Saudi Arabia, Morocco Seek to Increase Trade Volume to $5 Bn

During the Saudi-Moroccan Economic Forum and Business Council (Asharq Al-Awsat)
During the Saudi-Moroccan Economic Forum and Business Council (Asharq Al-Awsat)
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Saudi Arabia, Morocco Seek to Increase Trade Volume to $5 Bn

During the Saudi-Moroccan Economic Forum and Business Council (Asharq Al-Awsat)
During the Saudi-Moroccan Economic Forum and Business Council (Asharq Al-Awsat)

Saudi Minister of Commerce Majid al-Qasabi has stressed the need for business owners to draw up a clear roadmap for economic relations between Saudi Arabia and Morocco, revealing joint opportunities in Africa and Europe.

Qasabi was speaking at the Saudi-Moroccan Economic Forum and Business Council held in Casablanca, with the participation of the Moroccan Minister of Industry and Trade, Riyad Mezzour.

The Forum included the participation of 130 companies from both countries to advance the economic partnership, boost trade cooperation, and accelerate investments in the targeted sectors.

Mezzour explained that the volume of trade exchange between Saudi Arabia and Morocco is still modest, and the goal is to increase it to $5 billion in the coming five years, which he believes is possible in light of the vast opportunities and capabilities of the two countries.

He called on Saudi investors to benefit from 670 industrial projects in Morocco.

Chairman of the Federation of Saudi Chambers (FSC) Ajlan al-Ajlan said that the exchanged official visits and the economic agreements helped achieve rapid trade growth in recent years.

Ajlan reported that during the first half of 2022, the trade exchange reached $2.5 billion, higher than the entire exchange in 2021, valued at $1.3 billion.

He said joint investments doubled significantly over the past years in various economic sectors such as industry, real estate, tourism, and agriculture.

He added that the Federation, through the Business Council, seeks to bring about a qualitative transformation in economic relations by studying and analyzing trade and investment opportunities and the competitive advantages in the Saudi and Moroccan economies.

Meanwhile, the President of the General Confederation of Moroccan Enterprises, Chakib Alj, said there were about 250 Saudi companies in Morocco, while there are only 20 Moroccan companies in Saudi Arabia.

Alj indicated that the current economic conditions necessitate joint action to enhance food security by developing agriculture and establishing new integrated value chains based on innovation and sustainability.

He added that the Forum constitutes an opportunity to identify means that would develop companies and enhance their activities outside the Moroccan and Saudi markets, calling for easing administrative restrictions and non-tariff barriers and establishing a Moroccan-Saudi fund to facilitate trade and investment.

Meanwhile, Qasabi met Moroccan Prime Minister Aziz Akhannouch and six ministers from various sectors. Saudi Ambassador to Morocco Abdullah al-Ghurairi accompanied him.

The meeting discussed ways to enhance joint economic and trade cooperation, empower the private sector and develop investments between the two countries.

The meetings come as part of the minister's four-day official visit to Morocco, heading a government delegation with the participation of officials from 14 government institutions and representatives from the private sector from over 62 Saudi companies.

Furthermore, the Saudi Exports Development Authority organized a trade mission to Morocco under the identity of "Saudi Made," in conjunction with the Moroccan-Saudi Economic Forum organized by the Federation of Saudi Chambers in cooperation with the General Authority for Foreign Trade.

Saudi Exports, through this mission, targets several sectors, most notably construction, food, medical, and auto spare parts.

It witnessed the participation of about 20 Saudi companies and more than 200 companies from Morocco within the Authority's strategy to expand the base of Saudi products and enhance its regional presence.

As part of its strategy, the Authority seeks to identify and promote international business opportunities and connect exporters with buyers as part of the positive indicators and the increase in trade between Riyadh and Rabat.

It also comes in implementing the government's directives to support and develop relations between the two kingdoms, instill brotherly and historical ties and increase the commercial exchange volume.



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.