Dubai Approves New DIFC Strategy Based on AI

The new plan includes a package of projects and initiatives amounting to approximately 28 projects that support Dubai’s leadership as a global business center. Asharq Al-Awsat
The new plan includes a package of projects and initiatives amounting to approximately 28 projects that support Dubai’s leadership as a global business center. Asharq Al-Awsat
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Dubai Approves New DIFC Strategy Based on AI

The new plan includes a package of projects and initiatives amounting to approximately 28 projects that support Dubai’s leadership as a global business center. Asharq Al-Awsat
The new plan includes a package of projects and initiatives amounting to approximately 28 projects that support Dubai’s leadership as a global business center. Asharq Al-Awsat

Dubai approved the Dubai International Financial Centre (DIFC) Courts Strategic Work Plan 2022-2024.

It aims to develop a judicial support system and achieve more global justice in accordance with an advanced work system that employs the latest modern technologies in procedures and transactions.

The DIFC Courts are anticipating challenges in the judicial field, with a sophisticated, intelligent and flexible judicial support system.

In this way, the keep pace with the proactive approach of Dubai and the UAE in various fields.

Through the new strategy, the courts enhance enhancing their ability, capabilities and tools, in providing the prompt justice required by the global financial, commercial and economic sector, including emerging disputes resulting from transactions of a more modern and complex digital and technical nature.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and President of the Dubai International Financial Centre, said: “Today we have adopted the strategy of the Dubai International Financial Center Courts for the next three years.”

“A new and integrated system that employs modern capabilities and technologies in supporting the judiciary and settling disputes in a way that supports the strengthening of Dubai’s leadership and position as a global destination for business and financial activities.”

He added, “The DIFC Courts will focus on implementing projects and initiatives based on digital transformation, employing artificial intelligence in their transactions and procedures, establishing a judicial network, an international court for the digital economy, and specialized departments in intellectual property, virtual courts, and other blockchain technologies.

The goal is to establish a successful global justice and keep pace with developments.”

The strategic plan of the Dubai International Center Courts focuses on following the highest standards of quality in doing business, through four main pillars, namely judicial excellence, excellence in providing various services, reliance on an infrastructure that provides the latest technical means of communication, in addition to formulating and implementing innovative solutions.

The new plan includes a package of projects and initiatives amounting to approximately 28 projects that support Dubai’s leadership as a global business center.

The plan is specifically designed to raise the level of judicial excellence, service excellence, communication, and innovation, including the launch of a new international court for the digital economy to lead the way in resolving disputes related to emerging technologies.

Some of the projects are the establishment of specialized departments in the field of intellectual property and virtual courts with comprehensive and integrated electronic capabilities, the establishment of courts for blockchain technologies and a new system for managing claims and customer relations, the development of a portfolio of digital assets and new mechanisms for certification and authentication services, and the expansion of cooperation with national, regional, and international bodies and institutions.

Justice Omar Al Mheiri, director, DIFC Courts, added: “Increased digital platforms, paperless processes and virtual hearings are all now becoming the new reality. By combining a modern and flexible digital infrastructure with judicial and service excellence, the DIFC Courts will continue to set the benchmark for international commercial courts.”



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.