NEOM Names First Partner Hotel Brands with Ennismore

The inaugural tie-up will see two of Ennismore’s iconic brands – 25hours Hotels and Morgans Originals – open properties in TROJENA, NEOM’s mountain tourism destination that features a ski village. (Twitter)
The inaugural tie-up will see two of Ennismore’s iconic brands – 25hours Hotels and Morgans Originals – open properties in TROJENA, NEOM’s mountain tourism destination that features a ski village. (Twitter)
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NEOM Names First Partner Hotel Brands with Ennismore

The inaugural tie-up will see two of Ennismore’s iconic brands – 25hours Hotels and Morgans Originals – open properties in TROJENA, NEOM’s mountain tourism destination that features a ski village. (Twitter)
The inaugural tie-up will see two of Ennismore’s iconic brands – 25hours Hotels and Morgans Originals – open properties in TROJENA, NEOM’s mountain tourism destination that features a ski village. (Twitter)

Hotel Development, the NEOM division responsible for building a future-centric hospitality ecosystem in the northwest corner of Saudi Arabia, has signed its inaugural hotel partner, Ennismore.

With a blank canvas and no legacy infrastructure, Hotel Development will capitalize on the region’s potential to establish a new era for the industry – one of imagination and a sense of duty to guide and inform how humanity engages with our world. The division will also support NEOM’s bold ambitions to attract more than five million visitors by 2030.

The agreement signed with Ennismore, the world’s fastest-growing lifestyle hospitality company, corresponds with Hotel Development’s main goal of establishing global partnerships. The inaugural tie-up will see two of Ennismore’s iconic brands – 25hours Hotels and Morgans Originals – open properties in TROJENA, NEOM’s mountain tourism destination that features a ski village.

Chris Newman, Executive Director, Hotel Development at NEOM, said: “Hotel Development aims to accelerate human progress by redefining how we travel, stay, and live. Our partnership with Ennismore echoes our mission to pioneer in the space of experiential hospitality in a way that shapes the future of hotels in the Kingdom and beyond. With a shared passion for developing differentiated and imaginative hospitality concepts, we look forward to seeing this relationship – and others like it – flourish.”

Philip Gullett, Executive Director and Region Head, TROJENA, said: “The mountains of TROJENA are set to become one of the most awe-inspiring destinations the world over. Both 25hours Hotels and Morgans Originals are ideal brands for TROJENA as we look to deliver extraordinary experiences for residents and visitors seeking luxury, adventure, entertainment, livability, and escape from the status quo.”

Gaurav Bhushan, Co-CEO of Ennismore, said: “25hours Hotels and Morgans Originals are lifestyle brands rooted in creativity, bringing design-focused spaces and authentic culinary experiences, creating deep connections with our guests. As we grow globally, we are excited for our brands to open in TROJENA, a unique setting, which will attract both local and international visitors.”

The 25hours team, together with founder Christoph Hoffmann and Berlin’s Studio Aisslinger are working on a bespoke story and design concept for TROJENA. The narrative is inspired by the futuristic architecture of the building and will include nods to science-fiction movies as well as to the alpine heritage of the brand. The 25hours Hotel will have an in-house cinema, a farm-to-table restaurant, a bike workshop with co-working, as well as a rooftop restaurant with pool.

The Morgans Originals hotel will be designed to transport guests from the surreal and natural landscapes of TROJENA, into a world rooted in the iconic cultural legacy of the brand. The hotel will feature four world-class dining outlets and a 2,000-meter destination spa and bathhouse, in addition to an architecturally significant ski slope roof and rooftop pool bar overlooking the dramatic TROJENA mountains. The hotel will also feature an eight-story vertical core with microclimates and immersive art experiences that will showcase the individuality of the brand.

Early enabling construction works have already commenced in TROJENA, with the main construction work on the ski village due to begin at the end of 2022. In addition to hospitality, the village includes residential components centered around a public plaza, as well as high-end retail and dining experiences. The sides of the mountain extend onto the roof of the village, creating a stunning ski slope skyline that can be activated year-round through various adventure sports facilities.

Tasked with driving the establishment of a world-class tourism sector, Hotel Development aims to serve the diversification goals of Saudi Vision 2030. In addition to forming strategic partnerships, the division will work alongside tourism sector partners on nurturing ambitious talent and proud Saudi ambassadors who will form the bedrock of the industry. Championing a culture of diversity and expertise, the division aims to build an ambitious workforce empowered to ideate boldly and reimagine hospitality from the ground up.



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.