Saudi Arabia Concludes its Participation at Farnborough International Airshow

Saudi Arabia concluded its participation at Farnborough International Airshow (FIA 2022).
Saudi Arabia concluded its participation at Farnborough International Airshow (FIA 2022).
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Saudi Arabia Concludes its Participation at Farnborough International Airshow

Saudi Arabia concluded its participation at Farnborough International Airshow (FIA 2022).
Saudi Arabia concluded its participation at Farnborough International Airshow (FIA 2022).

Saudi Arabia concluded its participation at Farnborough International Airshow (FIA 2022). The five-day show was held in the United Kingdom, and witnessed wide-scale participation from across the globe.

Under the national “Invest Saudi”, the Saudi Pavilion was organized and led by the General Authority for Military Industries (GAMI). It comprised GAMI, the Saudi Ministry of Investment, the World Defense Show (WDS), and the Saudi Arabian Military Industries (SAMI).

The Pavilion garnered impressive interest from a wide array of air domain and defense industrialists, specialists and experts, high-level governmental representatives, global and institutional investors, and visitors.

Saudi Arabia capitalized on this unique opportunity to present the latest developments in the Kingdom’s defense sector, and the wealth of sizeable defense opportunities and incentives available to global investors.

Inaugurating the Pavilion was Ahmad Al-Ohali, GAMI Governor, with notable high-level representation in attendance amongst defense leaders.

In an address, Al-Ohali stressed that the Saudi Pavilion at FIA 2022 serves as a continuation of GAMI’s commitment to enabling the defense sector, and its realization of the overarching targets set forth by Vision 2030.

Particularly, GAMI aspires, through clear and concise measures, to foster meaningful partnerships, actively engage with international investors keen on the Kingdom’s defense sector, and expound on the sector’s many lucrative investment opportunities.

Moreover, it is vital to the Kingdom’s defense sector regulator to elaborate on the various initiatives, reforms, and programs championed by GAMI and explicitly custom-tailored to incentive potential investors.

As for the core message delivered to global stakeholders: It has truly never been easier to join a journey of localization empowered by digital transformation, and fastened with a sincere and strategic focus on ease of doing business via streamlined agile processes, as well as always maintaining thoughtful thorough consideration of the “win-win.”

Complimenting this Saudi Pavilion participation, were several key strategic announcements made by Saudi Arabia, chief of which was the announcement on the defense sector localization rate, which soared from 2% in 2018 to 11.7% in 2021.

A multitude of defense platforms and capabilities were localized over this period, all contributing to enhancing operational readiness and strategic autonomy, through strategic and sustainable partnership building. The overarching goal: localizing more than 50% of expenditure on defense equipment and services, by the year 2030.

Yet another announcement made by Saudi Arabia at its pavilion was that of Establishment Permits (EPs) and Industrial Licenses. As of end of June 2022, GAMI had issued 291 Establishment Permits to 174 establishments. Of these, 41% were defense establishments (those solely offering defense products and/or services).

As for supporting and adjacent industries (those offering products and/or services with both defense and civil applications), they accounted for 42%, while 17% corresponded to trade establishments.

GAMI has indeed been working diligently and attentively to attract local, regional, and global investors, leveraging a bouquet of incentives strategically structured to maximize investor ROIs. Amongst these, are financing Non-Recurring Expenses (NREs) associated with strategic military projects and technologies, via cash grants and low-interest loans.

Other incentives include VAT exemption for locally manufactured products, provision of industrial lands at discounted rates, generous advanced payments on defense contracts to incentivize investment in the sector, and a slew of regulatory and policy reforms specifically enforced to streamline and facilitate the investor journey.

On the agreements and international partnerships front, the Saudi Pavilion also had much to share with the global defense community.

SAMI for example, the national champion and wholly owned PIF subsidiary, announced that SAMI Aerospace signed an agreement with Airbus Helicopter Arabia, the MENA arm of Airbus Global, for providing rotorcraft technical support to the Royal Saudi Armed forces, and building indigenous capabilities.

SAMI also announced that SAMI Composites, a wholly owned subsidiary of the company, signed an agreement with leading aerospace company Lockheed Martin to develop a composites manufacturing center of excellence in Riyadh with the support of GAMI, to boost Saudi Arabia’s indigenous aerospace manufacturing capabilities.

Lastly, SAMI announced that it signed a number of major agreements with the leading Singaporean defense technology group ST Engineering, supporting SAMI in producing cutting-edge defense systems pursuant to executing its development and growth strategies, whilst also providing technical support and training.

The participation of the Kingdom, in global defense and security shows like FIA 2022, falls within GAMI’s official mandate, wherein GAMI is tasked with leading and organizing international participations, in close collaboration and coordination with its valued public and private sector partners, with the categorical intention of underpinning the investment opportunities born by the sector.

In realization of its overarching goal of localizing more than 50% of expenditure on defense equipment and services by the year 2030, GAMI fosters, nurtures, and cultivates strategic partnerships with its various stakeholder groups within the global defense ecosystem.

These key global partners include governmental and defense entities, global industry OEMs, and even research institutes and universities. The intention of GAMI is to regulate, localize, and enable defense industries in Saudi Arabia, whilst attracting investors from across the globe to the Kingdom, for a sustainably safer and brighter future for generations to come.



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.