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UAE Signs $599 Mln in Defense Contracts

A general view of the 2023 International Defense Exhibition and Conference (IDEX), at Abu Dhabi National Exhibition Centre (ADNEC) in Abu Dhabi, United Arab Emirates, February 22, 2023. (UAE Presidential Court/Handout via Reuters)
A general view of the 2023 International Defense Exhibition and Conference (IDEX), at Abu Dhabi National Exhibition Centre (ADNEC) in Abu Dhabi, United Arab Emirates, February 22, 2023. (UAE Presidential Court/Handout via Reuters)
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UAE Signs $599 Mln in Defense Contracts

A general view of the 2023 International Defense Exhibition and Conference (IDEX), at Abu Dhabi National Exhibition Centre (ADNEC) in Abu Dhabi, United Arab Emirates, February 22, 2023. (UAE Presidential Court/Handout via Reuters)
A general view of the 2023 International Defense Exhibition and Conference (IDEX), at Abu Dhabi National Exhibition Centre (ADNEC) in Abu Dhabi, United Arab Emirates, February 22, 2023. (UAE Presidential Court/Handout via Reuters)

The United Arab Emirates signed defense deals worth 2.2 billion dirhams ($599.00 million) on Friday, the fifth day of the International Defense Exhibition (IDEX) military expo in Abu Dhabi, state news agency WAM said.

UAE contracts with local companies were worth 1.6 billion dirhams, while contracts with international firms totaled 653 million dirhams, WAM said on Friday.

The total number of contracts signed over the last five days reached 23.34 billion dirhams, WAM added.

GAL-AMMROC (Global Aerospace Logistics - Advanced Military Maintenance, Repair, and Overhaul Centre), one of the leading providers of integrated aviation services, signed a Memorandum of Understanding (MoU) with Rabdan Academy to cooperate on training, research, and development in the academic and training fields.

The MoU aims to enhance services in areas of safety, security, defense, emergency preparedness, and crisis management sectors.

The MoU was formalized at a signing ceremony at IDEX 2023 by Mahmood Al Hameli, GAL-AMMROC, Chief Executive Officer (CEO) and James Morse, President of Rabdan Academy.

Through this MoU, the two entities will cooperate in developing research skills, short-term projects, research, internships, conferences, training courses, workshops, share technical and consulting services and exchange knowledge in key areas of safety, security, defense, emergency preparedness, and crisis management sectors.

Mahmood Al Hameli, GAL-AMMROC CEO, said: “This is a strategic collaboration that we’re proud to be signing with Rabdan Academy, which will support the development of the aviation services sector, through talent development and research.”

“This also aligns with our commitment to support the vision of the UAE government to elevate the skill set and talent in key economic sectors such as security and defense.”

James Morse, President of Rabdan Academy, said: “This MoU will enhance the collaborative work in the common areas of interest between Rabdan Academy and GAL-AMMROC to enhance the type and level of training and relevant professional development opportunities as we exchange high-level experiences and undertake scientific research and development.”

“We look forward to working with GAL-AMMROC to achieve positive outcomes to this MoU,” he added.

Rabdan Academy provides government entities with national cadres specialized in defense, security, crisis management and business continuity through an elite group of faculty, the vast majority of whom have graduated from the global top 200 universities.

With GAL-AMMROC’s expertise in logistics, maintenance, repair and overhaul for both military and commercial aviation services, the company will be able to share its experience and expertise in these areas to support training, research and development for Rabdan Academy courses and professional development opportunities, while exploring new areas of cooperation as part of the MoU.

Rabdan Academy is a government-owned education institution. It offers a wide range of recognized high-level academic programs developed in the highest quality standards to enhance resilience of individuals and organizations in the safety, security, defense, emergency preparedness and crisis management domain.

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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.