Saudi Arabia Prepares to Launch World’s Largest Food Sustainability Expo

The introductory meeting for the inaugural InFlavour 2023, Saudi Arabia’s biggest F&B event. (Asharq Al-Awsat)
The introductory meeting for the inaugural InFlavour 2023, Saudi Arabia’s biggest F&B event. (Asharq Al-Awsat)
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Saudi Arabia Prepares to Launch World’s Largest Food Sustainability Expo

The introductory meeting for the inaugural InFlavour 2023, Saudi Arabia’s biggest F&B event. (Asharq Al-Awsat)
The introductory meeting for the inaugural InFlavour 2023, Saudi Arabia’s biggest F&B event. (Asharq Al-Awsat)

The Saudi Ministry of Environment, Water and Agriculture has unveiled its future plans to enhance agricultural production efficiency and bolster food security in the Kingdom.

The reveal coincided with the holding of the inaugural InFlavour 2023, Saudi Arabia’s biggest F&B event in terms of both gross square-meters and global prestige.

The three-day event at the Riyadh Exhibition and Convention Center, Malham, is expected to leave a major economic impact not only across the region, but also globally.

As for the ministry’s plans for boosting agricultural production efficiency, they include reducing water waste and prohibiting the cultivation of water-depleting crops, such as fodder.

Faisal Al-Dakhil, a spokesperson for the ministry, emphasized that InFlavour 2023 aims to attract both foreign and domestic investments to foster agricultural and food production in Saudi Arabia.

Products will be exported to the rest of the world through the intensification of regional and international innovation and technological solutions.

Al-Dakhil commended initiatives launched by Saudi Arabia to curb food waste in the Kingdom.

According to the spokesperson, these plans have reduced food waste in the Kingdom by 30%.

Saudi companies, both public and private, have invested in over 27 countries to secure food supplies, resulting in a 10% increase in agricultural production.

Al-Dakhil noted that the Kingdom achieved food self-sufficiency, as evidenced during the coronavirus pandemic when many countries faced shortages of food supplies and commodities.

He also highlighted the ministry’s launch of sustainable agriculture programs, emphasizing the significant achievements they have brought about.

Al-Dakhil acknowledged that agricultural marketing remains one of the major challenges that relevant authorities are working to find solutions for.

Some programs have been introduced to promote maximizing benefits between producers and consumers. This has led to the creation of several successful partnerships, encouraging sector investors to increase their production while maintaining quality.



Gold Prices Retreat from Record High as Investors Cash In

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
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Gold Prices Retreat from Record High as Investors Cash In

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)

Gold prices pulled back from a record high on Thursday as investors booked profits following a rally driven by concerns around US President Donald Trump's latest wave of tariff policies.

Spot gold was down 0.3% at $3,331.73 an ounce, as of 1120 GMT, after touching a record $3,357.40 earlier in the session. Bullion has gained nearly 3% this week.

US gold futures were steady at $3,346.30.

"Likely the reversal off fresh all-time highs can be attributed to some profit-taking on the highs. A slightly firmer tone to an otherwise weak US dollar likely took the edge off gold," said Ross Norman, an independent analyst, Reuters reported.

"Price dips are well bought into, suggesting underlying sentiment is very positive."

The dollar index recovered from near a three-year low on Thursday, making gold more expensive for holders of other currencies.

Gold rose 3.6% on Wednesday, driven by Trump's order to open a probe into potential tariffs on all critical mineral imports, in addition to reviews into pharmaceutical and chip imports.

Meanwhile, US Federal Reserve Chair Jerome Powell said on Wednesday the Fed would wait for more data before changing interest rates, while also cautioning that Trump's tariff policies risked pushing inflation further from the central bank's goals.

Gold, traditionally viewed as a hedge against inflation, also tends to thrive in a low-interest rate environment.

"The market's interpretation seems to be that gold would benefit either way," said Carsten Menke, an analyst at Julius Baer.

Demand for physical gold was tepid in India this week as a blistering price rally curbed purchases, while premiums held firm in top consumer China.

"Reduced participation in the rally by traditional gold buyers might signal the move is nearer the end than the beginning. But it’s hard to see a scenario where gold would correct lower just now, other than being technically overbought and overextended," Norman said.

Spot silver dropped 1.1% to $32.39 an ounce, platinum shed 1.4% to $954.12, and palladium fell 2.5% to $949.26.