and SATCO, we are committed to delivering the infrastructure that will facilitate the wider and rapid development of NEOM.”

President of Nesma Co. Faisal Al Turki said: “We look forward to working with the teams at all levels for the realization of this project and the wider NEOM vision.”

Chairman of AREIC Tariq al Mutlaq said: “We are delighted to witness the growth of the compelling region of NEOM. The rapid development of their initiatives that support the Saudi Vision 2030 are in line with our mission for the sustainable development of the Kingdom.”

The agreement will see an additional 10 communities established across NEOM, adding capacity for 95,000 more occupants once the first phase of the project is completed. The temporary accommodations, needed during the construction period of NEOM, are built sustainably as relocatable modular units which can be repurposed once the communities are no longer needed.

Additional to essential services, communities will also include a wide range of lifestyle facilities, such as multi-purpose sports fields, cricket ovals, tennis courts, volleyball courts, basketball courts, swimming pools and entertainment venues.



Iraq Oil Output Exceeds 5 million bpd

Majnoon oil field near the Iraqi city of Basra (Reuters)
Majnoon oil field near the Iraqi city of Basra (Reuters)
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Iraq Oil Output Exceeds 5 million bpd

Majnoon oil field near the Iraqi city of Basra (Reuters)
Majnoon oil field near the Iraqi city of Basra (Reuters)

Iraq produces more than 5 million barrels of oil per day (bpd), Oil Minister Basim Mohammed told state news agency INA on Saturday.

According to Reuters, Iraq is pushing for a higher OPEC production quota as the economic fallout from the Iran war and new investment by oil majors increase pressure on Baghdad to boost output, potentially putting it at odds with the producer group.

The conflict has hit Iraq particularly hard, forcing major export cuts and depriving the state of oil revenue, which accounted for 88% of government income last year.


IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
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IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)

Central bankers around the world would need to consider any slowdown in AI-driven growth as they assess steps in their fight against inflation, International Monetary Fund Managing Director Kristalina Georgieva said on Friday.

Georgieva said concerns about dependence on the AI investment boom and high valuations were impacting markets around the world.

"Things are going up and down, and this is likely to continue," she told an audience at IMF headquarters in Washington, adding that the volatility would complicate the job of central banks at a time when risks to price stability had been growing.

A steep rout in technology stocks on Thursday rippled through markets on fears that ⁠the Democrats' victory ⁠in the US midterm elections would increase regulatory scrutiny of AI and slow the data center build-out, sending investors to the safety of bonds.

The political jitters are hitting an AI trade already on shaky footing due to worry about return on massive spending on AI-related infrastructure, with the meltdown spurring margin calls and spooking retail investors and hedge ⁠funds alike.

Georgieva said the AI investment boom was lifting growth in some countries, helping to offset a negative oil-supply shock triggered by the war in the Middle East, but it was also adding to inflationary pressures and financial stability concerns.

The IMF last month flagged significant growth and financial stability risks from a potential ending of the AI investment boom, among other factors, including a prolonged Middle East war. At the time, it warned that a steep drop in AI investment could lead to a sharp fall in asset prices, ultimately cutting global GDP ⁠by 1.1% ⁠by 2028, including a 1.8% drop in US output.

Georgieva did not repeat the downside forecast on Friday, but acknowledged the recent market volatility.

"Should there be a slowdown in the AI-driven growth impulse, it would need to be factored in as central banks assess the necessary steps in the fight against stubborn inflation," she said.

Democrats are planning to unleash a flood of new legislation targeting artificial intelligence systems and data-center development when they take control of the US Congress in January, Reuters reported on Friday, citing congressional aides and advocates.

That would mark a sharp shift from the Republican-led Congress, where lawmakers largely focused on promoting AI development and declined to pass legislation restricting the technology.


World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
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World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)

World food prices edged lower in October as weaker import demand contributed to monthly declines in cereal, dairy and meat prices, but were still nearly 6% higher than a year earlier, the United Nations' Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which tracks monthly changes in international prices for a basket of food commodities, ‌averaged 133.9 points ‌in October, down from a revised ‌135.6 ⁠in September.

The index ⁠was 5.9% higher than a year earlier, but remained 16.4% below its March 2022 peak.

FAO's cereal price index fell 4.5% from September and was 12.6% lower than a year ago, as wheat and maize quotations declined. Wheat prices eased on weak import demand ⁠and improved production prospects, especially in Argentina.

"Expectations of ‌easing constraints on Black ‌Sea export flows added to the downward pressure on prices, ‌although continued disruptions to Black Sea logistics limited the decline," ‌FAO said in a statement.

Maize prices also eased after reaching a three-year high in September, pressured by the US harvest, expectations of ample supplies in South America and renewed ‌prospects of easing tensions in the Black Sea region.

Vegetable oil prices edged up 0.3%, ⁠as ⁠higher soybean and sunflower oil prices more than offset a fall in rapeseed oil prices.

Sugar prices rose 6.6%, their fourth straight monthly increase, to the highest level since December 2024, after rainfall disrupted harvesting in Brazil. They were now 28.8% above a year ago.

The dairy index fell 1.1%, as lower butter and cheese prices linked to ample supplies and subdued demand outweighed gains in milk powder.

The meat index declined 1.2%, while still slightly above its year-earlier level, as ovine and bovine meat prices fell.