Saudi Arabia, Türkiye Agree to Expand Exports

Saudi Investment Minister Khalid al-Falih concluded a visit to Türkiye during which he agreed with Turkish officials to expand the export and import movement. (SPA)
Saudi Investment Minister Khalid al-Falih concluded a visit to Türkiye during which he agreed with Turkish officials to expand the export and import movement. (SPA)
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Saudi Arabia, Türkiye Agree to Expand Exports

Saudi Investment Minister Khalid al-Falih concluded a visit to Türkiye during which he agreed with Turkish officials to expand the export and import movement. (SPA)
Saudi Investment Minister Khalid al-Falih concluded a visit to Türkiye during which he agreed with Turkish officials to expand the export and import movement. (SPA)

Saudi Investment Minister Khalid al-Falih concluded a visit to Türkiye during which he agreed with Turkish officials to expand the export and import movement and announced the first direct financing agreement for Saudi non-oil exports.  

Saudi Export-Import Bank signed a $26 million financing line agreement with Türkiye Finans Katilim Bank to finance Saudi non-oil exports to Türkiye.  

The two agreements were signed by CEO of the Saudi Export-Import Bank, Saad al-Khalab, CEO of Türkiye Finans Katilim Murad Aksim and CEO of the Turkish Export Bank, Ali Koni.  

The agreements come within the framework of Saudi partnerships with Turkish financial institutions and within the Bank's aims to develop its local and foreign associations, provide sustainable financing solutions, and guarantee services that support the development of Saudi non-oil exports and enhance its competitiveness in global markets.  

Khalab explained that the two agreements were a step that strengthened bilateral relations and towards developing trade relations between the two countries.  

It also comes within the framework of the Bank's efforts to support Saudi exporters and importers in Türkiye with a package of financing and credit solutions and guarantee services that help the flow of Saudi products to Turkish markets and contribute to reducing export risks and bridging export financing gaps to Ankara.  

The Bank will conclude several upcoming agreements with local and international financing and credit institutions, which will positively impact Saudi exports and increase non-oil exports' contribution to supporting non-oil GDP from 16 percent to 50 percent by 2030, he added. 

For his part, Aksim described the agreement as a step to support trade relations between Saudi Arabia and Türkiye and a new opportunity to open investment horizons that benefit both countries.  

Koni indicated that the agreement represents a new phase in the trade movement between the Kingdom and Türkiye, stressing Ankara's keenness to develop areas of cooperation with the Bank and other Saudi financial institutions.  

He noted that both countries enjoy two distinct geographical locations in the international trade movement, and a good reputation in the global market, asserting that they were looking forward to boosting their position on the global economic map.  

Meanwhile, Saudi Minister of Commerce, Chairman of the Board of Directors of the General Authority for Foreign Trade, Majid al-Qasabi, met with several Omani ministers and officials during a visit to Muscat.  

Qasabi held bilateral meetings with Oman's Minister of Commerce, Industry, and Investment Promotion, Qais bin Mohammed al-Youssef, Foreign Minister Sayyid Badr bin Hamad al-Busaidi, Finance Minister Sultan bin Salem al-Habsi, Minister of Information Abdullah bin Nasser al-Harrasi, and the head of Oman's Vision 2040 implementation follow-up unit Khamis al-Jabri.  

The Minister also met with Chairman of the Oman Chamber of Commerce and Industry Faisal al-Rawas, and President of the Small and Medium Enterprises Development Authority Halima al-Zaria.  

The meetings focused on boosting relations, trade exchange, cooperation, and promising opportunities that could arise from Vision 2030 and Oman's Vision 2040.  

Trade and investment relations between Saudi Arabia and Oman are witnessing significant development, as the neighbors share ambitious visions. The volume of trade exchange between them in the past five years reached $14 billion. 



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.