Dubai Launches Savings Scheme for Foreign Government Employees

Crown Prince of Dubai Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum during the meeting (Asharq Al-Awsat)
Crown Prince of Dubai Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum during the meeting (Asharq Al-Awsat)
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Dubai Launches Savings Scheme for Foreign Government Employees

Crown Prince of Dubai Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum during the meeting (Asharq Al-Awsat)
Crown Prince of Dubai Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum during the meeting (Asharq Al-Awsat)

Dubai approved the launch of the "Savings Scheme for Foreign Employees in the Government of Dubai" to enhance the end-of-service benefits system.

The Dubai International Financial Centre will supervise the Scheme in partnership with several international investment firms that provide attractive and safe investment opportunities.

The announcement was made during the Executive Council of Dubai meeting, attended by Crown Prince of Dubai Sheikh Hamdan bin Rashid Al Maktoum and Deputy Ruler of Dubai Sheikh Maktoum bin Rashid Al Maktoum.

Speaking at the meeting, Sheikh Hamdan stressed that the Scheme would play a pivotal role in continuously developing the government sector's capabilities and enhancing its attractiveness to qualified professionals across various fields.

He ensured that all citizens or residents were provided with the needed support, in line with international best practices and Dubai's vision to reach unprecedented levels of excellence across the government sector.

"The steering committee, led by the General Secretariat of The Executive Council, will implement an integrated plan to ensure that the objectives of the Scheme are met, through which we seek to offer equitable opportunities for our brothers and sisters in the Dubai Government in recognition of their efforts and determination," Emirates News Agency (WAM) quoted the Crown Prince as saying.

"We seek to enhance the flexibility and attractiveness of the market in Dubai through the continuous development of our system," said Sheikh Hamdan, adding that the Savings Scheme is a new step towards attracting more talent, innovators, and investors across various fields.

Sheikh Hamdan noted that Dubai is looking to consolidate its position as a leading city that delivers optimum work and living standards.

The initiative will also ensure that Dubai remains an attractive career destination that appeals to outstanding talent through an integrated system that offers employees various saving opportunities across financial portfolios that can grow their benefits and savings for the future.

The Scheme provides employees with several financial benefits, most notably the opportunity to save across different financial portfolios to grow their savings and provide economic sustainability for themselves and their families.

It will also protect and manage dues more effectively by depositing them in the Scheme starting from the date of enrolment; hence, it will not include any financial dues from former years of service to which the current legislation applies.

Employees will choose from multiple investment structures, including traditional investment funds and others compatible with Islamic Sharia.

Employees who do not wish to invest their benefits will also be provided with options that ensure capital protection.

The Scheme is expected to boost financial liquidity in Dubai in the coming years and enhance the quality of the evolving economic environment in the emirate.

It was conceptualized after the Dubai International Financial Centre (DIFC) successfully implemented it for employees working within the DIFC in 2020.

The Council also approved the Dubai Traffic Safety Strategy 2022-2026, developed by the Roads and Transport Authority and the Dubai Police Headquarters.

The strategy's objective is to make Dubai one of the safest cities globally and achieve the zero road deaths vision by developing and implementing 53 strategic initiatives that fall under four key categories: traffic control, vehicle and highway engineering, traffic awareness, systems, and management.



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.