ACWA Power, Oman Investment Authority Study Possibility of Wind Power Plant Project in Egypt

Signing the memorandum of understanding between the Oman Investment Authority and the Saudi ACWA Power company to study the possibility of investment in the Suez wind power plant project (Oman News Agency)
Signing the memorandum of understanding between the Oman Investment Authority and the Saudi ACWA Power company to study the possibility of investment in the Suez wind power plant project (Oman News Agency)
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ACWA Power, Oman Investment Authority Study Possibility of Wind Power Plant Project in Egypt

Signing the memorandum of understanding between the Oman Investment Authority and the Saudi ACWA Power company to study the possibility of investment in the Suez wind power plant project (Oman News Agency)
Signing the memorandum of understanding between the Oman Investment Authority and the Saudi ACWA Power company to study the possibility of investment in the Suez wind power plant project (Oman News Agency)

Saudi Arabia and Oman signed on Tuesday a memorandum of understanding to study the possibility of investing up to 10 percent in the development, construction, and operation of the 1.1 GW Suez wind power plant project, which is valued at $1.5 billion.

Oman News Agency reported that Oman Investment Authority (OIA) signed an MoU with Saudi Arabia's Acwa Power to study the possibility of investing up to 10 percent in the Suez wind power plant project in Egypt.

The signing of the memorandum of understanding was attended by Prince Abdulaziz bin Salman, Saudi Minister of Energy, and Engineer Salem Al Aufi, Omani Minister of Energy and Minerals.

ACWA Power Company signed a memorandum of understanding with the Egyptian New and Renewable Energy Authority and the Egyptian Electricity Transmission Company on Nov. 1 to build the 10 gigawatts (GW) wind energy project.

The MoU was signed on the sidelines of the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) in Sharm El-Sheikh, Egypt.

The deal focuses on cooperation in the fields of oil, gas, electricity, and renewables. It will also facilitate cooperation on carbon capture, reused, and storage.

The MoU also includes cooperation on hydrogen as well as enhancing digital transformation in the energy field.

“We signed the MOU as it is in line with the Sultanate’s efforts to enhance joint investments with our brothers in the Kingdom of Saudi Arabia and the Arab Republic of Egypt in renewable energy projects, particularly wind power” stated Mulham Basheer Al Jarf, Acting Deputy President for Investment at OIA.

“Oman has a net zero emissions goals by 2050, and to this end, the country is developing an ambitious plan for energy transformation and decarbonization, which includes the implementation of major projects in the field of hydrogen and renewable energy,” he added.

“Suez Wind Energy was already a remarkable project because of its ambition and scale,” said ACWA Power Chairman Mohammad Abunayyan.

“The signing of this key MOU demonstrates the confidence of the investor community in ACWA Power’s expertise and capability to deliver giga-scale projects, as we continue to build upon our renewables portfolio in Egypt,” he added.

The Suez Wind Farm project, which is expected to start operations in 2026, is located close to Ras Ghareb City in the Gulf of Suez region near Jabal Al Zait in Egypt.

Power will be generated using turbines of up to 220 meters in addition to several latest advanced technologies.

The plant is expected to operate at the highest level of efficiency and will generate enough power for approximately one million residential units and reduce about 2.4 million tonnes of carbon emissions annually.

It should be noted that OIA, represented by its subsidiary OQ Group, signed a joint development agreement for the Oman Hydrogen Project with Saudi Company ACWA Power last May to establish an ammonia production plant using green hydrogen and renewable energy sources in Oman.



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.