Saudi Minerals Forum Calls for Keeping Pace with Technology in Achieving Sustainable Development

The Arab ministerial meeting on the sidelines of the Future Mineral Forum in Riyadh. (SPA)
The Arab ministerial meeting on the sidelines of the Future Mineral Forum in Riyadh. (SPA)
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Saudi Minerals Forum Calls for Keeping Pace with Technology in Achieving Sustainable Development

The Arab ministerial meeting on the sidelines of the Future Mineral Forum in Riyadh. (SPA)
The Arab ministerial meeting on the sidelines of the Future Mineral Forum in Riyadh. (SPA)

The Arab ministers concerned with mineral resources affairs approved the Arab Industrial Development and Mining Organization (AIDMO) proposal to prepare guidelines for Arab countries to keep pace with global trends and adopt best practices in the industry.

The ministers held their eighth consultative meeting on the sidelines of the Future Mineral Forum in Riyadh.

The Saudi Ministry of Industry and Mineral Resources concluded the Future Minerals Forum, held between January 11 and 13 under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz.

It said the conference succeeded in highlighting the role of Saudi Arabia and its future vision in leading this sector at the regional and international levels.

Fifteen ministers from outside the Kingdom and representatives of over 32 countries took part in the Forum.

Importance of the Arab initiative for clean energy minerals

The ministers stressed the importance of the Arab initiative for minerals used in the clear energy fields, which the organization proposed in line with international efforts to reach cleaner energy systems with fewer emissions to address climate change.

They stressed the need to keep pace with the technological developments and utilize them to realize sustainable development in the Arab mining sector, bolster mining status, boost its value and enhance its value chain.

The ministers lauded the launch of the first digital platform specialized in the application and supplies of Arab industrial and mining products with the support of Saudi Arabia.

They said this critical step will help develop the mining sector in Arab countries.

The Forum witnessed distinguished participation at the level of governments, international organizations, major mining companies, financial institutions, academics, researchers, and concerned people from Saudi Arabia and the world.

The Forum was also attended by distinguished speakers, including ministers, experts, and field specialists from various government institutions.

The Ministry of Industry and Mineral Resources said more than 100 leading figures and international mining companies took part in 40 panel discussions at the Forum.

The discussions addressed the future of the mining sector, its contributions to developing societies, enhancing sustainability and clean energy systems, and attracting direct investments in the mining sector in the region.

Over 3,500 participants and 4,000 virtual participants from 100 countries attended the conference. It also attracted millions of people who followed the live broadcast and on social media.

Roundtable meetings

Roundtable meetings with Arab ministers and officials concerned with the mining sector from 32 countries were held on the sidelines of the event.

The talks aimed at providing investors, mining companies, and concerned parties an opportunity to meet and review the potential and opportunities in the mining sector in Saudi Arabia, the Middle East, Central Asia, and Africa.

The discussions included establishing stronger cooperation across the region, enhancing coordination and collaboration between governments and their private sector and civil community partners to develop sustainable, responsible, and comprehensive mining.

Participants said the international mining sector is characterized by challenges and significant opportunities, especially in the post-coronavirus stage.

They discussed procedures of mining companies in dealing with public health risks related to the coronavirus pandemic, noting that they will lead to the recovery of the supply chains and increasing demand.

Talks also addressed the increasing demand for strategic minerals, which is expected to increase at a faster pace in the coming decades.

Participants agreed on the region's importance in providing minerals in response to the global demand, stressing the region's ability to meet the world's need in the future because it boasts significant reserves and resources of basic minerals due to its unique geological nature.

Role of Saudi Arabia in the mining sector

The ministry added that participants at the roundtable meetings announced a unanimous position on the importance of minerals for future societies and economies, calling for preparing a roadmap to realize progress in stakeholders' dialogue regarding mining industries.

The ministry also stressed that all participants commended the capabilities of Saudi Arabia in the sector.

The Kingdom enjoys several excellent elements that allow it to become a mining hub due to its centrality in a vital mining region extending from Africa, the Middle East to Central Asia.

They lauded the theme of the Forum that stems from the Kingdom's mining industries strategy to be a stimulus for investment in the sector in light of the increase of demand on minerals in the world, pushed by the modern industrial trends in renewable energy and electric cars, and other industries that rely on several strategic minerals.



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.