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Saudi Arabia to Launch LEAP Conference on Tuesday

A general view of the Saudi capital, Riyadh. (Getty Images)
A general view of the Saudi capital, Riyadh. (Getty Images)
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Saudi Arabia to Launch LEAP Conference on Tuesday

A general view of the Saudi capital, Riyadh. (Getty Images)
A general view of the Saudi capital, Riyadh. (Getty Images)

LEAP, the global technology platform, will kick off in Saudi Arabia on Tuesday with the participation of more than 350 speakers from 80 countries and 700 innovators and start-ups from around the world.

Saudi Arabia will host the LEAP conference to address future challenges by consolidating its digital regional and global leadership.

The Ministry of Communications and Information Technology (MCIT) and the Federation for Cybersecurity, Programming, and Drones will organize the event.

The conference is in line with Crown Prince Mohammed bin Salman's drive to seize opportunities in the digital economy and enhance the Kingdom's global leadership as the regional hub for technology, innovation, and digital entrepreneurship.

Many major international companies announced their intention to participate in the LEAP conference to review the latest technologies in several technical fields that contribute to achieving Saudi digital leadership.

VMware will showcase its newest innovations in multi-cloud, application modernization, digital workspace, and security at LEAP.

It will offer solutions that enable organizations to thrive in the face of current challenges by embracing a multi-cloud approach that provides the flexibility to deploy modern applications and empower a secure, distributed workforce while retaining ownership and control over their data.

It will also highlight how it protects clients with a "zero trust" approach to security, end-to-end solutions, and new endpoint management capabilities utilizing a single agent and console, allowing companies to operate more quickly and effectively.

Logitech will demonstrate a range of high-quality video collaboration solutions at its pavilion in LEAP.

It will showcase its technology and how video collaboration solutions can support hybrid working models and transform industries, such as education and healthcare, while increasing customer and employee satisfaction and assisting organizations in fostering workplace diversity.

Meanwhile, a YouGov survey conducted by SAP Software Solutions revealed that nearly 92 percent of Saudi Arabia's government IT decision-makers agree that the COVID-19 pandemic has accelerated the Kingdom's digital transformation over the past year.

In terms of the top priority areas for Saudi government organizations' digital investment in 2022 and beyond, 67 percent said human capital management, 61 percent said enterprise resource planning, 56 percent said core solutions, and 41 percent said customer experience.

Many of the Kingdom's government and public sector organizations are at the forefront of implementing new solutions as emerging technologies grow and mature.

Saudi Arabia will host LEAP between Feb. 1 and 3 to address future challenges such as healthcare technologies to improve the quality of life and increase life expectancy, empowering humans through robots and technologies.

It will review the most prominent technologies in the education sector, the creative economy, and showcase technologies that enhance the well-being of communities.

It will address future energy technologies that will enhance the region's leadership in the oil and gas sectors and the impact of technology on the development of energy sources.

Saudi Arabia will address future challenges by consolidating its digital regional and global leadership.

Held under the theme "One Eye on the Stars," LEAP seeks to discuss the most prominent social and cultural challenges facing the world through modern technologies, which have the potential to reshape the way people live and find appropriate and innovative solutions for them.

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Business

IMF Expects Middle East Economies to Rebound to 6.6% Growth in 2027

Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF) attends a press conference at the IMF/World Bank 2026 Spring Meetings in Washington, D.C., US, April 16, 2026. REUTERS/Elizabeth Frantz
Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF) attends a press conference at the IMF/World Bank 2026 Spring Meetings in Washington, D.C., US, April 16, 2026. REUTERS/Elizabeth Frantz
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IMF Expects Middle East Economies to Rebound to 6.6% Growth in 2027

Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF) attends a press conference at the IMF/World Bank 2026 Spring Meetings in Washington, D.C., US, April 16, 2026. REUTERS/Elizabeth Frantz
Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF) attends a press conference at the IMF/World Bank 2026 Spring Meetings in Washington, D.C., US, April 16, 2026. REUTERS/Elizabeth Frantz

The International Monetary Fund expects the economies of the Middle East, North Africa and Pakistan to rebound to growth of 6.6 percent in 2027, following a projected contraction of 1.3 percent this year, amid the economic fallout from the regional war and disruptions to energy production and trade, which have affected countries across the region to varying degrees.

Jihad Azour, the IMF's director for the Middle East and Central Asia, said economies directly affected by the conflict are facing severe pressures, while other economies in the region, along with most countries in the Caucasus and Central Asia, have shown greater resilience.

He explained that the path of the recovery will depend largely on how quickly energy production and trade return to normal and on countries’ ability to maintain macroeconomic stability.

The forecasts come after the economies of the Middle East, North Africa and Pakistan grew by 3.3 percent in 2025, illustrating the scale of the shock expected this year before a strong rebound next year.

Azour stressed, however, that the overall projections mask significant disparities among the region’s economies and that the recovery will not be uniform across countries.

Oil Exporters and Importers

Azour said oil-exporting countries directly affected by disruptions to energy production and trade will experience a marked contraction in 2026, although higher oil prices will provide some support to their fiscal and external positions.

A gradual recovery in production and trade is expected to drive a strong rebound in GDP growth in 2027, although output levels will remain below the trajectory projected before the outbreak of the conflict.

By contrast, economic activity in the region’s oil-importing countries has remained relatively resilient during 2026 and is expected to continue doing so. Workers’ remittances, tourism revenues, favorable financial conditions and government support have helped cushion the immediate impact of the shock, although the policy space available to governments is narrowing.

The IMF expects inflation in these economies to rise moderately in 2026 before gradually easing thereafter.

The Chinese-flagged container shipping vessel Hui Fa transits the Gulf of Oman on October 13, 2026. (Photo by AFP)

Lower Inventories, Greater Risks

Azour noted that the impact of the energy shock has been less severe than initial estimates suggested, thanks to surpluses accumulated before the war, production by non-Gulf countries, alternative transportation routes, adjustments in demand and drawdowns from inventories.

He cautioned, however, that these factors have provided time for adjustment but are not sustainable resources. Available inventories have declined and spare production capacity has narrowed, leaving markets more vulnerable to larger price increases should disruptions recur.

Azour identified a prolonged war as the most significant risk to the outlook, warning that further disruptions to energy production, shipping routes or critical infrastructure would weaken economic activity among Gulf oil exporters, increase inflationary pressures and exacerbate fiscal and external strains across the region.

He also warned that tighter global financial conditions could weaken demand, raise borrowing costs and increase pressure on currencies, particularly in economies with substantial sovereign debt-financing needs or a heavy reliance on external financing.

Low-income and fragile economies remain the most vulnerable to these risks because of their dependence on food imports and limited fiscal space, at a time when official development assistance is also declining.

Call for Targeted Support and Rebuilding Fiscal Buffers

Azour urged policymakers to prioritize price stability and fiscal sustainability, using monetary policy as the first line of defense when inflationary pressures emerge, complemented by prudent fiscal policy, particularly in countries with limited financial resources.

He stressed the importance of rebuilding fiscal buffers to withstand future shocks by strengthening domestic revenues, improving spending efficiency and developing stronger fiscal frameworks. He cautioned against broad-based subsidies, favoring instead temporary and targeted cash assistance for the groups most affected, helping keep the cost of intervention within budgetary limits.

Over the longer term, Azour emphasized the importance of strong institutions, credible monetary frameworks and central bank independence, alongside greater trade diversification, deeper regional integration and a stronger capacity to adopt new technologies, including artificial intelligence, to boost productivity and support growth.

Azour noted that the IMF has approved approximately $48 billion in financing for countries in the region since 2020. During fiscal year 2026, it also carried out around 437 technical assistance and capacity-building projects in 31 countries.

The IMF is scheduled to release its full regional report in Dubai on October 22, providing a more detailed assessment of economic developments and policy priorities.

Business

Gold Rebounds from One-week Low as Dollar Slips

Gold bracelets and necklaces on display for sale at a gold shop in Istanbul's Grand Bazaar (AFP)
Gold bracelets and necklaces on display for sale at a gold shop in Istanbul's Grand Bazaar (AFP)
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Gold Rebounds from One-week Low as Dollar Slips

Gold bracelets and necklaces on display for sale at a gold shop in Istanbul's Grand Bazaar (AFP)
Gold bracelets and necklaces on display for sale at a gold shop in Istanbul's Grand Bazaar (AFP)

Gold prices climbed 1% on Thursday, rebounding from a one-week low hit in the previous session as the US dollar eased, while investors assessed the likelihood of a Federal Reserve interest rate increase this month after a hot inflation report.

Spot gold rose 1% to $4,146.74 per ounce by ‌0501 GMT, after hitting ‌its lowest since October 7 on Wednesday. ‌US ⁠gold futures for December ⁠delivery gained 1.5% to $4,167.30.

The dollar slipped after scaling an 18-month peak overnight. A softer dollar makes greenback-priced bullion more affordable for buyers overseas.

"What we're seeing here is just the symptoms of a market uncertain about US interest rate policy, and that is resulting in a bit of volatility," said Kyle Rodda, senior ⁠financial market analyst at Capital.com.

"We're coming up to ‌a really critical level for ‌gold, which is just below the $4,000 level. If we see, again, some ‌really strong data, then there's a view that the Fed ‌will have to hike relatively urgently, then that will be the level of focus."

US consumer prices accelerated in September as the cost of gasoline surged. Traders are pricing in about a 29% chance of ‌a rate hike later this month, compared with 22% before the data, according to CME's FedWatch ⁠Tool.

San Francisco ⁠Fed President Mary Daly said the US central bank will probably need to increase short-term interest rates further, though she signaled no need for a hike at the October 27-28 meeting. Vice Chair for Supervision Michelle Bowman said there's time to wait and see before any more action.

Although gold is viewed as an inflation hedge, higher interest rates reduce its appeal because it does not pay interest.

Market focus now turns to the Producer Price Index (PPI) and retail sales data due at 1230 GMT.

Among other metals, spot silver gained 0.7% to $56.01, platinum rose 1% to $1,608.20 and palladium climbed 1.3% to $1,108.14.

Business

IMF Plans Mission to Lebanon in November

A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, DC, US, November 24, 2024. (Reuters)
A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, DC, US, November 24, 2024. (Reuters)
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IMF Plans Mission to Lebanon in November

A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, DC, US, November 24, 2024. (Reuters)
A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, DC, US, November 24, 2024. (Reuters)

IMF officials held good discussions with Lebanese authorities this week that will continue in coming weeks, with ‌IMF staff ‌to visit ‌the ⁠country in November, a ⁠senior IMF official said on Thursday.

Athanasios Arvanitis, deputy ⁠director of the ‌IMF's ‌Middle East and ‌Central Asia ‌Department, said the focus of the discussions had been ‌on the banking sector and ⁠ensuring ⁠that the Lebanese people had confidence in the system, Reuters reported.

Restoring debt sustainability was another key issue, Arvanitis said.