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Saudi PIF Signs MoU to Develop Green Hydrogen Production

The Saudi Public Investment Fund (PIF), POSCO and Samsung C&T Corporation Engineering & Construction Group (Samsung C&T) signed a three-party MoU with the goal of developing a project to produce green hydrogen for export. (SPA)
The Saudi Public Investment Fund (PIF), POSCO and Samsung C&T Corporation Engineering & Construction Group (Samsung C&T) signed a three-party MoU with the goal of developing a project to produce green hydrogen for export. (SPA)
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Saudi PIF Signs MoU to Develop Green Hydrogen Production

The Saudi Public Investment Fund (PIF), POSCO and Samsung C&T Corporation Engineering & Construction Group (Samsung C&T) signed a three-party MoU with the goal of developing a project to produce green hydrogen for export. (SPA)
The Saudi Public Investment Fund (PIF), POSCO and Samsung C&T Corporation Engineering & Construction Group (Samsung C&T) signed a three-party MoU with the goal of developing a project to produce green hydrogen for export. (SPA)

The Saudi Public Investment Fund (PIF), POSCO and Samsung C&T Corporation Engineering & Construction Group (Samsung C&T) announced on Tuesday the signing of a three-party MoU with the goal of developing a project to produce green hydrogen for export. The MoU was signed during the Saudi-Korean Investment Forum held in Riyadh.

The MoU was signed on the sideline of the official visit by South Korean President Moon Jae-in to the Kingdom where he met with Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense.

It was signed by Yazeed A. Al-Humied, deputy governor and head of MENA Investments at PIF, Yoo, Byeong-Og, head of industrial gases and hydrogen business unit of POSCO, and Oh, Se-chul, president and CEO of Samsung C&T Engineering & Construction Group, in the presence of several government representatives and other stakeholders.

Minister of Energy Prince Abdulaziz bin Salman, South Korea’s Minister of Trade, Industry and Energy Moon, Sung Wook, and PIF Governor Yasir Al-Rumayyan, also attended.

Through participation in the green hydrogen project, the three parties aim to enable the Kingdom’s strategy to play a leading role in the Low Carbon Hydrogen market to support global efforts to build a more sustainable future through the reduction of carbon emissions.

The MoU encompasses collaborations to conduct feasibility studies, which is one of the conditions to signing the definitive agreements.

“PIF welcomes this collaboration with POSCO and Samsung C&T, which is in line with PIF’s intent to increase its investments in green hydrogen and other sustainability-linked projects,” said Al-Humied. “PIF plays a vital role in realizing the Kingdom’s aim to achieve net-zero greenhouse gas emissions by 2060, and this partnership is a natural and significant extension to activities already underway.”

“The Kingdom of Saudi Arabia has the potential to produce some of the lowest-cost renewable energy in the world and is one of the most important countries for POSCO, which is planning to develop significant hydrogen production operations,” said POSCO’s Yoo.

Yoo added: “We look forward to successfully establishing hydrogen production operations and supporting the industry’s growth in the Kingdom.”

“Samsung C&T is expanding its capability across the entire value chain from production to utilization by focusing on hydrogen at the center of future energy. Samsung C&T will be a close partner to Saudi Arabia, with aims to help position the Kingdom to be one of the largest hydrogen exporters globally,” said Oh.

Samsung C&T is a leading South Korean construction company that specializes in building, infrastructure, and plant businesses, while POSCO is the largest steel manufacturer in South Korea.

PIF acquired a 38% stake in POSCO E&C in 2015, which is one of the affiliates of POSCO.

The cooperation between the three entities is set to contribute to a giant leap in the reduction of carbon emissions, as well as the transfer of knowledge and expertise between Saudi Arabia and South Korea.

Additionally, POSCO and Samsung C&T signed a Master Service Agreement covering technical development of liquid nitrogen for global green hydrogen production and storage in November 2021.

POSCO promotes hydrogen production projects with the vision of becoming a top 10 global hydrogen producer, producing approximately seven million tons of hydrogen in 2050 through initially targeting 0.5 million tons of hydrogen production with an investment of KRW 10 trillion up to 2030.

Samsung C&T is promoting eco-friendly energy solutions through preparing its green hydrogen business as part of its future growth plans.

Samsung C&T will actively develop its international green hydrogen business using its experience on global renewable project execution and its extensive experience and presence in the Middle East region, which is a core market for its green hydrogen business and those of its customers.

Such a collaboration integrates well with PIF’s 2021-2025 strategy, which aims to develop new and promising sectors.

In addition, the collaboration will contribute to the diversification of the Kingdom’s economy in line with Vision 2030 following PIF’s successful unlocking of sustainable new sectors in Saudi Arabia, such as, renewable energy and waste management.

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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)
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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.

Business

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.

Business

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.