Saudi Arabia Develops Legislations for Land, Sea, Rail Transport in the Red Sea

The signing ceremony of the memorandum of understanding in Riyadh (Asharq Al-Awsat)
The signing ceremony of the memorandum of understanding in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Develops Legislations for Land, Sea, Rail Transport in the Red Sea

The signing ceremony of the memorandum of understanding in Riyadh (Asharq Al-Awsat)
The signing ceremony of the memorandum of understanding in Riyadh (Asharq Al-Awsat)

Saudi Arabia's Public Transport Authority (TGA) has signed a memorandum of understanding with the Red Sea Development Company (TRSDC) to develop the region's legislative and regulatory environment for land, sea, and rail transport.

TGC Chairman Rumaih al-Rumaih said Monday that they were looking forward to developing the transport sectors in the Red Sea region through cooperation and joint work.

He said that the two sides would create the legislative and regulatory environment to provide services according to the best international standards and models through the use and employment of modern technology to raise the level of quality and upgrade transportation options in the Red Sea.

Rumaih said that the agreement supported the objectives of the national strategy for transport and logistics services in developing services, improving the experience of beneficiaries, and contributing to raising the quality of life in Saudi cities and regions.

The agreement develops opportunities for innovation, technical cooperation, promotes investment, and keeps pace with the latest global developments in the transport industry in line with the Kingdom's economic and social goals.

CEO of TRSDC John Pagano said that the goal was to connect the Red Sea destination in the best possible way using a fleet of smart vehicles to support sustainability goals in land, sea, and air transportation.

The agreement will adopt future and modern transportation technology and allow the two parties to exchange expertise regarding the economic zone in the Red Sea.

It will also enable them to hold workshops on modern transportation services, provide a suitable environment for investors in transportation and logistics services, and cooperate in new and smart mobility.

Meanwhile, the TRSDC announced that it has successfully implemented the first wave of Enablon modules on a journey to integrate, automate and streamline Governance, Risk Compliance, Health and Safety, Environment and Sustainability, Business Continuity, and Internal Audit practices across the organization.

Wolters Kluwer's Enablon was selected based on its industry-leading position as a provider of integrated software solutions. The project was initiated in January 2021.

After a lengthy design and consultation process lasting 15 months, the team launched the integrated solution.

Pagano stated that the journey began at the height of the global pandemic to integrate several risk and control functions.

He explained that the main objective was to enhance monitoring, reporting, and alignment across the multiple functions involved in delivering standard-setting health and safety practices, with manpower exceeding 16,000 TRSDC employees and contractors.

The CEO also stated that TRSDC established a committee that oversaw the progress and implementation of the solution in cooperation with management consultants Ernst & Young, Wolters Kluwer as the software provider, and Wipro as the implementation consultant.

Vice President and Managing Director with Wolters Kluwer Enablon Laurent Dechaux pointed out that Enablon Vision Platform offers TRSDC a full 360-degree view of risk, addressing the Environmental, Health, and Safety challenges of the project.

Ernst & Young announced that the TRSDC was a pioneer in conceptualizing the alignment between its risk and controls functions, utilizing the strength of Enablon to bring together Governance, Risk Compliance, Health and Safety, Environment and Sustainability, Business Continuity, and Internal Audit.

Throughout the 15-month implementation period, the priority was to ensure TRSDC requirements were met, focusing on future adoption and value.



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.