Saudi Arabia to Launch LEAP Conference on Tuesday

A general view of the Saudi capital, Riyadh. (Getty Images)
A general view of the Saudi capital, Riyadh. (Getty Images)
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Saudi Arabia to Launch LEAP Conference on Tuesday

A general view of the Saudi capital, Riyadh. (Getty Images)
A general view of the Saudi capital, Riyadh. (Getty Images)

LEAP, the global technology platform, will kick off in Saudi Arabia on Tuesday with the participation of more than 350 speakers from 80 countries and 700 innovators and start-ups from around the world.

Saudi Arabia will host the LEAP conference to address future challenges by consolidating its digital regional and global leadership.

The Ministry of Communications and Information Technology (MCIT) and the Federation for Cybersecurity, Programming, and Drones will organize the event.

The conference is in line with Crown Prince Mohammed bin Salman's drive to seize opportunities in the digital economy and enhance the Kingdom's global leadership as the regional hub for technology, innovation, and digital entrepreneurship.

Many major international companies announced their intention to participate in the LEAP conference to review the latest technologies in several technical fields that contribute to achieving Saudi digital leadership.

VMware will showcase its newest innovations in multi-cloud, application modernization, digital workspace, and security at LEAP.

It will offer solutions that enable organizations to thrive in the face of current challenges by embracing a multi-cloud approach that provides the flexibility to deploy modern applications and empower a secure, distributed workforce while retaining ownership and control over their data.

It will also highlight how it protects clients with a "zero trust" approach to security, end-to-end solutions, and new endpoint management capabilities utilizing a single agent and console, allowing companies to operate more quickly and effectively.

Logitech will demonstrate a range of high-quality video collaboration solutions at its pavilion in LEAP.

It will showcase its technology and how video collaboration solutions can support hybrid working models and transform industries, such as education and healthcare, while increasing customer and employee satisfaction and assisting organizations in fostering workplace diversity.

Meanwhile, a YouGov survey conducted by SAP Software Solutions revealed that nearly 92 percent of Saudi Arabia's government IT decision-makers agree that the COVID-19 pandemic has accelerated the Kingdom's digital transformation over the past year.

In terms of the top priority areas for Saudi government organizations' digital investment in 2022 and beyond, 67 percent said human capital management, 61 percent said enterprise resource planning, 56 percent said core solutions, and 41 percent said customer experience.

Many of the Kingdom's government and public sector organizations are at the forefront of implementing new solutions as emerging technologies grow and mature.

Saudi Arabia will host LEAP between Feb. 1 and 3 to address future challenges such as healthcare technologies to improve the quality of life and increase life expectancy, empowering humans through robots and technologies.

It will review the most prominent technologies in the education sector, the creative economy, and showcase technologies that enhance the well-being of communities.

It will address future energy technologies that will enhance the region's leadership in the oil and gas sectors and the impact of technology on the development of energy sources.

Saudi Arabia will address future challenges by consolidating its digital regional and global leadership.

Held under the theme "One Eye on the Stars," LEAP seeks to discuss the most prominent social and cultural challenges facing the world through modern technologies, which have the potential to reshape the way people live and find appropriate and innovative solutions for them.



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.