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French Companies Eye Investment Opportunities in Saudi Security, Defense

Meeting with the French companies at the Federation of Saudi Chambers (SPA)
Meeting with the French companies at the Federation of Saudi Chambers (SPA)
    Riyadh, Tokyo – Asharq Al-Awsat
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French Companies Eye Investment Opportunities in Saudi Security, Defense

Meeting with the French companies at the Federation of Saudi Chambers (SPA)
Meeting with the French companies at the Federation of Saudi Chambers (SPA)

Federation of Saudi Chambers hosted a delegation of 18 French companies specialized in security and defense-related fields to discuss cooperation, partnership, and investment with the Saudi business sector.

The Head of the Saudi-French Business Council, Mohammed bin Laden, praised the partnership approach between the council and Business France, the national agency supporting the international development of the French economy.

Bin Laden called for boosting bilateral Saudi-French economic and trade relations, explaining that the Kingdom witnessed a significant transformation at all levels since the announcement of Vision 2030.

He indicated that Saudi Arabia now has become a land of investment opportunities, encouraging the French side to take advantage and participate in the ambitious vision projects.

For his part, the Deputy Governor of Military Acquisition at the General Authority for Military Industries (GAMI), Mohammed al-Athel, said that the authority aimed to localize 50 percent of the Kingdom's spending on military equipment and services.

The authority was established in 2017 and is mandated with empowering the defense industries sector, making it an essential tributary for the national economy, providing job opportunities for Saudi youth, and an engine for non-oil revenues.

The CEO of the Saudi Arabian Military Industries (SAMI), Walid Abukhaled, explained that the company succeeded in entering the list of the 100 largest companies specializing in defense industries.

Abukhaled expected the company to become among the top 25 companies by 2030 and it is concerned with developing, supporting, and enhancing military industries in the Kingdom.

It plays a significant role in supporting the localization of 50 percent of its military spending, among the most prominent goals of Vision 2030.

During the meeting, the head of the French delegation, Commercial Counselor at the French Embassy in Riyadh, Rachid Boulaouine, confirmed that the visit of the French trade mission to the Kingdom comes to discuss the participation of French companies' expertise in the projects and opportunities of Vision 2030, and the localization of industries in the military and defense industries sector.

The French delegation includes 18 French companies specialized in security and defense and looked forward to learning more about the security sector market in the Kingdom, the opportunities available there, and the possibility of forming partnerships with Saudi counterparts.

Meanwhile, the Saudi Minister of Municipal and Rural Affairs and Housing, Majid Al-Hogail, accompanied by a delegation, continues his tour in Japan, where he was briefed on smart cities, their industry, and the provision of technical solutions and creative ideas in this field.

Hogail met with a delegation from Toyota Motors Corporation to view offers in several specialized fields and studied what could be adopted to enhance mutual understanding between the two countries in all sectors and areas.

The Minister pointed to the technical and human capabilities of smart cities, innovation cities, and Japanese companies, stressing that it is vital to benefit from them by finding strategic partnerships that help improve the quality of services and launch with more significant acceleration.

The visit was part of the Minister's Asian tour, during which he met several ministers and prominent figures and witnessed the signing of several agreements.

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Business

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.

Business

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.

Business

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.