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International Brand Selected for Establishment of Saudi Arabia's First Wellness Resort

Red Sea Global announced on Monday its partnership with Jayasom for the establishment of Saudi Arabia’s first wellness resort. (Red Sea Global)
Red Sea Global announced on Monday its partnership with Jayasom for the establishment of Saudi Arabia’s first wellness resort. (Red Sea Global)
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International Brand Selected for Establishment of Saudi Arabia's First Wellness Resort

Red Sea Global announced on Monday its partnership with Jayasom for the establishment of Saudi Arabia’s first wellness resort. (Red Sea Global)
Red Sea Global announced on Monday its partnership with Jayasom for the establishment of Saudi Arabia’s first wellness resort. (Red Sea Global)

Saudi Arabia chose a signature international brand to implement the first wellness resort in the Triple Bay area, which is located within the Amaala project in the west of the Kingdom.

Red Sea Global announced on Monday its partnership with Jayasom, saying that work was in full swing to receive guests as of next year.

In remarks to Asharq Al-Awsat, experts pointed to the importance of accelerating the development of tourist areas in order to achieve the country’s goals, adding that the partnership with Jayasom was a milestone that would change the features of the global tourism map.

Red Sea Global said the project would comprise a family wellness product alongside an adults-only zone, as well as residences for sale to private owners.

It added that the resort experience and all facilities were designed to “immerse guests in a journey of personal transformation, with approximately 7,000 square meters dedicated to covering Holistic Health, Fitness, Physiotherapy, Nutrition, Aesthetic Beauty, and Spa.”

This will be complemented by an extensive conscious cuisine offering across multiple outlets, the company revealed.

According to Red Sea Global, the concept of the Jayasom resort was designed in a modern style that suits all age groups of visitors.

The adults-only zone will offer a peaceful and tranquil environment, dedicated to contemplation, healing, and self-discovery, while the family section will allow guests to come together to make meaningful connections, enriched by truly authentic experiences.

Sustainability is the cornerstone of Amaala, as the entire destination is set to be powered by 100 percent renewable energy, and aspires to achieve an increase in biodiversity value of 30 percent by 2040, by promoting and protecting key natural habitats that will enable optimal biodiversity in the future.

The wellness resort will be among the achievements of the first phase of the Amaala project, and is expected to welcome its guests in 2024.

“Jayasom will offer our guests a holistic sanctuary where they will be surrounded by the stunning natural landscape of the Red Sea coastline,” said John Pagano, Group CEO of Red Sea Global.

“We want visitors to truly appreciate the beauty of this unique destination while focusing on their transformative journey through the world-class wellness facilities on offer. This partnership is yet another exciting step in growing our luxury brand portfolio at Amaala and welcoming our first guests next year.”

In comments to Asharq Al-Awsat, Nayef Al-Rajhi, Vice Chairman of the Board of Directors of the Riyadh Chamber of Commerce and Chairman of the National Tourism Committee in the Federation of Saudi Chambers, described the partnership with Jayasom as a milestone that would change the features of the global tourism map.

He highlighted the importance of completing mega tourism projects and receiving visitors to achieve the Kingdom’s goals in diversifying sources of income.

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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.