Saudi Arabia Wishes to Explore Investment Opportunities in Egypt's Real Estate

Saudi-Egyptian Real Estate Forum in Cairo (Asharq Al-Awsat)
Saudi-Egyptian Real Estate Forum in Cairo (Asharq Al-Awsat)
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Saudi Arabia Wishes to Explore Investment Opportunities in Egypt's Real Estate

Saudi-Egyptian Real Estate Forum in Cairo (Asharq Al-Awsat)
Saudi-Egyptian Real Estate Forum in Cairo (Asharq Al-Awsat)

Saudi Arabia plans to enhance cooperation and expand in Egypt during the coming period, announced the head of the Saudi National Real Estate Committee.

Speaking at the Saudi-Egyptian Real Estate Forum, Chairman Mohammad al-Murshed asserted the strong desire to boost and expand cooperation with Egypt by taking advantage of the investment opportunities offered in the real estate sector.

He said the Saudi economy witnessed positive growth in all economic fields over the past years, leading to many local and global achievements.

Saudi Arabia is among the 20 largest economies worldwide, and its products have reached more than 140 global markets.

Murshed stated that the Saudi government led by the Custodian of the Two Holy Mosques, King Salman, is establishing initiatives, programs, and giant projects that contribute to achieving Vision 2030, which aims to diversify sources of income, attract more local and international investments to the Saudi market, and create strategic partnerships.

He listed several important projects in Saudi Arabia, such as the NEOM project, the Red Sea, Qiddiya, Amaala, the projects of the Ministry of Housing, and other giant projects in which the real estate sector plays a prominent and vital role.

Murshed invited Egyptian business owners to benefit from these opportunities by creating strategic partnerships with Saudi business owners.

Meanwhile, Egypt's Minister of Public Business Sector, Hisham Tawfik, praised in his opening speech the developments in the Kingdom and Egypt, highlighting the insightful vision of the two countries' leadership.

The minister reviewed the partnership policies of the Egyptian government with investors and developers and investment opportunities in Egypt's real estate.

Moreover, Deputy Minister of Housing, Utilities, and Urban Communities for Egyptian National Projects Khaled Abbas pointed to the importance of boosting cooperation between Saudi Arabia and Egypt in all economic and commercial fields, including real estate.

The Egyptian Businessmen Association organized the second Saudi Egyptian Real Estate Forum in cooperation with the Saudi Chambers Federation and Saudi Egyptian Businessmen Council.

It was inaugurated under the patronage of Egypt's Prime Minister Mustafa Madbooly. Saudi ambassador to Egypt Osamah bin Ahmed Nugali and representatives of giant Saudi and Egyptian real estate companies were also at the forum.

Chairman of the Construction and Building Committee of the Egyptian Businessmen Association, Fathallah Fawzy, said that Saudi Arabia is one of the top countries investing in Egypt in various fields, with investments worth approximately $32 billion.

Fawzy recalled that the real estate sector generated about EGP240 billion in 2021, asserting that Egypt looks forward to the great opportunities available for Saudi investment.

On Sunday, a delegation of the Real Estate National Committee affiliated with the Federation of Saudi Chambers, chaired by Murshed, met in Cairo with the CEO of the General Authority for Investment and Free Zones (GAFI), Mohamed Abdel-Wahab.

During the meeting, the two sides reviewed the available investment opportunities and the chances of opening new areas for mutual investments between the two countries.

The delegation included representatives of 27 major Saudi companies in real estate development, industry, agriculture, and construction materials.



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.