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Deal signed to boost efficiency of Saudi farmers, ensure food security

The Agricultural Development Fund of Saudi Arabia has signed a memorandum of understanding with the Reef National Foundation, the Saudi Press Agency reported. Reuters/File
The Agricultural Development Fund of Saudi Arabia has signed a memorandum of understanding with the Reef National Foundation, the Saudi Press Agency reported. Reuters/File
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Updated 11 August 2023
Arab News
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Deal signed to boost efficiency of Saudi farmers, ensure food security

Deal signed to boost efficiency of Saudi farmers, ensure food security
Updated 11 August 2023
Arab News
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RIYADH: Saudi farmers will have a chance to elevate their standards of living as two of the Kingdom’s leading organizations have reached a deal to enhance developmental and financing support for the agricultural sector.

The Agricultural Development Fund of Saudi Arabia has signed a memorandum of understanding with the Reef National Foundation, the Saudi Press Agency reported.

The MoU aims to increase the efficiency and productivity of farmers, rural families, and craftsmen while enhancing their technical as well as productive capabilities through training programs.

The move is in line with the fund’s objective to boost support for agricultural activity in the Kingdom.

Under the terms of the deal, the two parties will also work to implement and operate targeted initiatives and projects to ensure the development and sustainability of the sector.

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In June, farmers in Saudi Arabia attained SR1.5 billion ($400 million) worth of funding when the agricultural fund signed off a tranche of development loans. quarter of 2015, when contract values touched SR88.1 billion.

The MoU seeks to ensure the exchange of consultations and data as well as participation in workshops and conferences between the two sides.

In June, farmers in Saudi Arabia attained SR1.5 billion ($400 million) worth of funding when the agricultural fund signed off a tranche of development loans.

According to a statement released at the time, it approved the payouts for small farmers involved in greenhouse vegetable production, poultry breeding, and fish and shrimp farming.

Refrigeration warehouses, date manufacturing, and marketing centers also received financial support.

These measures align with the policies of the Ministry of Environment, Water, and Agriculture and the Kingdom’s food security strategy.

Established in 1961, the Agricultural Development Fund was launched to finance agricultural activities in Saudi Arabia by providing loans to farmers.

On the other hand, the Reef National Foundation aims to work with the Ministry of Environment, Water, and Agriculture to achieve the goals of sustainable rural development and support, develop, and enhance the capabilities of farmers in the Kingdom.

Topics: Saudi Agriculture Development Fund Reef National Foundation Financing

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Saudi Arabia, Djibouti explore new maritime initiative to strengthen trade links

Saudi Arabia, Djibouti explore new maritime initiative to strengthen trade links
Updated 19 sec ago
Arab News
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Saudi Arabia, Djibouti explore new maritime initiative to strengthen trade links

Saudi Arabia, Djibouti explore new maritime initiative to strengthen trade links
Updated 19 sec ago
Arab News

RIYADH: Saudi Arabia and Djibouti are forging a significant new maritime initiative aimed at strengthening trade connections and boosting economic ties between the two countries. 
The heart of this collaboration is the establishment of shipping lines designed to enhance trade connectivity with East African markets, encompassing a consumer base of approximately 500 million people, the Saudi Press Agency reported.
The centerpiece of this partnership is the Saudi Logistics City, which will be developed within the Djibouti Free Zone. This ambitious project, formalized through a contract signed in June, represents a strategic effort to facilitate the export of Saudi products and bolster economic relations. 
The agreement, which involves a 92-year contract beginning with 120,000 sq. meters, is expected to have a transformative impact on both nations’ economic landscapes.
To support this initiative, a workshop titled “Activating Maritime Routes Between Jazan City and Djibouti Republic” was organized on Aug. 7. 
The event, organized by the Federation of Saudi Chambers, the Jazan Chamber of Commerce, and the Ministry of Transport and Logistic Services, was attended by Jazan Chamber Chairman Ahmed Abu Hadi and various stakeholders. 
The workshop aimed to address the challenges faced by Saudi investors in accessing the Horn of Africa, explore investment opportunities, and discuss available incentives.
The Jazan City for Basic and Downstream Industries was highlighted as a crucial export platform, handling 13 percent of global trade. 
Hutchison Port, the operator of the Jazan Port, provided insights into the services and solutions available through its facilities, including container handling, warehousing, customs clearance, and transport.
In addition to economic developments, Djibouti’s President Ismail Omar Guelleh has reaffirmed his country’s commitment to maritime security in the Red Sea. Djibouti is collaborating closely with Saudi Arabia to ensure safe navigation through key strategic waterways, including the Bab El-Mandeb Strait and the Gulf of Aden.
This partnership marks a major advancement in the economic relationship between Saudi Arabia and Djibouti, leveraging both countries’ strategic locations and infrastructure to enhance trade and investment opportunities.

Topics: Tourism & Transport maritime shipping suadi

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UAE banks extend $232bn in credit to business and industrial sectors by May

UAE banks extend $232bn in credit to business and industrial sectors by May
Updated 22 min 12 sec ago
Nirmal Narayanan 
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UAE banks extend $232bn in credit to business and industrial sectors by May

UAE banks extend $232bn in credit to business and industrial sectors by May
Updated 22 min 12 sec ago
Nirmal Narayanan 

RIYADH: UAE banks provided credit facilities worth 851.87 billion dirhams ($231.93 billion) to the business and industrial sectors by the end of May, reflecting a 3.18 percent year-on-year increase.  

In its latest monthly statistical bulletin, the Central Bank of the UAE revealed that national banks contributed 767.14 billion dirhams, a 2.90 percent rise from the previous year, while foreign banks increased their credit offerings by 5.79 percent year-on-year to 84.73 billion dirhams. 

This surge supports the UAE Strategy for the Fourth Industrial Revolution, which aims to build a competitive economy through advanced technologies that integrate material, digital and biological innovations. 

According to the CBUAE report, national banks provided 25.7 billion dirhams in credit facilities to business and industrial sectors from January to May, while foreign banks contributed 3.8 billion dirhams. 

Credit facilities to the private retail sector totaled 441.29 billion dirhams by the end of May, up 9.41 percent year on year. National banks provided 414.47 billion dirhams, with foreign banks adding 26.82 billion dirhams. 

CBUAE added that credit facilities provided to the private sector financial institutions by banks totaled 17.07 billion dirhams by the end of May, representing a rise of 43.08 percent compared to the same period in 2023. National banks contributed 16.21 billion dirhams, while foreign banks offered 862 million dirhams. 

The report also highlighted an 8.4 percent increase in the total value of savings deposits, which reached 294.66 billion dirhams in May. Savings in local currency amounted to 247.49 billion dirhams, with deposits in foreign currencies at 47.17 billion dirhams. 

Credit facilities extended to government-related entities reached 298.14 billion dirhams by the end of May, representing a 16.93 percent increase from the same period in 2023. Of this amount, national banks provided 280.58 billion dirhams, while foreign banks contributed 17.56 billion dirhams. 

For corporate firms in the UAE’s private sector, total credit facilities amounted to 868.95 billion dirhams by the end of May. National banks provided 783.35 billion dirhams, and foreign banks contributed 85.59 billion dirhams. 

The growth in credit and savings deposits suggests a positive outlook for the UAE’s financial sector and its role in supporting various economic activities.

Topics: Finance UAE Central Bank of the UAE Finance

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Egypt’s inflation slows to 25.7% in July 

Egypt’s inflation slows to 25.7% in July 
Updated 08 August 2024
Reuters
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Egypt’s inflation slows to 25.7% in July 

Egypt’s inflation slows to 25.7% in July 
Updated 08 August 2024
Reuters

CAIRO: Egypt’s annual urban consumer price inflation slid to 25.7 percent in July from 27.5 percent in June, a rate of decline faster than analysts had forecast, the country’s statistics agency CAPMAS showed on Thursday. 

Month-on-month, prices fell by 0.4 percent in July, down from 1.6 percent in June. Food prices declined by 0.3 percent in July, though they were still 28.5 percent higher than a year ago. 

Egypt is one of the world’s largest wheat importers, bringing in about 5.5 million tonnes annually to provide subsidized bread for millions.  

On Aug. 7, Egypt’s state grains buyer GASC announced it had secured 36,600 tonnes of sunflower oil through an international tender. 

The purchase included 24,600 tonnes scheduled for delivery between Oct. 15 and Oct. 31, and 12,000 tonnes for delivery between Nov. 1 and Nov. 15. 

GASC did not acquire any soybean oil in this tender.  

Egypt also launched its largest-ever wheat tender earlier this week, seeking to import 3.8 million tonnes as it aims to capitalize on a drop in global wheat prices to four-year lows. 

Securing wheat at reduced prices could significantly lower Egypt’s import bill, aiding efforts to stabilize the economy. 

A poll of 18 analysts had expected inflation to have slowed to a median of 26.6 percent in July, extending a deceleration that began in September, when inflation reached a peak of 38.0 percent.  

Egypt has tightened its monetary policy under an $8 billion International Monetary Fund financial support package it signed in March, although that program has also required it to increase many domestic prices and let its currency plunge.  

The central bank hiked interest rates by 600 basis points on March 6, bringing total increases in 2024 to 800 bps.  

The government raised the price of some subsidized products to battle a budget deficit that hit 505 billion Egyptian pounds ($10.27 billion) in a 3.016 trillion pound budget in the year that ended on June 30. 

On June 1, the government raised the price of subsidized bread by 300 percent and on July 25 the price of fuel by up to 15 percent. 

The country’s food subsidies reached 133 billion Egyptian pounds ($2.7 billion) in the financial year 2023/24, up 10 percent year on year, according to Finance Minister Kouchouk. The increase in subsidies is part of the government’s efforts to support its citizens amid rising costs. 

Topics: Finance Egypt Inflation CPI

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Saudi ports report 15.72% growth in container handling for July 

Saudi ports report 15.72% growth in container handling for July 
Updated 08 August 2024
Arab News
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Saudi ports report 15.72% growth in container handling for July 

Saudi ports report 15.72% growth in container handling for July 
Updated 08 August 2024
Arab News

RIYADH: Saudi Arabia’s ports recorded a 15.72 percent increase in container handling in July compared to the same month last year, official data showed. 

The latest statistics from the Saudi Ports Authority, known as Mawani, revealed that the Kingdom’s terminals received 271,465 standard containers in July, up from 234,592 in July 2023. The volume of handled tonnage also increased by 9.11 percent year on year, reaching 27.38 million tonnes. 

The increase aligns with the National Transport and Logistics Strategy’s goal to establish Saudi Arabia as a global logistics center and a hub connecting three continents. 

It also reinforces Mawani’s efforts to enhance port operational efficiency and improve the Kingdom’s connectivity with global markets, thereby supporting national exports. 

The growth also highlights Mawani’s focus on enhancing the competitive edge of the King Abdulaziz Port in Dammam, which is equipped to handle various types and sizes of vessels, reinforcing its international standing in the maritime transport and logistics sector. 

The data revealed that the Kingdom’s general shipment volumes totaled 701,606 tonnes, with solid bulk cargo at 4.48 million tonnes and liquid bulk freight at 15.34 million tonnes. 

Container handling operations reached 622,856 in July, marking a 14.4 percent decrease compared to the same month last year.  

The ports saw a significant increase in livestock discharges, totaling 506,016, up 127.6 percent from July 2023. 

However, maritime traffic dropped by 11.24 percent, with 908 ships arriving in July. 

Passenger numbers also fell by 31.8 percent year on year, reaching 52,191 for the month. Vehicle traffic was down 8.64 percent, totaling 90,471 in July.  

Outgoing containers increased by 7.78 percent to 228,031 in July. 

According to the UN Conference on Trade and Development, Mawani’s performance improved from 76.16 points in the second quarter of 2023 to 77.66 points in the third quarter of 2023, reflecting progress in the maritime sector. 

In 2023, Saudi Arabia advanced 17 positions in the World Bank’s Logistics Performance Index, reaching 38th place globally.   

The continued growth in container handling and improvements in logistics performance demonstrate Saudi Arabia’s progress in establishing itself as a key player in global maritime trade, reinforcing its strategic position in international shipping and logistics. 

Topics: Tourism & Transport Mawani shipping

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Veon posts 13.9% jump in core profit, boosted by customer gains in countries like Pakistan

Veon posts 13.9% jump in core profit, boosted by customer gains in countries like Pakistan
Updated 08 August 2024
Reuters
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Veon posts 13.9% jump in core profit, boosted by customer gains in countries like Pakistan

Veon posts 13.9% jump in core profit, boosted by customer gains in countries like Pakistan
  • The company’s sales grew by 24.2% in Pakistan where it owns the largest telecom provider Jazz
  • The top Veon official mentions ‘robust organic performance’ across services in different markets
Updated 08 August 2024
Reuters
AMSTERDAM: Dutch telecom group Veon, which owns Ukraine’s biggest mobile operator Kyivstar, posted higher second quarter core earnings on Thursday thanks to strong customer gains across its services. Core profit rose 13.9% on a local currency basis to $459 million, the company said. “Robust organic performance across our markets is driven by 10 million additional 4G customers, 111 million digital service users, showcasing our capability to build new businesses in financial, entertainment, healthcare, education, and enterprise services,” CEO Kaan Terzioğlu said in a statement. Its total digital monthly active users grew by 47.3% to 111 million. Since Veon’s exit from its main market Russia last year, it has been focused on expanding its telecom services in countries where it is still present, including Ukraine, Pakistan, Kazakhstan and Bangladesh. In Ukraine, sales grew by 9.5% and core profit increased by 9.8% despite higher energy costs, the group said. Ukrainian telecom operators like Kyivstar have been impacted by Russian attacks on the nation’s power grid. Kyivstar was also hit by a massive cyberattack last year. “Nearly 100% of our radio network is operational across all territories controlled by Ukraine at the end of the quarter,” Veon said. In Pakistan, where Veon owns the country’s largest telecom provider Jazz, sales grew by 24.2%. In Kazakhstan, where it operates through the Beeline brand, they rose 18.8%. Last week, the company said it intended to de-list from Euronext Amsterdam and be solely listed in New York. It will keep its headquarters in Amsterdam. Veon on Thursday also confirmed its sales and core profit forecasts for the full year.
Topics: Veon Pakistan

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