Saudi Water Company Signs Deals to Operate Water Services, Environmental Sanitation

The signing ceremony of deals with Saudi National Water Company (Asharq Al-Awsat)
The signing ceremony of deals with Saudi National Water Company (Asharq Al-Awsat)
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Saudi Water Company Signs Deals to Operate Water Services, Environmental Sanitation

The signing ceremony of deals with Saudi National Water Company (Asharq Al-Awsat)
The signing ceremony of deals with Saudi National Water Company (Asharq Al-Awsat)

The Saudi National Water Company (NWC) signed two contracts worth $154 million with the private sector to operate water services and environmental sanitation in the central and eastern sectors merged under the company's umbrella in early March.

The company recently completed merging six sectors under its umbrella. It officially included the last four regions in the merger phase, namely al-Qassim, Hail, al-Jouf, and the Northern Borders.

The first contract was signed with Saudi al-Khorayef Alliance and French Veolia to operate and maintain the Riyadh region.

The second was signed with the Saudi Miahona Alliance, the French group Saur, and the Philippine company Manila Water to operate and maintain the Eastern Cluster.

NWC CEO Mohammed al-Mowkely said that one of the essential pillars of Vision 2030 is the welfare of citizens and the quality of services offered to them, which resulted in preparing the 2030 National Water Strategy.

"The National Water Company Strategy was accredited to prepare detailed plans to develop the level of water services in the Kingdom of Saudi Arabia with the participation of the private sector,” Mowkely said.

He revealed that NWC has fully completed restructuring the water services in the Kingdom by annexing 13 administrative regions to six sectors under the company's umbrella.

Mowkely pointed out that these contracts depend on achieving 14 key indicators that the Consortium must achieve: improving the customer experience and developing it, raising operational efficiency through cost rationalization, reducing water loss, and improving network management.

The contract is signed for seven years, and if targets are met after the third year of the agreement, and the readiness of the sector increased, this will enable the Company to move directly to the phase of concession contracts in which the private sector will take full responsibility for water services, and not wait until the seven years are over, according to Mowkely.

The National Water Company confirmed that the sector integration program approved by the Ministry of Environment, Water and Agriculture aims to provide a modern administrative and technical capabilities environment to raise operational efficiency and performance administratively.

Meanwhile, the Kingdom is intensifying its efforts to provide possible credit facilities to support its services and products export into regional and global markets through many programs and initiatives.

Saudi Export-Import Bank (EXIM) signed a memorandum of understanding (MoU) with HSBC Bank Middle East Limited (HSBC) and Saudi British Bank (SABB).

The memorandum establishes a framework of cooperation between the three organizations in trade and export financing and credit insurance in line with Saudi EXIM Bank's mandate to boost exports of Saudi products and services.

CEO Saudi EXIM Bank Saad al-Khalb said that the MoU confirms the bank's commitment to drive efforts to develop and diversify Saudi Arabia's non-oil exports and to enhance cross-border trade flows.

"Our collaboration with HSBC and SABB represents a significant step towards achieving our objectives to build effective partnerships with national and international financial institutions. We look forward to working together to contribute to realizing Vision 2030's goals,” he said.

For his part, Regional CEO of HSBC Middle East, North Africa, and Turkey Stephen Moss, indicated that Vision 2030 is one of the world's most ambitious economic transformation programs.

"With a global network, HSBC covers more than 90 percent of world trade and capital flows and is well-positioned to support the Kingdom's aims for the sustainable growth and development of Saudi businesses and exporters with our financing, investment, and transaction banking solutions."



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.