GEC Witnesses $8 Billion in Agreements, Investments to Support Saudi Entrepreneurship

The signing ceremony between Monsha'at and Amazon at GEC. (Asharq Al-Awsat)
The signing ceremony between Monsha'at and Amazon at GEC. (Asharq Al-Awsat)
TT

GEC Witnesses $8 Billion in Agreements, Investments to Support Saudi Entrepreneurship

The signing ceremony between Monsha'at and Amazon at GEC. (Asharq Al-Awsat)
The signing ceremony between Monsha'at and Amazon at GEC. (Asharq Al-Awsat)

The Global Entrepreneurship Congress (GEC), held in Riyadh, witnessed several agreements and investments worth almost $8 billion on its second day.

The agreements aim to support entrepreneurship in various fields and enhance the Kingdom's position as an attractive environment for pioneers, innovators, and creators worldwide.

Global Entrepreneurship Congress (GEC), launched under the theme Reboot, Rethink and Regenerate over four days, is organized by the Small and Medium Enterprises General Authority (Monsha'at) in cooperation with the Global Entrepreneurship Network.

It witnessed the signing of more than 21 agreements and the launch of many investment initiatives.

Monsha'at signed a memorandum of understanding (MoU) with Amazon to enable local companies to sell their products to millions of customers across the Kingdom on the Amazon Saudi Arabia store.

As part of the MoU, Amazon will support small and medium enterprises (SMEs) with the logistical capabilities, tools, and programs Amazon provides to sellers.

The launches included the announcement of the Small and Medium Enterprises Bank, the approved budget for financing the small and medium enterprises sector, which amounted to $3.2 billion.

Monsha'at signed a cooperation agreement with al-Rajhi Bank, worth over $533 million, to launch programs and innovative financing products, and the Arab National Bank signed several cooperation agreements, including an agreement to launch innovative financing programs and products, with a value of over $293 million, and establishing a credit card product for SMEs worth $13 million.

The Ministry of Investment also announced a set of investments and licensing for many international companies to enter the Saudi market, with investments estimated at over $936 million.

The conference's second day witnessed total investments of $2 billion for the next five years in innovative financing banking programs.

The Saudi National Bank signed a cooperation agreement for a product of innovative financing programs and products worth over $266 million and another cooperation agreement to support the innovation program worth $720,000.

Bank al-Bilad signed an agreement with Monsha'at to provide innovative financing programs and products worth about $520 million.

THIQAH company signed a cooperation agreement with Monsha'at to provide services to SMEs.

The Saudi Organization for Auditors and Accountants signed an agreement to raise awareness and provide professional guidance in accounting and auditing and launch the "Etkal" platform.

The second day also witnessed the signing of an MoU between the Ministry of Investment and the Saudi Authority for Data and Artificial Intelligence (SADAI) to empower entrepreneurs and SMEs.

The Saudi Tourism Authority signed an agreement with Monsha'at to cooperate in several initiatives that support establishments in the tourism field.

The Prince Sultan bin Abdulaziz Fund for Development (PSDF) also signed a cooperation agreement to launch a business accelerator in the Eastern Province and provide training programs and workshops through the Monsha'at Academy.



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)
TT

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)
TT

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)
TT

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.