MAWANI, Bahri Sign Deal to Establish Logistics Zone in Western Saudi Arabia

MAWANI has agreed on a long-term deal with shipping giant Bahri to build and operate an integrated logistics park on land leased at the Jeddah Islamic Port. (Asharq Al-Awsat)
MAWANI has agreed on a long-term deal with shipping giant Bahri to build and operate an integrated logistics park on land leased at the Jeddah Islamic Port. (Asharq Al-Awsat)
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MAWANI, Bahri Sign Deal to Establish Logistics Zone in Western Saudi Arabia

MAWANI has agreed on a long-term deal with shipping giant Bahri to build and operate an integrated logistics park on land leased at the Jeddah Islamic Port. (Asharq Al-Awsat)
MAWANI has agreed on a long-term deal with shipping giant Bahri to build and operate an integrated logistics park on land leased at the Jeddah Islamic Port. (Asharq Al-Awsat)

The Saudi Ports Authority (MAWANI) has agreed on a long-term deal with shipping giant Bahri to build and operate an integrated logistics park on land leased at the Jeddah Islamic Port.

The agreement was signed Tuesday by President of MAWANI Omar Talal Hariri and Bahri CEO Abdullah Ali Aldubaikhi, in the presence of senior officials from both sides.

Hariri stated that launching this project forms a core part of the initiatives to achieve the objectives of the National Transportation and Logistics Strategy (NTLS), which envisions setting up similar logistics zones within and beyond Saudi ports.

He noted that it aims to empower the Kingdom’s bid to become a global logistics hub and provide world-class logistics services to accelerate economic development and enable overall transformation in line with Vision 2030.

Aldubaikhi expressed his delight at signing the deal, which is expected to boost his company’s partnership with MAWANI in the pursuit of developing the Kingdom’s logistics services and consolidating its stature as a global hub that links three continents.

“Leveraging Jeddah Islamic Port’s strategic location, this agreement will further expand Bahri’s import, transport, distribution, and storage capabilities and help the company raise the level of its services according to international standards,” said the CEO.

“We constantly strive to be a responsible business that builds sustainable capabilities and offers solutions that meet the exact needs of our partners.”

Bahri will manage operations at the state-of-the-art facility for a duration of 20 years.

The logistics zone will provide storage and handling services for all types of inbound and outbound shipping containers owned by Bahri and other entities.

It will be capable of storing reefer, insulated, and dry containers with services like container maintenance and repair, container cleaning, bonded storage, and haulage available to clients at any given point.

Jeddah Islamic Port leads the Kingdom’s ports in terms of imports and exports, besides being a Red Sea re-export hub as 75 percent of the total incoming trade and transshipment traffic at Saudi ports takes place through this important trade gateway.

The Port is equipped with 62 berths and four terminals, and MAWANI is all geared in its drive to position it amongst the top ten globally.

Efforts are underway to expand the Port’s capacity and upgrade its operations with the help of development projects and concessions.

A recent concession worth SR9 billion was awarded to DP World for 30 years to improve the operational efficiency of the Port’s container terminals and raise its capacity by 70 percent to handle more than 13 million units.

MAWANI signed a similar deal with Maersk Saudi Arabia to establish an integrated logistics park at the Jeddah Islamic Port.

The park is set to be the company’s largest in the Middle East and enhance the Port’s exceptional operational capabilities and value-added services.



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.