LEAP 2023 Witnesses Launching of National Geospatial Center

The General Authority for Survey and Geospatial Information (GASGI) announced the launching of the National Geospatial Centre, at the LEAP 2023 conference, in Riyadh. (SPA)
The General Authority for Survey and Geospatial Information (GASGI) announced the launching of the National Geospatial Centre, at the LEAP 2023 conference, in Riyadh. (SPA)
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LEAP 2023 Witnesses Launching of National Geospatial Center

The General Authority for Survey and Geospatial Information (GASGI) announced the launching of the National Geospatial Centre, at the LEAP 2023 conference, in Riyadh. (SPA)
The General Authority for Survey and Geospatial Information (GASGI) announced the launching of the National Geospatial Centre, at the LEAP 2023 conference, in Riyadh. (SPA)

Experts at the LEAP 2023 conference, which concluded on Thursday in Riyadh, stressed that the future of smart cities depended on technical solutions, modern legislation, and the reduction of carbon emissions.

This came as the General Authority for Survey and Geospatial Information announced the launching of the National Geospatial Centre, one of GASGI initiatives.

- Geospatial reference

The new center will constitute a national geo-reference for geospatial data governance, and will work on setting standards and controls for the integrated use of the information ecosystem and organizing mechanisms for data collection and sharing.

Benefiting the government and private sectors, the center will contribute to providing up-to-date information and enhancing national security in a way that supports the Kingdom’s economy and sustainable development.

Geospatial information is one of the most important elements motivating investment. Studies have shown that the economic impact of geospatial data on the Kingdom’s GDP ranges between 20 and 40 billion riyals, distributed over the sectors of safety, public health, infrastructure, energy, education, trade, and risk and disaster management.

- Future of mobility

Former Prime Minister of Estonia and head of a tech company Taavi Roivas said that most European countries were far from the progress achieved by the Kingdom in digital services.

His remarks came during a session themed, “The future of mobility: electric cars, aviation, and autonomous cars,” within the activities of the LEAP23 conference in Riyadh.

Roivas noted that self-driving cars were the ideal solution for future mobility, as they allow people to move easily within facilities with large areas such as universities, residential complexes, commercial centers, and various roads. He also said that 20 percent of road accidents were due to human errors.

- Africa’s capabilities

For his part, Kashifu Inuwa Abdullahi, Director-General and CEO of Nigeria’s National Information Technology Development Agency (NITDA), emphasized the importance for countries to focus on talent development.

He noted that Africa needed about $8.3 trillion to enhance the capabilities of the talented population.

During a panel discussion on the last day of LEAP 2023 - the largest global gathering for technology and digitization developments - Abdullahi said that the Saudi leadership has established a role model in business development, especially in the field of self-driving cars, and the management of congestion to reduce accidents and speed up business.

The future of smart cities depends on technical solutions, legislation, and the promotion of safe practices in aspects related to safe transportation and reducing carbon emissions, he underlined.

- Smart cities

Lawrence Eta, digital chief and analytics officer at the Royal Commission for AlUla, suggested that the Kingdom would witness, during the next five years, the emergence of a number of smart cities that would place it at a leading position in the world.

He highlighted the importance of protecting the privacy of individuals by ensuring safe standards for data and information, providing physical and human infrastructure that attracts investment, and working to develop youth skills.

- Creativity

Helen Pan, General Manager of the US-based Apollo Autonomous Driving, shed light on the need for training and qualification during all stages, in addition to developing the element of creativity, to provide the highest levels of security and safety through smart transportation, especially self-driving cars.

China and the United States have achieved great progress in these aspects, she remarked.

For his part, Nizar Atwaijri, CEO of STC Pay, revealed the company’s endeavor to support industrial and development growth in all fields, through cooperation with the Saudi Central Bank (SAMA) and digital banks and companies.

He disclosed a plan to reshape the infrastructure of startups, through a digital platform that adopts digital empowerment as an essential component for providing innovative financial services.



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.