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IDEX, NAVDEX Witness 11 Deals Worth $1.2 Bn

Saudi pavilion at the International Defense Exhibition (IDEX) in Abu Dhabi (Asharq Al-Awsat)
Saudi pavilion at the International Defense Exhibition (IDEX) in Abu Dhabi (Asharq Al-Awsat)
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IDEX, NAVDEX Witness 11 Deals Worth $1.2 Bn

Saudi pavilion at the International Defense Exhibition (IDEX) in Abu Dhabi (Asharq Al-Awsat)
Saudi pavilion at the International Defense Exhibition (IDEX) in Abu Dhabi (Asharq Al-Awsat)

UAE's Tawazun Council signed 11 deals worth $1.2 billion with local and international companies at the International Defense Exhibition (IDEX) and the Naval Defense Exhibition (NAVDEX) 2023.

Tawazun is an independent government entity that works closely with the Ministry of Defense and security agencies to maximize value through acquisition systems.

Spokesman of Tawazun Zayed al-Meraikhi said the Council signed a contract worth $582 million with Halcon, a subsidiary of Edge Group, to procure Thunder P3 system and a $21.2 million contract with Maplin Marine Systems & Services to provide vessels' technical support services.

It also signed a $12.2 million contract with Mohamed Abdulrahman Al-Bahar LLC to provide technical support services on caterpillar vehicles.

Another spokesman for the Council, Majed al-Jaberi, said that five international deals were signed during the first day of the two exhibitions, amounting to $598 million, including contracts with Indonesian, French, US, and German companies.

For his part, Saeed Al Mansoori, CEO of Capital Events, a subsidiary of ADNEC Group, said that this year's edition was the biggest since the inception of the exhibition three decades ago.

Mansoori indicated that 65 countries are participating in this year's edition, a ten percent over the previous years, with 41 national pavilions, with a growth rate of 17 percent compared to 2021.

The two exhibitions included the participation of more than 367 official international delegations, including nine new countries participating for the first time.

Meanwhile, Saudi General Authority for Military Industries (GAMI) launched the Kingdom's pavilion at IDEX in Abu Dhabi.

GAMI Governor Ahmed al-Ohali inaugurated the pavilion, which is expected to increase the authority's outreach.

Ohali confirmed that the Saudi participation is witnessing a qualitative involvement of partners in the sector, such as the Ministry of Interior, the Ministry of Investment, the World Defense Show, and various prominent companies and institutions operating in the military and security industries.

He explained that this participation represents a qualitative platform to develop the industry in the sector by creating partnerships, exchanging knowledge and expertise, and transferring technology.

The official said the defense and national security sectors are vital for Saudi Arabia, adding that the Kingdom aims to localize various industries that could boost the national economy.

Ohali added that the Kingdom's participation in the exhibition aims to support investors, facilitate their entry into the Saudi military and security industries market, and introduce promising investment opportunities.

The military industries sector system seeks to achieve the strategic goal of localizing more than 50 percent of the defense expenditure by 2030.

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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.