CEO of SPIRE: Saudi Competencies to Meet Renewable Energy Company Needs

Eng. Majed Refae, the CEO of the Saudi Polytechnic Institute of Renewable Energy (SPIRE) (Asharq Al-Awsat)
Eng. Majed Refae, the CEO of the Saudi Polytechnic Institute of Renewable Energy (SPIRE) (Asharq Al-Awsat)
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CEO of SPIRE: Saudi Competencies to Meet Renewable Energy Company Needs

Eng. Majed Refae, the CEO of the Saudi Polytechnic Institute of Renewable Energy (SPIRE) (Asharq Al-Awsat)
Eng. Majed Refae, the CEO of the Saudi Polytechnic Institute of Renewable Energy (SPIRE) (Asharq Al-Awsat)

Eng. Majed Refae, the CEO of the Saudi Polytechnic Institute of Renewable Energy (SPIRE), said that work was underway with strategic partners to provide companies operating in renewable energy projects with skilled national cadres.

In an interview with Asharq Al-Awsat, Refae noted that more than 7,800 jobs will be needed for energy projects in Saudi Arabia during the coming years, expecting the demand to grow with the announcement of new and investment plans.

SPIRE is a strategic partnership institute within a comprehensive system, which the Ministry of Energy considers an important tributary for providing human resources and qualifying young men and women to work in the oil, gas and energy sectors and companies, with the support of Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy.

The institute is located in Al-Jouf region in northern Saudi Arabia.

Refae said that the region was selected to be the headquarters of the institute, as it is situated within the global Sun Belt, which makes the solar radiation it receives one of the highest rates in the world.

Therefore, SPIRE was chosen to be near the first renewable energy projects in Saudi Arabia - the Sakaka solar power plant and Dumat al-Jandal for wind energy. This will allow the institute to introduce trainees to real work environments, he underlined.

Al-Jouf is also close to several other renewable energy projects in Qurayyat, Turaif, Hafr Al-Batin, and Tabuk, located in the north of the country.

Asked about the launching date, Refae said: “SPIRE is now in the final stages of training procedures; we expect to start operation at the end of March.”

As for the training programs, he pointed to a 12-month program targeting holders of diplomas from technical colleges, in which the focus is on specialization and skills needed by employers.

Another 24-month program is directed towards high school graduates, in which the trainees undergo an intensive program in the English language and preparatory materials, followed by a 4-month field training on the job site.

According to Refae, SPIRE is based on the principle of training with employment, which is one of the most important bases of work in the National Center for Strategic Partnerships. Therefore, all those who successfully pass the selection tests will be contracted by companies operating renewable energy projects in Saudi Arabia.

The CEO of SPIRE told Asharq Al-Awsat that the institute will seek to provide programs and specializations that meet the renewable energy sector in the areas of management, operation and maintenance.

This will be supported by creating accreditation programs that are tailored to the needs of companies operating in this promising sector, in accordance with the plan of the Ministry of Energy and Saudi Vision 2030.

Pointing that the institute capacity will reach 3,000 trainees, Refae added: “We are in the process of rehabilitating and equipping the facilities, and we plan to start training 250 cadres during the current year.”

“We are cooperating with local universities and institutes within the national system to provide curricula in accordance with the highest international standards,” he remarked.



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.