Saudi Measures Limit New Fees that Affect Tourist Activity

A landmark is lit up in the colors of the national flag in Diriyah on the occasion of Saudi National Day. (SPA file photo)
A landmark is lit up in the colors of the national flag in Diriyah on the occasion of Saudi National Day. (SPA file photo)
TT

Saudi Measures Limit New Fees that Affect Tourist Activity

A landmark is lit up in the colors of the national flag in Diriyah on the occasion of Saudi National Day. (SPA file photo)
A landmark is lit up in the colors of the national flag in Diriyah on the occasion of Saudi National Day. (SPA file photo)

Saudi Arabia directed the relevant public agencies to coordinate with the Non-Oil Revenue Development Center and the Ministry of Tourism before proposing any new taxes or fees that could affect tourist activities.

Last week, the government approved the new tourism law to be part of the system of development of the regulatory and legislative environment for the sector.

The newly approved law comes in line with the leadership's orders to build a competitive tourism sector and contribute to the goals of Vision 2030.

The Saudi cabinet added a new paragraph in the Ministry of Tourism law that requires coordination with the competent authorities to establish tourism colleges, institutes, and academies and set up specialized training courses and programs under regulations.

Saudi Arabia has set 90 days for establishments operating in the sector to apply to the Ministry to amend their conditions per the new law's provisions, subject to renewal.

After agreeing with the relevant government agencies, the Minister of Tourism may propose customs and tax exemptions related to tourism activities and the necessary incentives to revitalize the sector and submit them to legal procedures.

The Minister may entrust any of the Ministry's competencies and powers contained in the new law to any authorities with geographical jurisdiction, provided that the decision specifies the controls and conditions necessary for exercising those competencies and capabilities and their duration.

In cooperation with government agencies and private entities, the Ministry must set the annual workforce plan following the objectives of localization and the necessary standards and requirements from the competent authority, based on the classification of the World Tourism Organization and the best international practices.

Tourism Minister Ahmed al-Khateeb said the newly approved law comes in line with the leadership's orders to build a competitive tourism sector and contribute to the goals of Vision 2030.

Khateeb said that since the launch of the national tourism development strategy in 2019, work has continued to organize the sector, noting that during the pandemic, many tasks were issued to reach the desired reform.

He indicated that the tourism system was completed after establishing a ministry, authority, fund, and the Tourism Development Council.

"[The new law] will drive business and investment, support innovation, and attract tourists, in line with the best international practices," he added.

Khateeb stressed that organizing the sector continued with the recent issuance of the regulation of tourism development councils in the regions, hoping to accelerate the development of tourist destinations in various areas.

He explained that the law, prepared according to the best international practices identified by the top 20 countries in the World Economic Forum's Travel and Tourism Competitiveness Index, will further advance the national tourism strategy by promoting various tourist destinations.

"The law will accelerate the development of tourist destinations in various regions, including NEOM, Soudah, the Red Sea, and Diriyah Gate," Khateeb said.

Saudi Arabia is working on upgrading hospitality standards and providing unprecedented and enriching visitor experiences.

He added that this matter would be a decisive element in placing the Kingdom in its rightful place globally among the most attractive countries for tourists through its unprecedented experiences.



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.