50 Agreements Worth $50 Bln Signed at WTTC’s Global Summit in Riyadh

The Global Summit of the World Travel & Tourism Council (WTTC) is currently being held in Riyadh. (Asharq Al-Awsat)
The Global Summit of the World Travel & Tourism Council (WTTC) is currently being held in Riyadh. (Asharq Al-Awsat)
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50 Agreements Worth $50 Bln Signed at WTTC’s Global Summit in Riyadh

The Global Summit of the World Travel & Tourism Council (WTTC) is currently being held in Riyadh. (Asharq Al-Awsat)
The Global Summit of the World Travel & Tourism Council (WTTC) is currently being held in Riyadh. (Asharq Al-Awsat)

More than 50 agreements and memorandums of understanding, with a value exceeding $50 billion, were signed on the sidelines of the Global Summit of the World Travel & Tourism Council (WTTC) in Riyadh on Tuesday.

Saudi Tourism Minister Ahmed Al-Khatib said the tourism sector was expected to generate 126 million new jobs in the next decade.

“The opportunity for us as tourism leaders is to focus the energies towards creating an industry fit for the future, an industry that is more sustainable and resilient, and better able to create wealth and unlock opportunities... We must put people and planet first and at the center of every decision we make,” Al-Khatib said in his opening speech.

Millions of jobs

“Tourism will generate 126 million new jobs in the next decade,” the minister noted. “This means that one out of every three new jobs created will be in our sector.”

He emphasized that the Kingdom was reimagining tourism while relying on the strength of partnership.

“A shared commitment to partnership will drive the global industry forward... Last October, we launched the Global Center for Sustainable Tourism as a multi-country, multi-stakeholder organization to lead and accelerate the path towards net zero emissions,” he stated.

Sustainability and youth

Al-Khatib said that within the framework of the Saudi Green Initiative, the Kingdom has launched more than 60 initiatives in 2021. He explained that the first batch of initiatives accounted for more than $186 billion, noting that his country was aware that travelers and investors favored policies that promote sustainability in the industry.

In this context, the Saudi minister announced an ongoing plan to make the Kingdom “a leader in the field of sustainable tourism.”

He continued: “We must make sure that we invest in the future of youth, as two-thirds of the population is under the age of 35... We encourage them to become the tourism leaders of tomorrow... We launched a program to train 100,000 young Saudis every year in this sector.”

Moreover, he said Crown Prince Mohammed bin Salman’s announcement on Monday of the launch of the masterplan for King Salman International Airport will place the Kingdom at the forefront of the world, bolster tourism help implement major projects.

Expected initiatives

The Saudi Ministry of Tourism revealed a plan to enhance the organizational development process in many areas, in partnership with the private sector, announcing 28 initiatives that will be launched this year to develop the business environment in the field of tourism.

In this regard, Minister of Investment Khalid Al-Falih stressed the importance of government coordination and the integration of work within ministries to achieve success in various sectors.

In remarks during a panel discussion entitled, “Travel for a Better Future”, the minister said the tourism sector would certainly benefit from the growth taking place at various levels in the Kingdom, hoping that the legal frameworks would develop globally to keep pace with the technological progress and thus, facilitate travel, tourism and human interdependence.

Initiatives and partnerships

Princess Haifa Al Saud, Deputy Minister of Tourism, underlined the importance of partnership between the public and private sectors in the development of the Kingdom’s tourism sector.

She said that thanks to continuous efforts, Saudi Arabia was able to register a 121 percent growth in the number of passengers during the first seven months of this year.

The Kingdom considers cooperation at the international level on the one hand, and between the public and private sectors on the other, as an essential element for the tourism sector’s success in achieving its desired goals, she remarked.

Princess Haifa added that determination and joint action were among the most important factors for the success of the Kingdom’s pioneering experience in developing the tourism sector and increasing its value in the national economy and its share in the GDP.

She pointed to a plan to enhance the organizational development process in many areas in partnership with the private sector, revealing 28 initiatives that will be launched this year to develop the business environment in the field of tourism.

Recovery

Zurab Pololikashvili, Secretary-General of the World Tourism Organization, stressed the strong recovery of travel and tourism and the lessons that the world and institutions operating in the sector have learned from past experiences.

He highlighted the need to develop logistical and financial support mechanisms and permanent coordination with governments, in addition to legislative and regulatory structures and educational systems to keep up with the changes.

Pololikashvili also praised the rapid development of the tourism sector in the Kingdom, which he said was a pioneering model at the international level.

Human element

Anthony Capuano, CEO of Marriott International Group, emphasized the importance of the human element in the tourism sector, which lost 60 million jobs during the past two years due to the pandemic.

He pointed to Saudi Arabia’s successful model of partnership between the public and private sectors to develop the human resources that are capable of enriching the sector and improving its experiences.

Supporting 10,000 SMEs in the Saudi tourism sector

The Saudi Tourism Development Fund announced on Tuesday the launch of programs to support 10,000 Saudi SMEs, which are one of the main pillars of economic and social development in the Kingdom.

The Tourism Aid program consists of three sub-programs, which cover the various financial needs of this segment, whether to launch new commercial projects or for the purpose of expanding business.

1st climate footprint in tourism sector

Meanwhile, the World Travel and Tourism Council revealed new data showing the climate footprint for the global travel and tourism sector.

In a speech on the findings of the environmental and social research, Julia Simpson, President and CEO of the World Travel and Tourism Council, announced that thanks to the project, which is one of the largest research projects of its kind ever, the Council will be able to provide accurate reports and track the impact of various sector activities on the environment.

Previous estimates had indicated that the global travel and tourism sector was responsible for up to 11 percent of all global emissions.

However, the World Travel and Tourism Council’s groundbreaking research shows that the sector’s total greenhouse gas emissions were only 8.1 percent in 2019 globally.



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.