Preparatory Day for WGS Kicks Off Monday with Four Forums

Gatherers at a previous edition of the World Government Summit. (Asharq Al-Awsat)
Gatherers at a previous edition of the World Government Summit. (Asharq Al-Awsat)
TT

Preparatory Day for WGS Kicks Off Monday with Four Forums

Gatherers at a previous edition of the World Government Summit. (Asharq Al-Awsat)
Gatherers at a previous edition of the World Government Summit. (Asharq Al-Awsat)

The proceedings of the World Government Summit (WGS) 2022’s preparatory day will kick off through four diverse forums in Dubai on Monday.

Senior officials, experts, private sector leaders, decision-makers, idea pioneers, specialists in financial, economic and social affairs and various international organizations and global technological institutions will explore the prospects for the future of the economy, youth, energy, and women’s role in governments.

The WGS will organize the first edition of the Investopia Investment Summit, as part of the efforts to launch creative ideas that would boost global investments.

More than 50 idea pioneers and change-makers in the world, 300 decision-makers in governments, investors, entrepreneurs in the private sector, experts, specialists and academics will gather to launch 100 innovative ideas and new business opportunities in the world, the region, and the United Arab Emirates.

UAE Minister of Economy Abdullah Abdulla al-Marri, his Saudi counterpart Faisal al-Ibrahim, Greek Minister of Development and Investments Adonis Georgiadis, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD) Rebeca Greenspan will participate in the event to explore the prospects for the 2022 global economy.

The WGS sessions will also discuss the metaverse sector, investment in the innovation sector, sustainability of finance, cryptocurrencies and digital assets.

Other sessions will tackle detailed issues, mainly investment opportunities in the Emirate of Sharjah and exploring the role of women in consumer and investment spending.

The Women in Government Forum will also be held and discuss the importance of international cooperation to boost women’s role in leading government work, and the role of women leaders in motivating and inspiring the new generation of girls and women to actively participate in advancing government work.

The forum will hold 14 sessions to discuss the responsibility of governments in bolstering women’s roles in the technology sector and in achieving global economic growth, developing integrated social policies, enhancing international cooperation and attaining sustainable development goals.

The Global Energy Forum, organized in partnership with the Atlantic Council, focuses on reducing carbon dioxide emissions to reach zero and the future of global energy.

It will tackle the effects of energy security on the transformation of the energy sector, address energy challenges in Europe and discuss energy sector visions for 2022.

The forum touches on the importance of substituting traditional energy sources by clean and renewable energy sources.

This global goal tops government priorities as they seek to implement it by developing a set of future plans and strategies that contribute to accelerating the global energy transition.

The Arab Youth Center, in partnership with the WGS 2022, will hold the Arab Meeting for Young Leaders to promote Arab youth work and various initiatives related to youth empowerment and engagement.

It aims at developing their capabilities and bolstering their opportunities to participate in building, developing and shaping the future.

The two-day World Government Summit’s (WGS) eighth edition will be held at the Expo 2020 Dubai at the Dubai Exhibition Center on March 29.

It will bring together the world’s most prominent talents to discuss vital sectors and develop ideas and visions for a new future.



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)
TT

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)
TT

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)
TT

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.