Jordan Signs MoU for Gold, Lithium Exploration

Rare earth elements project in Jordan (Jordanian Ministry of Energy and Mineral Resources)
Rare earth elements project in Jordan (Jordanian Ministry of Energy and Mineral Resources)
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Jordan Signs MoU for Gold, Lithium Exploration

Rare earth elements project in Jordan (Jordanian Ministry of Energy and Mineral Resources)
Rare earth elements project in Jordan (Jordanian Ministry of Energy and Mineral Resources)

Jordan's Ministry of Energy and Mineral Resources and the Arab Mining Company signed Sunday two memoranda of understanding (MoU) to excavate lithium in Wadi Araba's Fenyan area and gold in Aqaba's Jabal Mubarak area.

The Jordan News Agency (Petra) quoted Minister of Energy and Mineral Resources Saleh Kharabsheh as saying that the Arab Mining Company will explore for gold in an area of 50 square km in the Jabal Mubarak region and will explore lithium in an area of 35 square km in Wadi Araba's Finan area.

The exploration will continue for 12 months, and the geologist of the exploration area will exclude the areas located within the boundaries of the natural, archaeological, and geological reserves.

Kharabsheh stressed the importance of the deal, indicating the importance of the mining sector, which was described as having a high industrial value in the Economic Modernization Vision due to its importance in providing the national economy with added value, expanding job opportunities and contributing to efforts to achieve sustainable development.

Efforts are focused on placing Jordan firmly on the mining map at the regional and global levels, which helps economic development, especially in communities in investment locations, said the minister.

The Ministry of Energy conducted surface geochemical studies, including surface samples studies, which confirmed the presence of promising concentrations of lithium and gold ore in the south of the Kingdom.

Meanwhile, the Jordanian government signed a €200-million soft loan agreement with the European Investment Bank (EIB) to finance the National Water Carrier Project (Aqaba-Amman Water Desalination and Transport Project).

The loan falls within an EIB commitment from a donor conference held in March.

The EIB loan would be part of the government's $352 million to the Project, which would provide about 300 million cubic meters of desalinated water annually to be transported from Aqaba to Amman and other governorates, according to the Petra news agency.

Minister of Planning and International Cooperation Zeina Toukan said it was the first agreement signed to finance the National Water Carrier Project, which comes as a translation of the pledges made at the donors and financiers conference held last March.

Toukan added that Jordan would work with donors to translate the pledges into agreements during the coming period, indicating that the Project has significant environmental impacts.

She stressed the importance of the Project, which is a top priority on the government's agenda to enhance water security and achieve comprehensive economic development.

In turn, EIB Vice-President Gelsomina Vigliotti indicated that investing in the water industry is investing in the future, pointing out that through the ambitious Aqaba-Amman Water Desalination and National Water Carrier Project, Jordan would be able to adapt to climate change and would ensure environmental sustainability by using the potential of renewable energy to complete this Project.

She pointed out that the fruitful cooperation between the Jordanian government, its international partners, and EIB will contribute to providing financing to support investments to bring about a fundamental transformation in the water sector in Jordan.

EU Ambassador to Jordan Maria Hadjitheodosiou highlighted Team Europe's support for global efforts to adapt to climate change, emphasizing the importance of this funding for the National Water Carrier Project, which is the EIB's first financial commitment to the Aqaba project.

Hadjitheodosiou also noted that it reflected the EU's support to enhance Jordan's water security.



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.