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1st Integrated Water Desalination-Solar PV Project in Saudi Arabia is Launched

The inauguration ceremony of the Jubail 3A independent water desalination plant (Jazlah Water Desalination Company). (Asharq Al-Awsat)
The inauguration ceremony of the Jubail 3A independent water desalination plant (Jazlah Water Desalination Company). (Asharq Al-Awsat)
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1st Integrated Water Desalination-Solar PV Project in Saudi Arabia is Launched

The inauguration ceremony of the Jubail 3A independent water desalination plant (Jazlah Water Desalination Company). (Asharq Al-Awsat)
The inauguration ceremony of the Jubail 3A independent water desalination plant (Jazlah Water Desalination Company). (Asharq Al-Awsat)

Eng. Abdul Rahman Al-Fadhli, Minister of Environment, Water and Agriculture, Chairman of the Board of Directors of the Saudi Water Partnerships Company, officially inaugurated the Jubail 3A independent water desalination plant (Jazlah Water Desalination Company).

The move aims to raise spending efficiency and benefit from the expertise of the private sector in construction, operation and management, in addition to reducing carbon emissions by 60,000 tons annually.

ACWA Power, the leading Saudi developer, investor, and operator of power generation, water desalination, and green hydrogen plants worldwide, along with its partners Gulf Investment Corporation (GIC) and AlBawani Water & Power Company (AWP), celebrated on Saturday the official inauguration of the plant, after receiving the commercial operation certificate from Saudi Water Partnership Co. (SWPC), to mark the start of full-time operations.

The Jubail 3A independent water desalination plant is the first of its kind in the Kingdom due to its integration with photovoltaic (PV) solar power.

The $650 million Jazlah company project, located in Jubail, has achieved an exceptional world efficiency record of 2.8 kWh/cubic meter of water using Arabian Gulf Seawater, ACWA Power said in a press release.

It added that the project marked the first Independent Water Project (IWP) in the eastern region with a production capacity of 600,000 cubic meters of desalinated water per day to meet increasing water demands. Jazlah encompasses a 45.5 MW solar PV power generation facility, which will account for 20% of the plant’s energy consumption and will deliver clean water to over three million people at a record-breaking rate of 0.41 USD/m3, using reverse osmosis technology.

In remarks on the occasion, Al-Fadhli stressed that these projects come to achieve the objectives and plans of the National Water Strategy to increase private sector participation in water production projects, supplying drinking water to all regions in the Kingdom.

He added that the project would work directly to meet the demand in the Riyadh and Qassim regions, as well as develop the water sector and improve the quality of its services.

For his part, Eng. Khalid Al-Quraishi, CEO of Saudi Water Partnership Company, said: “Through the utilization of green energy, Jazlah generates 45.5 MW of solar PV power, resulting in reduced carbon emissions and a significant decrease in grid electricity consumption.”

“The plant operates at an impressive energy efficiency rate of 2.8 kWh/cubic meter. The success of this project is a testament to the unwavering commitment of the Ministry of Environment, Water, and Agriculture, along with the cooperation of all public and private stakeholders,” he added.

Mohammad Abunayyan, Chairman of the Board of Directors of ACWA Power, said that the project demonstrated the company’s global leadership in water desalination, and its enduring commitment to cost leadership, social prosperity, and national development.

“A proud addition to our water desalination portfolio, the Jazlah company plant will make invaluable contributions towards the Kingdom’s water security in the years ahead, helping combat climate change while catering to sustainable development goals for a growing population,” he stated.

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Business

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.

Business

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.

Business

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.