GCC, Gulf Chambers Discuss Activating Role of Private Sector in Gulf Economy

Meeting between Gulf Cooperation Council (GCC) and the Federation of Gulf Chambers (Asharq Al-Awsat)
Meeting between Gulf Cooperation Council (GCC) and the Federation of Gulf Chambers (Asharq Al-Awsat)
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GCC, Gulf Chambers Discuss Activating Role of Private Sector in Gulf Economy

Meeting between Gulf Cooperation Council (GCC) and the Federation of Gulf Chambers (Asharq Al-Awsat)
Meeting between Gulf Cooperation Council (GCC) and the Federation of Gulf Chambers (Asharq Al-Awsat)

The Gulf Cooperation Council (GCC) and the Federation of Gulf Chambers discussed Wednesday the challenges of the private sector and activating the role of the economy at the 58th meeting held in Muscat.

GCC Secretary-General Nayef al-Hajraf stressed the importance of the role of the Gulf private sector in achieving the national visions and supporting the Joint Gulf action in its economic path.

Hajraf pointed out that the statement of the last Riyadh summit stressed the importance of upholding the council and its achievements.

He directed the competent authorities to double efforts to establish the customs union and fully implement the common market paths, leading to economic unity by 2025.

He stressed the need to follow up on the economic visions of the GCC countries, achieve economic diversification, and maximize the benefit from the economic potential and the distinguished opportunities to double investments among the GCC states.

Hajraf also called for the integration of road, communications and train networks, urging support and strengthening of the national industry, accelerating its growth, providing protection, and increasing its competitiveness.

Hajraf explained that the meeting is taking place as the Gulf Cooperation Council celebrates its fifth decade amid global conditions and economic challenges resulting from the coronavirus pandemic, which affected supply chains.

He indicated the situation necessitates cooperation and coordination between the GCC countries to overcome the effects of these economic shocks while maintaining the achievements and enhancing them.

The secretary-general reiterated the importance of an economic movement to enhance Gulf economic integration, address issues of the Gulf private sector, and enhance its role in economic development.

For his part, the President of the Federation of Gulf Chambers, Ajlan al-Ajlan, called for strengthening cooperation between the GCC General Secretariat and the Federation through permanent coordination and developing a joint work program.

He also called for expanding the representation and participation of the Gulf private sector in the meetings of technical committees and the negotiations of free trade agreements.

Ajlan acknowledged the challenges and transformations brought about by the current global situation, which requires the Gulf states to benefit from working as a bloc while exploiting the advantages of the strategic geographical location and being the primary global oil source.

He explained that it creates a solid economic entity capable of protecting its interests and influencing its regional and international surroundings.

The official referred to the harmony and coordination between the GCC governments and the development role of the private sector, saying they are the cornerstone for Gulf economic integration.

It also enables the Gulf countries to establish a broad network of mutual interests and build a genuine development partnership that contributes to achieving the well-being of their peoples and achieving proper economic integration, according to Ajlan.

He stressed the importance of the role of the private sector in achieving the Gulf economic integration initiatives, projects, and programs approved by the AlUla Summit, enabling it to accomplish its role in consolidating the foundations of the Gulf economy and achieving sustainable development.



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.