Saudi Arabia Amends Import Licenses for Fruits, Vegetables

Saudi Arabia amend import licenses to ensure the sustainability of local production of fresh vegetables and fruits (Asharq Al-Awsat)
Saudi Arabia amend import licenses to ensure the sustainability of local production of fresh vegetables and fruits (Asharq Al-Awsat)
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Saudi Arabia Amends Import Licenses for Fruits, Vegetables

Saudi Arabia amend import licenses to ensure the sustainability of local production of fresh vegetables and fruits (Asharq Al-Awsat)
Saudi Arabia amend import licenses to ensure the sustainability of local production of fresh vegetables and fruits (Asharq Al-Awsat)

Saudi Arabia has amended its import licensing guide by adding fresh fruits and vegetables so that the Ministry of Environment, Water, and Agriculture will be the competent authority to issue these licenses, Asharq Al-Awsat learned.

Minister of Commerce Majid al-Qasabi issued a ministerial decision to add fresh fruits and vegetables to the import licensing directory, specifying the requirements, notably that the importer, whether a Saudi or a foreign investor, must be authorized.

The Ministry announced the amendment of the import licenses guide for the public via the Public Consultation Platform (Istitlaa).

It indicated that based on Paragraph (A) of Item (Third) of the Import Licenses Guide, issued by the decision of the Minister of Commerce, which resulted in amending the Import Licenses Guide by adding paragraph No. (6) to Paragraph (E) of Clause Fourth, “regulating the requirements for licenses to import fresh vegetables and fruits into the Kingdom.”

The new requirements on imported goods seek to protect humans and plants, using the international standards of the International Plant Protection Convention, which requires the monitoring of the market and collecting trade statistics.

It was essential to organize and control vegetables and fruits imported to Saudi Arabia, which led to the development of procedures to keep pace with the changes.

The Ministry of Environment, Water, and Agriculture has set controls for importing vegetables and fruits from outside the Kingdom to protect plants, support and sustain local production, and control the quality to enhance food security.

The import permit must be issued electronically within a period not exceeding three working days from the date of submitting the application, after including a copy of the commercial register or foreign investment license and specifying the imported items and quantities, import date, and the country of origin.

Under the Foreign Investment Law, the importer must be a legal Saudi licensed to practice the activity or a foreign investor licensed to practice the activity.

The importers are divided into two categories. Category (A) grants a renewable ten-year license, provided that he proves real estate ownership of the warehouses and refrigerators where shipments will be stored or commercial centers to promote the products. He must also offer ownership proof of refrigerated vehicles.

Category (B) receives a three-year license, subject to renewal. The e-permits must specify the imported items and quantities, the date of import, the country of export, the license number and date, the point of entry, the net weight and type of the shipment, and the validity period of the import permit, provided that it doesn’t exceed 60 days from the issuance date.

The Ministry and the Food and Drug General Authority can take samples from the shipment for testing in approved laboratories inside or outside the Kingdom.

The shipment must be entered through the entry point specified in the import permit.

The importer is not granted permission if he has not previously obtained an import license issued by the agent, and the permit can be extended for three days after the original period has expired.

The import permit is revoked in the event of a pandemic outbreak in the export country before launching the shipment.



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.