Saudi Arabia Boosts Entrepreneurship in Industry, Logistics

Signing ceremony at the Global Entrepreneurship Congress (GEC) in Riyadh (Asharq Al-Awsat)
Signing ceremony at the Global Entrepreneurship Congress (GEC) in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Boosts Entrepreneurship in Industry, Logistics

Signing ceremony at the Global Entrepreneurship Congress (GEC) in Riyadh (Asharq Al-Awsat)
Signing ceremony at the Global Entrepreneurship Congress (GEC) in Riyadh (Asharq Al-Awsat)

The Saudi National Industrial Development and Logistics Program (NIDLP) launched the "Thousand Miles" initiative for small and medium enterprises (SMEs) in the industrial and logistics fields.

The initiative seeks to facilitate material support, feasibility studies, and asset investment.

The launch came during the Global Entrepreneurship Congress (GEC), organized by the Small and Medium Enterprises General Authority (Monsha'at) in cooperation with the Global Entrepreneurship Network.

The conference witnessed the signing and launching of many programs and initiatives with a total value exceeding $1.6 billion.

NIDLP's new program is an opportunity to qualify entrepreneurs in industry and logistics in cooperation with the relevant authorities. It will also enable the qualification of skills in theory and practice, prepare preliminary and detailed feasibility studies, and provide qualitative incentives.

Technical Spending

Governor of the Saudi Digital Government Authority (DGA) Ahmed al-Suwaiyan said that 73 percent of the venture capital funding is going to technology and digital entrepreneurs.

Suwaiyan indicated during one of the panels at GEC that the Kingdom is the highest in the world in technical government spending out of national technical spending, reaching 21.7 percent last year with a value of $24 billion until 2025.

Several panels and sessions were held at GEC addressing young people and their interests, with the participation of several public and private officials aiming to develop entrepreneurs in all fields and provide them with the support needed to increase the most prominent issues of the emerging generation.

Saudi opportunities

CEO of Mohammed bin Salman Foundation (Misk) Badr al-Badr reviewed the trends that dominate entrepreneurship in 2022 and the sectors in high demand in the future.

Badr confirmed that 50 percent of Saudi youth are thinking about starting their own business, indicating that Misk programs are available to all ambitious people who need support.

He added that the most difficult challenges facing entrepreneurs are regulations, local and global expansion, and lack of talent.

"Misk's focus on supporting the entrepreneurship sector is driven by creating real opportunities for the youth to become entrepreneurs, lead successful businesses, and enable employment opportunities for others," he said.

Business setup

Meanwhile, a session entitled "Nurturing Youth Entrepreneurship" hosted Vice President of Nesma Noura al-Turki, Independent Consultant Khaled al-Zamel, and CEO of the Entrepreneurial Learning Initiative Gary Schoeniger to discuss the need of current and future generations for a stimulating environment to develop new skills and ways of thinking.

The panel discussed how governments tap into this potential and empower young people to become future innovators, addressing the key sectors.

Turki stated that maintaining the entrepreneurial mindset within companies and within the youth who choose corporate careers, noting that it is vital to keep the spirit alive 40 years down the line in a company.

Zamil stated that entrepreneurship faces many difficulties and obstacles, noting that it is necessary to prepare for such possibilities always.

Entertainment

The speakers in the "Looking Ahead - Rise of The Film Industry" session discussed the challenges and opportunities of this sector. It was hosted by UTURN Chairman Kaswara al-Khatib and General Manager of MBC Studio Zainab Abu al-Samh.

Khatib stated they are enough stories to reflect the Saudi identity and be creative in highlighting its culture, adding that expectations are high and Saudi and Arab consumers have high energy and taste.

"Be authentic, focus on the storytelling itself. We have our own identity. We have a lot of stories to tell! Amazing stories!"

Samh indicated that the industry has all possibilities and opportunities, with creators capable of producing new materials. She explained that currently, there is a need to focus on young talents that will contribute to the continuation and development of the industry.

Speaking at the "Disrupting Entertainment: A future view" panel, Netflix co-founder Marc Randolph stressed that ideas must be revised to know that the product or service reaches the customer quickly and inexpensively, indicating that addressing the problem is better than creating ideas.

Programs and initiatives

On its third day, GEC witnessed the signing and launch of several programs and initiatives supporting the SME sector and entrepreneurship, with a total value exceeding $1.6 billion in support of the industry and providing financing solutions for SMEs.

The Small and Medium Enterprises Financing Guarantee Program (Kafalah) signed several agreements with the Ministries of Industry and Mineral Resources, Municipal and Rural Affairs and Housing, and Sports, as well as several funds, including the Cultural Development Fund, the Tourism Development Fund, the National Industries Development and Logistics Program (NIDLP).

Kafalah also signed an agreement with King Saud University, Jouf University, and Saudi Incubators and Accelerators.

Monsha'at signed several cooperation agreements with the Council of Health Insurance and the Saudi Commission for Health Specialties, the Saudi Food and Drug Authority to support and empower entrepreneurs and small and medium enterprises.

The Banque Saudi Fransi signed a cooperation agreement with Saudi Arabian Airlines (Saudia).

It also launched the fourth batch of influential mentoring for an ambitious program in cooperation with Endeavor Saudi Arabia to support fast-growing enterprises by facilitating access to the best mentors in local and global networks and linking with regional and international offices.

It aims to support more than 26 fast-growing firms represented by 35 Saudi entrepreneurs, with more than 400,000 direct and indirect jobs.

Over 20 fast-growing Saudi companies cooperated with the global Elite Network to launch the sixth batch of Elite's ambition, aiming to qualify four to six companies to be offered in Nomu, the parallel stock market.

Meanwhile, Chaizer Power signed a cooperation agreement with the European MegaTel Group to manufacture and supply electric vehicle chargers in Saudi Arabia and the Middle East.



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.