Saudi Minister: Investments in the Caribbean is a Priority

Saudi-CARICOM agreements are worth more than $370 million.
Saudi-CARICOM agreements are worth more than $370 million.
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Saudi Minister: Investments in the Caribbean is a Priority

Saudi-CARICOM agreements are worth more than $370 million.
Saudi-CARICOM agreements are worth more than $370 million.

Presidents and ministers from Saudi Arabia and the Caribbean Community (CARICOM) revealed that the deep and comprehensive cooperation between the two sides began to emerge in light of the political will to establish bridges between the Middle East and the Caribbean.

Speaking at the Saudi-CARICOM roundtable, Saudi Minister of Investment Khalid al-Falih stressed the will to strengthening the partnership between the two sides, noting it will establish for new chapters of strategic relations.

According to the Ministry of Investment, the meeting aimed to enhance strategic partnerships and mutual economic growth between the two parties.

Falih stressed that the Caribbean is a high-priority economic investment and business opportunity for the Saudi private and public sectors.

Many Saudi leaders and influencers from major companies will join the meeting to participate in the discussions.

The Minister explained that the aim is to build on steps within a long-term strategic partnership between the Kingdom and the Caribbean countries, adding that the relationship was led by Crown Prince Mohammed bin Salman, followed by Minister of Tourism Ahmed al-Khateeb and Minister of State for Foreign Affairs Adel al-Jubeir.

Khateeb visited the Caribbean countries, which are a “wonderful part” of the world, adding that during his two visits, he listened to the demands and concerns of those nations.

In his speech, Khateeb addressed four vital elements, including climate and climate change, resilience and sustainability, agriculture, and attracting investments in partnership with the private sector to explore opportunities for cooperation in tourism and energy.

During his tour, the Minister pointed out that he listened to the demands for funding projects for airports, schools, public roads, and hospitals.

Over the past year, 25 projects were implemented in the Caribbean region.

The meeting in Riyadh would focus on maximizing cooperation to sustain the tourism and aviation sector and attract investment, said the Minister, stressing the serious work to explore opportunities to connect the Middle East and the Caribbean region.

He noted that the tireless work of the Caribbean countries to ensure the Saudi hosting of Expo 2030 is one of the most important fruits of the partnership.

For his part, Jubeir said Saudi Arabia began a strategic journey to deepen the ties with the Caribbean countries within a long-term vision through bilateral dialogues.

The Minister asserted that the Kingdom looks forward to boosting ties beyond trade, coordinating political positions on topical issues, and ensuring adherence to international laws to protect sovereignty and non-interference.

Jubeir asserted Saudi Arabia’s belief in working on a common understanding in the multilateral climate negotiations during COP27 and the upcoming COP28.

He indicated that Saudi Arabia and the Caribbean nations have strong cultural, philosophical, and artistic commonalities, among other areas they will try to develop.

He stressed that Saudi Arabia is committed to partnering with Caribbean countries by building bridges, enabling transformation, and achieving Vision 2030 while seeking to improve the quality of life by enhancing economic diversification and attracting local and international investments.

The Kingdom is one of the few countries that has fulfilled all UN decisions on climate, which was reflected positively in the gross domestic product and the increase in investments in CARICOM, according to the Minister.

Saudi-CARICOM agreements are worth more than $370 million, with other deals valued at $200 million under negotiations.

The Minister indicated that Saudi Arabia launched several climate initiatives in light of the commitment to increase efforts to confront climate challenges.

The Kingdom allocated more than $160 billion to finance initiatives to convert waste into energy, launched afforestation operations, and pushed the work of international institutions to provide water, urban planning, cities, transportation, reduce pollution, adopt a carbon economy, and recycle and store it, said the Minister.

Jubeir believes it is necessary to achieve a just global system and provide public solutions to protect the Saudi environment, indicating that the world is moving around a methodology that allows it to confront all problems, deal with them responsibly, and find ways to support climate change.

Meanwhile, the Permanent Observer of the Organization of Eastern Caribbean States to the UN, Colin Murdoch, described the meeting as “one of the most important meetings of the Caribbean’s vital partnership with Saudi Arabia.”

Murdoch told Asharq Al-Awsat that it is a new phase of economic and political development, expecting the advancement of several sectors within bilateral cooperation, such as energy, gas, technology, industry, real estate, infrastructure, and transportation logistics.

CARICOM President Prime Minister of Dominica Roosevelt Skerrit saw excellent investment opportunities with the Kingdom’s government and the private sector.

Skerrit explained that the Caribbean region is one of the most tourist-attractive regions in the world, and there are many areas of cooperation.

He described the Kingdom as a “reliable partner,” appreciating the Kingdom’s keenness and sincerity to extend the hand of friendship.

Furthermore, CARICOM Secretary-General Carla Barnett said the Community “looks forward to deepening collaboration” with the Kingdom while confirming that the Caribbean region is open to sustainable and innovative partnerships that contribute to economic transformation.

The Caribbean region is a high-priority investment and trade opportunity for the Saudi government and companies, said Barnett, adding that after each visit to the area, it is confirmed the region is full of growth and investment opportunities.

She indicated they look forward to the important international role in providing development financing through the Saudi Fund for Development, which has provided nearly $20 billion through 753 loans in 90 countries.



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.


Copper Falls, Set for Worst Week Since March on AI Rout

Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
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Copper Falls, Set for Worst Week Since March on AI Rout

Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)

Copper dropped on Friday and was set for its biggest weekly drop in London since March, as a rout in technology stocks battered markets.

Benchmark three-month copper on the London Metal Exchange was down 1.3% at $13,663 a metric ton by 0700 GMT. That placed it on track to fall 3.44% in the week, Reuters said.

The most-traded copper contract on the Shanghai Futures Exchange fell 1.08% to 106,830 yuan ($16,018.17) a ton.

The weakness reflects worries over AI investment, ‌with copper increasingly ‌influenced by "sentiment towards data center expansion," said ‌Craig ⁠Lang, principal analyst ⁠at CRU.

Technology shares were battered after Democratic wins in the US midterms fueled concerns that new regulatory oversight could cap the AI buildout.

On the other hand, supply constraints cushioned copper's decline.

"I would be cautious about calling this a sustained correction, given ongoing mine supply challenges and exceptionally tight ⁠metal availability outside the US," Lang said.

Copper stocks ‌in SHFE-monitored warehouses <CU-STX-SGH> fell by ‌over 24% this week to just 33,848 tons — the lowest ‌in almost three years. The closely watched Yangshan copper ‌premium <SMM-CUYP-CN>, a gauge of appetite for imports into key consumer China, increased to $210 a ton on Thursday, matching its record high.

Smelters in the country are facing a double squeeze of negative treatment ‌charges and lower sulfuric acid prices.

Meanwhile, warehouse inventories outside the US have been drawn ⁠down as ⁠material was pulled into the country ahead of a potential tariff on imports of refined copper.

"These physical constraints should provide some support against weaker investor sentiment," Lang said.

Among LME metals, aluminium lost 0.54%, zinc lost 1.42%, lead lost 0.45%, nickel dipped 0.23% and tin gained 0.83%.

On the SHFE, aluminium nudged down only 0.04%, zinc lost 1.35%, lead was little changed, down only 0.03%, nickel rose 2.14% and tin dropped 3.45%.

SHFE inventories were down across the board this week, led by sharp drops in aluminium <AL-STX-SGH> and lead <PB-STX-SGH>.