Gulf Businesswomen Demand Formation of Specialized Platform

5th Gulf Businesswomen Forum 2023 was hosted by the Jeddah Chamber of Commerce and Industry to discuss the empowerment and leadership of Gulf women in economic development and its sustainability (Asharq Al-Awsat)
5th Gulf Businesswomen Forum 2023 was hosted by the Jeddah Chamber of Commerce and Industry to discuss the empowerment and leadership of Gulf women in economic development and its sustainability (Asharq Al-Awsat)
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Gulf Businesswomen Demand Formation of Specialized Platform

5th Gulf Businesswomen Forum 2023 was hosted by the Jeddah Chamber of Commerce and Industry to discuss the empowerment and leadership of Gulf women in economic development and its sustainability (Asharq Al-Awsat)
5th Gulf Businesswomen Forum 2023 was hosted by the Jeddah Chamber of Commerce and Industry to discuss the empowerment and leadership of Gulf women in economic development and its sustainability (Asharq Al-Awsat)

Gulf businesswomen participating at the 5th Gulf Businesswomen Forum 2023 called for creating a platform that brings them together to share aspirations, plans, and investment opportunities.

They said it would support their businesses and encourage them to move assets and enter the industry.

More than 1,000 prominent figures from Gulf and Arab countries participated in the 5th Gulf Businesswomen Forum 2023 and the accompanying exhibition held under the theme “Gulf Woman: Between Empowerment and Leadership.”

The two-day forum was hosted by the Jeddah Chamber of Commerce and Industry to discuss the empowerment and leadership of Gulf women in economic development and its sustainability.

Amani Bukhamseen, Secretary-General in charge of the Federation of Gulf Chambers, told Asharq Al-Awsat the Forum will work to create a platform for Gulf businesswomen to launch joint initiatives between the Arab Gulf countries, including a database for all businesswomen.

Another edition of the Forum will be held in 2024 in the Sultanate of Oman, revealed Bukhamseen.

According to Bukhamseen, Gulf women own assets estimated at $340 billion, which have not yet been operated or invested.

“These forums encourage women to enter the field of trade and get involved in developing the Gulf economy,” said Bukhamseen, noting that Gulf businesswomen had access to facilities offered by their governments.

Fatima Al Awadhi, executive member of the Board of Directors of the Emirates Businesswomen Council, also reaffirmed the need to create a platform for bringing Gulf businesswomen together.

Al Awadhi’s affirmation came during the Forum’s first session, which focused on the role of Gulf female entrepreneurs in planning and developing a sustainable economy.

One of the Forum’s outcomes is that a platform that includes Gulf businesswomen from the six Gulf Cooperation Council member states would be established, she told Asharq Al-Awsat.

“We will create the basic system, encourage Gulf women and facilitate their tasks to enter the world of finance and business, as well as the world of digital transformation, which has become the commercial and economic future,” added Al-Awadhi.

Furthermore, Al-Awadhi explained that many indicators confirm that the role of Gulf businesswomen has become an element of strength and support for Gulf economies.

She noted that the value of the assets of small and medium-sized companies managed by businesswomen in the GCC countries was estimated at about $385 billion in 2016.

The market size of high-net-worth women in the GCC countries is estimated at $224 billion, or 20.2% of the total personal wealth in the region, added Al-Awadhi.



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.